The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-26

roads was clearly foreshadowed by the
testimony several months ago. The sepa-
ration of transportation from mining oper-
atoms has been made obligatory by the
rate law passed at the last session of
Congress.
The Hill stocks weakened on the report
that the charter Of the Manitoba road
was TO be attacked. and though the SELL
ing was not large In volume there was an
absence Of support that discouraged
speculative holders who argued that If
Insiders were as confident as they pro-
fessed to be they were strangely timid
about buying. The heavy snOwstOTms that
have practically tied up the roads may
nave been factor, but whatever the rea-
son for the lack or support the effect on
the minds of the traders has not been
such as to stir them 10 enthusiasm.
A good deal Of disappointment was ex-
pressed over the action OF Amalgamated
Copper. although as a matter Of fact the
stock did not behave badly when it Is
considered that the sharp rise yesterday
afternoon had given birth to bull &C
count that Of course proved an element
of weakness the moment the tendency OF
the market showed signs Of changing
The bears. however, derived encourage
ment from the reaction in the stock
which they heralded as confirmation of
their argument that the distribution Of
inside holdings was in progress. This dis
tribution. il was argued pointed 10 the
probability. of a break In the markets for
the metal and fantastic tales were told
Of how the copper markets OF the world
were manipulated from Paris TO give an
appearance Of strength that was not
founded on substantial conditions In the
trader There seems 10 have been a
rather extended bull interest In Amalga-
mated stock. reduction OF which was
almost essential 10 the Inauguration OF a
successful upward movement
RumOrs that an announcement Of a
character favorable 10 Anaconda Will be
made in the near future are too vague 10
be worthy of much attention. One trader
who heard them expressed the sincere
wish that there was no intention TO cut a
melon. as he did not think of anything
else to disturb confidence In the stock.
Almost from the opening Of the market
II was evident that the rumOT mill has
resumed operations on bear orders, its
first product being the helping over OF a
London option dealer which showed that
as a week ago foreign material could be
worked up just as easily as the domestic
supply. Afterward there was a consider
able turnout Of democratic material
which, when examined, was not new, but
merely the working over Of what the
street had already rejected. In the best
quarters IL was said that there was no
ground whatever for the revival OF the
sinister TumCTa regarding the standing or
certain houses. and the probability is that
there are fewer vulnerable spots in Wall
street to-day than al any time Ia the
past SIX months.
Operators, who few days ago ex-
pressed concern regarding the resumption
Of the Interstate Commerce Commission S
investigation of The Hartman system ia
this city. now speak OF the matter as one
OF great market consequences. They say
il may be resumed Just as soon as Mr..
Hartman is able TO testify. and that
something may be brought out that VIII
disturb the market % a considerable eX-
tent The probability Is, however, that
they are no more concerned over the mat
ter now than they were a week or two
ago but that having sold some stock they
are trying 10 make for themselves an op-