The Washington herald., 1907-12-22
Traders Keep Close Watch on
Reading at Opening.
COPPER A STRONG FEATURE
IndustriaIs Fail to Follow AmaIga-
mated and Anaconda - AbSurdiy
duetion of the Deficit I'm the Sur
plus Reserve Lead to PrOft-taking.


during the first hour to-day. The crucial
came when the stock reached "a, and il
was supposed that they might be forced
70 yield In the face Of the heavy stream
OF selling orders that kept pouring upon
the market at that level. They did not
finch. however. but continued 10 absorb
all the stock that came their way until
they dried up fits very fountain-head. That
was the signal for the trading element to
become busy. and they began 10 array
themselves oD the side of the operators
who had given such a strong demonstra-
ton Of their staying powers.
As might be expected, bear stop orders
were met with as soon as the movement
got under way. and the rise from "a 10
50 ID was quite rapid. The short lines
which were covered did not seem TO repre-
sent change Of attitude on the part OF
the principal bear interests. These pinned
their hopes 10 expectation that when the
stock got back 10 its high level Of two
weeks ago-it came within less than z
points OF 1.-THE bulls might find further
progress difficult. and that such obstacles
could then be thrown in their way as
would compel them 20 relinquish their
purpose. as on the last occasion when
they tried 10 carry the price TO par or
beyond
1t was regarded as a good sign that on
the completion OF realizing by traders
who had bought Union Pacific because OF
I inf -
annual report before this document actu-
ally made its appearance the stock re-
sumed its upward movement with vlgoT
that entitled it to rank with. if not ahead
Of, Reading as market leader. Mature
consideration OF the annual report did not
seem TO lessen the favorable impression
created by its first appearance. In some
respects IL improved on acquaintance. but
not in all respects. and by general con
sent a goOd-natured consideration was
given TO II that tended to soften the un-
pleasant parts and improve the general
tone.
Amalgamated Copper and Anaconda
were again tbs strongest features OF the
industrial list. but again their strength
failed 10 bring out anything new as 20 the
trade position. the dividend outlook, OF
rumor OF any kind TO explain thell
special prominence In the trading, except
the stere0typed one that the short inter.
est WAS large and that important inter
ests had set themselves 10 the task Of ac-
cOmplishing its eradication Whatever
might be the explanation OF the strength
in this group OF stocks. there can be nc
doubt that it was very helpful 10 the
bulls.
A week ago the copper stocks were the
cause Of more anxiety 10 the bulls than
anything else in the market-the weakest
link in the whole chain. Here the bears
expected 70 effect a break whenever il
suited their purpose; now, however they
find themselves unable 10 do much be-
cause Of strength that has been added
at the point where it was most needed
The copper stocks are sufficiently popu-
lar 20 be made highly influential on either
side OF the market. and the fact that not
only have the bears been unable &c turn
them 10 their account ut this time. but
the bulls have succeeded In making them
prominent among the industrials on the
side Of advance. is encouraging 10 the
latter party as il is discomhting 20 their
opponents.
Traders who circulated absurdly opti-
mistic predictions regarding the extent OF
the reduction OF the deficit in the surplus
reserve of the associated banks availed
themselves Of these forecasts to take
profits on their holdings Of stocks. and
this caused slight reaction at the clos
ing from the high prices Of the day. The
statement was put out Just IT the END
Of the session, and while It did not come
up to the predictions that probably were
not believed even by those who uttered
them. il made a very favorable impress
sion in all conservative quarters.