The Washington herald., 1907-09-17
WALL STREET NOTES
Bears Looking for Further
Declines in Prices.
PACIFIC is STRONG
Hill Issue Leads Rise, and Retains
Gains Despite Reaction in Indus
mon at 40 Placed, and that Level
Would Bring New Names To Books.

New York. Sept. 16-'No. I will not say
where this market is going to. You Will
have 10 figure that out for yourself, but
do not mind intimatlng that the place
is the DEVILS usual habitation. If you
can guess the place I mean you can just
as easily guess the reason why the mar
ket is going there. one problem is just
about as easy as the other"
In this way a notorious bear operator
expressed himself over the telephone this
morning to a member of a well-known
house whom he had called up for about
the fifth time within few days with
information Of bearish tenor on the mar
let. The same operator and others of his
class called up a large number of houses
and individuals and strongly advised
them 70 sell stocks, predicting that a
far seen was imminent
Northern, Pacific was the strongest
general market in the forenoon and re-
tanned its strength in spite Of the later
reaction in the industrial department
being one Of the anchors that held the
railroad list through the afternoon.
There were no new rumors 10 account
for the action of the stock. and although
the old ones. particularly that in regard
20 the possibility of an increase in the
dividend rate. were reiterated the prOba-
bihty is that the strength was more the
result Of sold-out condition than OF
any other factor The liquidation in
Northern Pacific and the other Hill issues
was completed weeks ago. and The same
is true in greater or less degree of the
other railroad stocks.
About the only danger that now re-
mains of q renewal Of liquidation in the
railroad list is the possibility that the
decline in some Of the industrials may
cause the selling out Of loans In which
these and railroad stocks have formed
the collateral Il IS possible, for In
stance that some loans in which rail-
road stocks and Amalgamated Copper
formed the collateral. and which passed
undistuFbed through the panic in March
and the break last month. may yet have
20 be sold out Il the decline in the in
Custrials goes much farther.
There is very little probability. how
ever, that any great amount Of railroad
stocks can be forced out in this way.
and without some new shock 10 conf
dence. there is, not, in the opinion of CON
sentative interests, much danger that
further liquidation OF the railroad list
will be caused I'm any way whatever.
It was said that sales Of Copper were
made during the day at considerable con
cession from the present quoted price OF
1912 cents for electrolytic, but this story
may have been nothing more than an
oUtgrowth of the weakness in Amalga-
mated Copper stock. The metal, however.
was weak in London. and IL was lutimat-
81 that the selling agencies here might
soon make another reduction in their
asking prices
There is hardly a house In the street
that has not on its books several orders
TO buy Steel common at about . Some
of these orders have been in for a great
time and represent what those who gave
them regard as a bargain price FOR the
stock. a decline to that level would re-
suit IN the addition OF a great number
of new names to the list Of the com
pany's stockholders, but il remains 10
be seen whether buying limits may not
be changed. They are more likely 10 be
raised than lowered il the strength I'm the
general market continues