The Washington herald., 1907-11-21
WALL STREET NOTES
Market Changes Attributed
to Speculative Deals.
TRADING FIRM AS A WHOLE
Losses in Western Railroad SecurI-
ties OFFSET by Resistance to Renr
Pressure Displayed by PennsyI-
vanin, United States Steel. and Cop
per-CaH Money Advances.

New York, Nov. a.-The selling Of
Union Pacific was obscure and the buying
equally So so far as any one on the floor
could Judge. Almost every transaction
in the stock seemed TO represent nothing
more than the most speculative kind of
operations. Apparently one set Of
spectators were putting out short lines
whenever another set were reducing their
commitment on that side OF the market
ST. Paul made new low record for the
year. selling down TO 9S24, or nearly 100
points below the high record price
reached a year ago. In one respect this
apparent drop Of los points exaggerates
the seriousness Of the decline in the
stock for the high price of last year
included the rights which We're worth at
that time about sc. In order that COM
parison may be entirely fair. the net
price ''ex rights" should be taken as last
years high. This net price figures about
1885, so that in the year the stock has
fallen 6s7s points.
Louisville and Nashville's weakness was
even more pronounced than that OF St
Paul. but was less influential as a factor
IN the side OF decline in the general list
by reason OF the fact that the former
stock has become a speciality In which
the speculative account has been
quite small for a considerable time past
Rumor furnished an explanation of the
decline in the alleged possibility that
winter dividend might declare at q re-
duced rate, or that action on the matter
might be deferred, but as the time for
payment IS still about three months on.
IT is evidently rather early 10 discuss the
question now.
There were some strong spots in the
market. and. taken altogether. the gem
eral list opposed considerable resistance to
the effect Of weakness in the issues which
were the principal subjects Of liquidation
or the objects Of bear pressure The
most notable exponents Of the underly
ing strength OF the market We're Pennsyl-
vania, Union Pacific and the United states
Steel issue. Amalgamated Copper. after
a rather weak opening, rallied well and
maintained a firm tone until the end OF
tho session. in spite OF the weakness IN
American Smelling and Refining. The
stocks which showed strength were
among the most important issues on the
ertire list. and even the bears had TO
concede that Union Pacific, the Steel
issues, Pennsylvania and Amalgamated
Copper formed a pretty good anchor fol
the market
United States Steel appeared 20 meet
with support at the level at which II had
closed on the rrecedfuq pveufDP and This
was sufficiently formidable 20 discourage
some Of the bears and force them into
covering movement.
Call money loaned as high as Il per
cent, the advance being measure due 10
preparations for payment Of the sub
scription to the SlOO.OOO.OOO issue OF govern
ment notes on the part of the local syn
dicate which intends to make bid for
% per cent OF the entire issue The sup
ply OF funds available on the floor OF the
exchange was small and some brokers had
quite a little difficulty in supplying their
requirements. Next 10 the weakness in
certain parts of the market no other sub
Ject was so much discussed as the status
Of the issues OF the government notes
Some bankers said they could be used
as the basis of bank circulation, others
as definitely said they could not The
subtreasury said nothing one way OF the
other. The street wanted definite infor-
nation, but failed 10 get It. but under the
circumstances II WAS hardly strange that
some absurd theories and speculations
were INDUCED in. Definite information on
all desired points must Of course be
forthcoming ir the very near future