The Washington herald., 1907-09-28
WALL STREET NOTES
Copper Drops Below 60 and
Gets Little Support.
STEEL COMMON SOLD SHORT
Spectators, Not Having
Much of "a Reputation for Shrewd-
Attitude-LoSS to Banks for the
Week Is Estimated at $4,000, 900.

New York, Sept. 27.-Just as the street
had begun to entertain the hope that
Amalgamated Copper had found its level
above 90, and that it would remain there,
wherever the railroad list might go. the
stock declined sharply at about the end
Of the first hour to-day, and although
support was encountered at point some
what above the lowest touched on the
preceding break, this did not suffice 10 re-
store the confidence that only half an
hour before had made holders Of this Sc
curity regard the position with cheerful
.complacenCy
Yet there was little reason why the in
vestor should feel disturbed on account
of a movement that had no other signifi-
canoe than as a reminder that the traders
still had an eye for the main chance.
The decline in the stock was a specula-
tive operation, and nothing more.
The traders who forced the decline in
Amalgamated Copper derive some aid for
their operations against that stock from
the weakness in Continental Gas. That
they were able TO do so showed their re-
sourcefulness to turn all sorts Of circum-
stances TO their advantage. Between Con-
tinental Gas and Amalgamated Copper
there is not even the semblance Of SINH
larity, but the Standard oil interests are
supposed to control both. and 1t was az
gued that If these interests did not sup
port the former stock they would hardly
support the latter.
The point was well made, for not only
was there no support for Amalgamated
Copper after # broke below so. except
what came from the covering of shorts.
but the amount of the stock found In
speculative hands was greater than per-
haps had been suspected.
II current rumor can be credited, al
most every. speculator in Pittsburg IS
short Of Steel common. This may not
be anywhere near the truth, but even
II fl were. It would not furnish any
real ground for uneasiness.
Pittsburg spectators have not made
much Of a reputation for their conserv-
ausm OF success. and the last occasion
on which their activities were heard of
NaE NlltA A4tN WIZ llEof bAt Us vi
mining stocks, at the time when the
boom In such issues was peteriug out
IN nearly all other markets of the
country.
Alleged steel men who have made a
( failure of ventures In mining Specula-
t0n are hardly TO be considered oracles
on the one line OF business or the other.
disappointment unmitigated and bit
ter was felt by the holders of American
Smelling and Refining over the action OF
this stock For q long time Shelters
enjoyed a large measure OF popularity
among the emi-professional traders,
who liked il on account of the rapidity
with which II moved and the tolerable
safety with which they could follow the
Information on Il. Now they complain
that all is changed. and that their fate
Is t0 be whipsawed time and again.
Money loaned on call as high as 6
per cent, and the preliminary estimate
OF the weeks currency movements in
dlcated a loss of cash by the banks Of
about S3.J00.000
Perhaps the worst piece Of news the
market had 20 contend with was the
report that the President might abandon
his hunting tour, and that after all
Wall street might not enjoy the expected
state of quiet between October and
October q. in which it had been hoped
that the ravages of the bears might be
repaired
The report was not confirmed. and
those concerned In speculative opera
tions on the bull side hoped it would
not be-