The Washington herald., 1907-09-25
WALL STREET NOTES
Significant Buying of Anal
gamated Aids Copper.
THE STANDARD IN EVIDENCE
BToker, with Apparently Unlimited
Orders to- Buy. Takes 1000 shnFes
teFeSttng RumOrs About Great
Northern and the burlington.

New York. Sept. 2E-Buying of kind
which the traders regarded as significant
was very much in evidence in AmaIga-
mated Copper in the forenoon. and on
top Of that came a rumor which was
taken us the explanation Of the buying
already seen, and which induced other
buying of the stock for both accounts.
The whole market, by general sharp
advance, wiped out early losses and in
most Of the active issues substituted mod
crate gains and sympatLized with the
movement IN the copper stock.
There is no telling how far the move
ment might have gone il the so-called
significant buying Of Amalgamated Cop
per had continued. and the rumoT. on
which il was supposed 10 have been
based, had been confirmed The absence
Of confirmation for the story and the
general disposition 10 doubt its truth
after IL had been IN circulation for half
an hour or so. did not. however. result
in sharp reaction such as might have
been expected I'm the case Of a rise found
eli on such a questionable basis. and in
stead Of declining the market turned dull,
and remained ia that condition during
the greater part OF the afternoon.
The sO-called significant buying Of
Amalgamated Copper consisted in the
taking of 1850 shares Of the stock by u
broker who seemed 10 have an unlimited
order 10 buy 100 shares every quarter
Of a point and the subsequent buying
of l0.0nJ shares 10y one Of the active floor
traders. The scale buying was supposed
to have been done for a house that often
executed orders in the stock Tor stan
dard oil interests, but why the purchase
of 1000 shares by q trader should have
been regarded as anything more than "a
speculative venture 10y one Of the strongest
and most daring operators of his class,
it would Toe very difficult 10 determine.
limitations that something Of impor-
lance would soon trauspire in Great
NortDem's affairs were thrown out In
quarters usually well informed In mat
tiers pertaining 20 tAc-Hiu roads, but the
details or even the general nature OF
what was expected could not DE elected
from any OF tie stories current.
1t was sUrmised that the iutimat.ons
meant that the plan for the transfer OF
Northern Paci6c's interest IN the Bur
liugtOu would soon be announced. and
that tie announcement would make the
transaction look more favorable from the
Great Northern standpoint than wall
street generally had expected il 10 be-.
It is, of course, wei understood by this
time that the transaction VIII not involve
the retirement of the Burlington joint !
per cent bonds. the only change in
regard to these being that. while hereto
fore they have been guaranteed Jointly
and seyerally by Great Northern and
Northern Pacific, they viii after the
transfer OF the Iatters interest bear only
the guarantee of the former company.
What price Will be paid for Northern
Pacific equity and how the payment will
be made are matters Of which the street
has SO far had no knowledge.
About as much notice was taken Of the
appointment Of receivers for the New
York City Railway as of the announce
ment that no further proceedings would
be brought against the Chicago and Al
ton for the granting Of rebates 70 The
Standard on C0mpIny-that is 10 say.
both were almost wholly disregarded as
factors IN the market
Immunity having been promised to the
Chicago and Alton before its officers
gave the testimony on which the con-
viction Of the Standard oil Company Of
Indiana was secured. Wall street took II
for granted that the proceedings against
the railroad would be dropped
London was seller Of stock in our
market to the extent OF about 10.OC0
shares. but in view Of the settlement
under way there was very little DISPOSE
ton on the part OF traders over there to
90 anything in the American departments.
Reports from abroad continued to tell of
an Improvement ia the investment de-
mand for stocks on the part Of the British
public, and the point was made that
every successive settlement recently has
been mad on advancing averages.
Many spectators are deferred from
taking a position on the market bv IN
certainty as to what may happen at the
forthcoming annual meeting Of Illinois
Central stockholders. The fact that Mr.
Fish is now soliciting proxies means that
he intends 10 carry mis- fight against Har-
riman ~ the property TO a finish. and the
Street has learned by experience that
when large interests engage IN bitter
fight things disturbing 20 the market are
likely % be said or done
COTTON MARKET.