The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-10-13

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sho- ~ resistance until ss%as& sss~'ss,cs NJ
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tis'. rhts VS. sh> -tteak. snd when n ~
~ssr~t many NJ Inc shorts scch s~dvsntss~ cf
v IN make purchase. for ,hs r~etlrswsnt ~
th~ir c~nsrsct.
y. H Hartman denied the rutncs that he
had i->o~d en- order IN the operating officials
~ the linton psctHc and allied lines calling
for drastic r~trenchm-ut In prscticsily ell
departments. This. however. couid not stem
the tide 81 liquidation In the so-oaiIed Hsrri-
man stocks. Rstrenchment 10 no, 9 bear
argument st = time when labor h. higher
Rightly considered, Ia is q decidedly favor
able factor. ~ is comtas TO every road In
The country and ~ snect. combtped with y
reduction In the present abnormal volume
~ business. vill be To make net earnings
relatively much more favorable than they
are At present.
The theory that led to the placing Of stop |
orders in Union Pacific IL Q very old one.
and under ordinary circumstance = very
ssfe one 10 follow. n h. that when the mar
ket advances after a heavy outburst OF iiaui-
dafion the upturn may lust save spectators
whose margins had been nearly exhausted
a, the lowest point Of the decline from the
necessity " Joining the ranks OF forced sellers,
and that therefore " the prioe again returns
to the low level there is renewed danger that
those who escaped before may be reached.
khN,,t ali that can ha aid aOaiuaf the fha0Py
u that where the liquidation Ia extreme In the
fret instance, and IL completed rather than
suspended before the recovery takes place.
a return to the old low level may not accom-
plish anything Of consequence for the bears.
That there has been liquidation In Union
Pacific during the week IL about rs certain
AS anything need be. but q good deal Of II
represented selling OF stocks bought since
the March break. and there 10 no evidence
that any Of 10 was by holders who escaped
at that time.
Weeks ago tips emanatins from ultra spec |
ulative circles we're passed around that Amer
lean smelling and Refining would sell at rs
before the declaration OF the next dividend.
The stock sold there yesterday and the faith
OF the traders in other tips sent out from the
same sources at the same time was thereby
greatly increased. Whether the other tips |
will make good or not remains to be seen.
but one thing IL certain. the other stocks
mentioned have not been affected by a bust
ness reaction to any such extent rs the Amer
loan smelling and Refining IL supposed to |
have suffered. The Generalization in the |
conner industry must affect American Smelt-
ing and Refining. which smelts ores for vari-
ons indsnepdrnt mining concerns that ba Va |
been Obliged largely to curtail their output,
and the accompany itself Is indirectly interested |
in copper mining through its control OF the
Federal Mining and Smelling Company. The
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tne cohipahy : .nans poss
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since 'ne ~ \, =. ~
erns o"'p"' u" u a"o1''
In Smeiters as in many other stocks it was |
not 30 much the fear OF q business reaction |
a. lo.o1. ns hesr nr..snre that caused shs
break IN prices. the enect OF u possible re-