The Washington herald., 1907-12-29
WALL STREET NOTES
Bulls Show Activity in Pro-
fessjonal Dealing.
ALL REALIZE SMALL. PROFITS
Public Falls TO Become Generally
Interested I'm the transactions Of
the Notwithstanding Closes with
a Decline of One POInt-UnIon Pa
ciic Opens One Higher.

! cihc opens One Higher.
New York, Dec 2S.-Rumor concerned
itself to-day almost exclusively with mat
ters favorable to the bull side OF the
market, and 1t was perhaps significant
Of the character of the operations which
caused the advance that the size OF the
short interest figured in the discussions
of the traders TO a greater extent than
all other subjects combined
They have got them on the run
| they meaning the bulls and them" the
bears-was what the traders said In ex-
planation of the advance in the first hour.
and this description was reiterated with
such tiresome monotony as TO depress
sentiment rather than 10 arouse It 10 some
degree Of enthusiasm; what was intended
as bull argument becoming in conse-
quence factor-more or less potent-on
the side OF decline.
! The caliber of the principal operators
working for an advance was indicated
by their failure TO direct attention 10 the
substantial factors in the situation. and
their reliance on a purely technical con-
sideration which they hoped by manipula-
ton 10 turn TO their advantage.
/ Had they accentuaSed the prospect OF
Improvement In the money market, FOR
instance, they might have attracted the
notice of some part OF the general public.
| but when they failed TO rise above tech
nical considerations that had little inter-
est except for the specuIator. the natural
result followed. and the only interest
aroused was among traders in the room,
who clutched at an opportunity 10 scalp
even very small profits. and lost no time
about changing their position as soon as
the advance seemed 20 them 10 have
about run fits courCe
The floor traders never make the best
kind Of following for a bull movement.
| They may give II quite a little impetus,
but another kind Of following Is nee
essary 20 sustain an advance and ulti-
mately afford the insiders a chance TO
get out with profit The trader loses
no time about getting in. but when once
/ in he gives very close attention 10 his
position and IS very prone TO jump out
suddenly If he thinks he can detect any
signs OF selling by those who inaugurated
/ the movement
The bright floor trader is seldom caught
with the goods on" He Is content with
small profits. but has a great aversion TO
| losses, and although he will join move
ment while it looks vigorous and healthy,
| he quickly puts himself in a position Of
safety Just as soon as he begins TO sus-
pect that all is not as It should be.
! Up 10 about II o'clock the traders were
vociferOus bulls After that. they were
too busy getting out Of their stocks TO
say much. but what little they did say
was not in keeping with their actions
In all probability it was what they did
rather than their assertions Of confidence
in the bull position that showed the real
state Of their feelings.
Some Of them felt sore. They had been
'stung." and even their pride was
wounded. The latter injury they could
stand II they had not been hurt In pocket
"a very sensitive place with most OF
them. They had always prided them
selves on their ability 10 get out as
quickly as anybody else" but with all
their agility they failed 10 land on their
feet when the sudden reversal OF the
markets form compelled them 10 iump
OF. The bull movement had been wholly
professional and when the professionals
tried To take profits there was an end
OF il.
Reading was the first sock that be-
trayed the change OF front on the part
Of the bull operators. By the middle of
the session, when this stock had risen
to S, the selling began. ne most alert
Of the traders neither sought for ex-
plantations nor stood upon the order OF
their going. They went at once-not only
out OF this stock. but out OF every other
in which they had commitments They
knew that it was manipulation and a
squeeze OF the shorts that had caused the
rise, and when they saw that those who
conducted the manipulation had begun to
realize profits they took the cue and did
likewise. The net result of the opera
tions in Reading was a decline Of nearly
point, this being one Of the few active
railroad issues that suffered a decline on
the day.
Union Pacific opened more than a point
above the level of the preceding nights
close. 1t rose in the first hour to 11ga..
or within a point of its highest Of the
current month. but reacted to the extent
of two points in the second hour OF busl- |
ness and closed without net change on |
the day.
The bulls had made it one of the prin- !
cipal mediums of their operations. but |
found that when they relaxed their efforts |
on the side of advance there were few |
buyers to take their stock, so that their |
exertions In forcing an advance had been |
labor IN vain.
In this stock. as in others, there is |
inherent strength TO resist a decline be- |
low a certain level but this strength did |
not prove sufficient for an upward move |
ment to-day. If rightly used, it may be- 1
come most important factor when /
money becomes easier and the general /