The Washington herald., 1907-12-10
WALL STREET NOTES
Bear Attack Follows Weak
ness in Industrials.
COPPER AND SMELLING DOWN
Union Pacihc's Action a Puzzle to
Traders - DistiIIers and Western
Union Weak-Demnnd for Currency
In West Brings Call Money as High
as2OPer Cent-GOssip and Comment.

New York. Dec. e.-The odds were all
against the market at the start. but 1t
looked for time as If i would, in spite
of this fact, render a good account of
itself. The traders were greatly i'm
pressed by the strength of the Hin issues
and other leaders Of the railroad list In
the first hour. and some OF them who
had been short started on the nush to
cover.
These. however, afterward took cour-
age and assumed the aggressive when
they saw evidence OF weakness In the
industrial list. They recovered some OF
their lost ground and made so much fuss
about it that other traders attracted by
the clatter allied themselves with that
side. believing that a bear movement
had been successfully launched.
On the rise in American Smelling and
Refining a week ago the short interest in
the stock was almost wholly eliminated,
and the bears were so severely punished
that they have only now mustered enough
courage to resume operations on the side
or the decline. Profit-taking at the high
level may have been what stopped the
advance and reversed the stocks move
ment, but that there has been liquidation
on the decline, and that IL has been OF a
somewhat urgent character are matters
on which most close observations OF the
trading in the stock are entirely agreed
! The fact that the liquidation has fol-
lowed so closely on the declaration Of the
regular dividend. is by many shrewd
operators accepted as an indication that
4 the selling is for the account OF some
interest which knew in advance what
the board was likely 10 DO, and was
enabled to hold It's selling over until il
could obtain the benefit OF the publica-
/ ton OF the good news.
| To great extent the decline in Anal
gamated Copper was sympathetic with the
decline in American Smelling and Refln-
ing, and 10 that extent. therefore, IL was
more speculative. There was. OF course
/ unfavorable factors and plenty of them
/ In the position of Amalgamated, but
whether IL was that these had long been
anticipated and already discounted. or
/ that II there was important liquidation, IL
was so skillfully disguised as 10 be in
visible 10 the naked eye OF the keenest
/ traders. Certain IL was that the selling
/ did not look as genuine or impressive
as that in American Smelling and Re
/ fining.
! Anaconda was relatively weaker than
Amalgamated. but the selling of that
stock appeared TO be OF a speculative
/ kino, proceeding from adherents OF the
/ Theory that on account Of the shutdown
of its mines Il was more likely 10 discon-
tinue dividend payments than Amalga-
mated. which would have the benefit
of operations at the mines OF the Bos-
ton and Montana Company and Of rev
enue from other enterprises.
/ Union Pacific's action puzzled tae trad
ers. The specialist was a heavy seller
/ but there was a wide difference Of opin-
ion as TO whether his selling represented
! operations for short account or the mar
/ keting of long stock. Superhcially it
looked like bear hammering- stock
being freely offered down at times-but
In some quarters there was a suspicion
| that this was done for the purpose Of
creating the impression that the bears
were waging war upon the stock with
/ out accomplishing much IN the way of
a decline. There are many ways Of
I manipulating q stock. and not the least
4 effective is that which gives an appear
ance OF underlying strength in the face
/ Of supposed pressure and possibly there
was this kind OF manipulation in Union
Pacific.
| Distillers and Western Union together
were the weakest stocks on the list. and
! In both cases the selling was accounted
| for by rumors Of dividend reductions.
These reports were very insistent but
| brought no denials from any quarter.
Call money rates rose as high as 20
per cent as a result. II was said, Of ship
ment Of currency 70 the West. possibly
| In connection with the movement OF
crops to market. which was interrupted
| by the money stringency a few weeks
ago. Some OF the banks called in loans.
partly in connection with the shipments
OF currency 10 out-of-town points. and
possibly also in connection with certain
contingencies which II was supposed
would arise in the not distant future.
MINING STOCKS