The Washington herald., 1907-01-08
WALL STREET NOTES
Traders Confident that Mar
ket Rally Will Continue.
RAILROADS CLEANING UP FAST.
Open Winter Gives Opportunity to
break Freight Blockade. and Con-
ring-PenusyIvaniu Expected
20 COntinue Showing Strength.

10 toAuhue showing strength.
New York. Jan. 7-Some Of the shrewd-
est market Judges are almost enthusiastic
over the way the market has been handled
in the past few days The backing and
filling with the generally upward tendency
is just the sort Of combination that al
ways attracts the public with irresistible
force. When market is pushed upward
without push. the public is apt to think
that they have been left out of il and
refuse to take hold on top Of consider
able advance
But when after a vigorous rally comes a
reaction. while the news and general condi-
tions' continue favorable, there is often
influx of new buying to take
advantage of bargain day This is the
kind of inducement that has been held
out at the proper times on the present
movement. and on each decline the COM
mission houses have found acceptable eyi-
dence that the public is seizng what it
an opportunity to get aboard.
II is astonishing what slight reaction
viii sometimes induce man who has
heSitated in "a bull market to put in a
buying order. Even half point will do
much in that direction II not infrequent-
Is happens for instance that an intending
purchaser makes up his mind to buy on
a reaction but instead of a reaction
there comes perhaps, an advance Of a
couple Of points. which he watches, re-
GREETING the prOcrastination that kept him
from prOtiting by II. and when ultimately
q decline Of about half a point occurs he
seizeS II, even though the price he pays Is
q point or more above the level at which
he first thought of buying. This gives him
the opportunity 50 dear 20 the inexperi-
cnced trader 10 boast that he caught
il nne on the reaction"
A factor. which, If continued much
longer, must inevitably affect the stock
market favorably is the open winter.
which has enabled the railroads up to this
time TO cope with the unprecedentedIy
heavy volume OF business with degree
Of success that they themselves did not
hope for month ago. quite a section
Of the public has kept out Of the market
IN the belief that the arrangements could
not in the present winter make favorable
comparison with those of year ago.
But the unexpected has happened so far
and the railroads have enjoyed an im-
munity from snow trouble equal 10 that
1f the corresponding time last year. 81
that with the increased volume of busi-
ness and their improved facilities for
handling It they have succeeded In hold
ng not only their own, but in maintaining
a rau1 Of gain over last winter com
parable 70 what was then shown over the
preceding season.
Commission houses generally in giving
Jullish advices TO their customers temper
-aeir remarks with the reservation I'm
ess there should be a disturbing reve-
alton in the Hartman Investigation.
This shows that the investigation which
At first Was treated as a matter of no
market significance whatever, is now re-
yarded as containing more possibilities
.or UHfavurable effect on the market
han any other factor at the present
ime.
rUmor emanating from trade circles
.redits the American Sugar Refining Com
lany with the ownership Of a controlling
interest IN the American Beet Sugar
company, and an intention TO finance its
purchase Of the stock OF the latter by
means of a new issue Of its own common
took some time next spring. According
o the current story. the directors Of the
Sugar Refining Company will /
Il their meeting next month. take up the 1
question of the amount OF new stock 10 be 4
Ssucd and the terms on which il will be /
nered to stockholders, hut what detracts 4
omeThaJ from the plausibility of the 4
umor is the fact that il does not tally I
With the usual procedure in the case Of /
capitalization increases by this company.
S such matters have heretofore been ar 1
anged so that the stockholders were able /
o vote upon them at their annual meet |
lg In January. The annual meeting will 1
20 held on Wednesday, and as notice of /
n intention to increase the capital stock 4
as not been given. il can hardly. come up 1
t this time Whether the precedent will I
e a departure 20 the extent that a spe-
ial meeting may be called later remains /
D be seen.
Another advance in the price Of the /
METAL and rather premature rumor of /
mother increase in the dividend on Ana 4
onda were about all bullish ammunition
sed to maintain the market position of
.malgamated Copper, but even this much
-as hardly necessary, for the stock
h0wed Unmistakable ability 10 take care
( itself and it looked as if the large
interests were concerned with checking
be pace Of the stock rather than sustain
lg it.
Traders were wary Of the apparent
eaviness in Union Pacific. and avoided
hort selling of the stock. having in mind
leir recent experience when they were
queezed at the very time they expected a
ecline on account Of the interstate COM
lerce investigation. The interests which
an move the whole market" said one
raider, ARE strong enough to support
leir own stock, even against unfavorable
ews. I do not know whether they would
-ant 70 do this, but neither do / know
hat they would not, and l am not taking
ny chances in the way of putting my
cad into the lions mouth"
Pennsylvania was one Of the strongest
toczs on the list. its strength bearing
ut predictions made some days ago that
his stock was likely to receive. during
he continuance of the Union Pacific in
estigation, the bullish attention that
night otherwise be bestowed on the lat
ct. The argument was that while the
nvestigation was pending or in progress
here was not likely to be any sus-
aimed effort to advance Union Pacific.
nd that, as the interests which are most
rominent in that stock are also largely
Interested in Pennsylvania. they were
kelly to stimulate activity in this so as
Ot to miss participation in the good