The Washington herald., 1907-07-10
Bulls Vainly Try to Bolster
Up Union Pacific.
DAYS NET LOSS 27s POINTS
Bearish Sentiment More Pronounced
than in Many Days-PrOPOsed Ac-
tiOn OF Government Against Amer
lean Tobacco Has Pronounced Eff
fect-LittIe Activity in Investment
StOcks-U. y. Leads in transactions

New York July 9.--The bull leaders en-
countered such a large number Of i'm
portant bearish developments to-day that,
after we'll sustained support during four
of the five hours Of the session. they alb
solutely could not hold up prices in the
last hour, and at the close were in full
retreat.
An effort was made particularly to pre-
vent so abrupt decline in Union Pacific
on account OF its effect on the eve of
the subscriptions TO the convertible bonds,
but eventually the task apparently be-
came too expensive, and Union Pacific
closed with a net loss Of rs points of
the day.
Reading. the Hill stocks. the Steels, and
others which had been most prominent in
the advance. also scored particularly
heavy losses st. Paul alone closed
strong. but in this stock a number of
heavy supporting orders in the last five
minutes Of trading was alone responsible
for the advance.
Bearish sentiment was more pronounced
than at any previous day for several
weeks.
The intention of the administration 70
apply for the appointment of receivers
for the American Tobacco Company and
other so-cailed monopolies. the proceed
ings of the attorney general of this State
against the Western Union. the decision
of the Federal Court in the Interborough-
Metropolitan litigation. the break In Cop
per metal prices. reports of further gov
ernmental proceedings against the Union
Pacific, all these tend to revive the pessi-
mlstic expressions which latterly had
given way 70 more cheerful Utterances.
American Tobacco, formerly an active
speculative stock, has been as dormant
latterly as any other which has passed
from the field Of speculation to invest
ment. The announcement OF the gov
ernment's intention toward the company
occasioned no activity in its securities
for there was not transaction IN the
common stock and but one In the pre-
ferred. but both the preferred stock and
the bonds sold at lower prices.
There were transactions in 1900 shares
Of Union Pacific, far more than in any
other Issue. Il the morning It seem 70
be the intention OF the bull party TO hold
1t at 40 and above. for very heavy offer
ings Of stock around 140 were taken very
readily. There was n tremendous exertlon
Of selling pressure, the bears maintaining
that since the stock had been the leader
Of the advance more could be accom-
plished by breaking It's price than by at
tacking any other on the list. Very likely
they would have been unsuccessful. but
for report from Washington OF re-
vival Of proceedings against the com
pany.
Except for the information which the
tape conveyed, implying that Union Pa
cihe stockholders were not rushing over
enc another to subscribe for the con
vertibles, no information cached the
street during market hours of the num-
Der Of subscriptions received at the Union
Pacific Offices.
The effect Of the break Of Copper prices
on Amalgamated and Anaconda could be
better appraised were more known OF the
relations between Amalgamated's sub
salaries and the United Metals Selling
Company.
It was pointed out by an experienced
trader after the announcement OF the new
schedule Of prices that the market effect
Of the decline on Amalgamated and Ana
conda would be nullified entirely were an
announcement made that the commissions
TO the selling company had been reduced
TO such an extent that the revenues of
the producing companies would be but
little impaired by the decline in the price
Of the metal