The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-12-22

EHNNNN NMNNN III WV ~
on Reading during the first hour yesterday.
The crucial test OF the strength 81 tne Dun
interests came when the stock .reacned "
and II was supposed that they might be iOIceo
Co yield In face Of the heavy stream Oh seu,ns
orders that kept pouring upon the market
at that level. They did not niroh' however,
hut continued TO absorb all the STOCK 'ns
came their way until the supply stopper.
That was che signal for, the trading elehlehV
to become busy. aud they began 10 array
themselves on the side Of the operators VINO
had given such "A strong demonstration oi
their staying powers. A might ne eApecteu.
bear stop orders were met with ms soon AZ
the movement got under way. and the rise
from "a To O5H was quite rapid TheshOrI hnes
which were covered did not seem 20 represent
a change of attitude ON the part OF the pIun-
cipal bear interests. These pinned tnsI
hopes to the expectation that when the STOCK
ROs back To its high level OF two weeks ago
IL came within less than ? points OF tine
bulls might find further progress dlnicut
and that such obstacles could then be thrOWn
IN their way IA would compel them 10 re-
linquish their purpose. as on the last OCCASION
when they tried to carry the price TO pAr OF
beyond.
It was regarded "a a good sign that on the
completion Of realizing by traders VINO nah
bought Union Pacific because of their IN
formation ~ to the nature OF the annual re-
| Bblb bElblN hhNN bauuNN ANhnAiH
appearance the stock resumed its upward
movement with a viGor that entitled II 70
rank with If not ahead OF Reading as a market
leader. Mature consideration OF the annual
report did not seem to lessen the favorable
impression created by it's first appearance.
In some respects IL improved on acquaint-
ance. but not in all respects. and by general
consent a good DatuTed consideration was
given to 10 that tended to soften the unpleas-
ant parts and improve the general tone.
A~malRamated Copper and Anaconda were
again the strongest features of the industrial
list, but again their strength failed to bring
out anything new as to the trade position,
the dividend outlook OF a rumor of any kind
to explain their special prominence in the
trading except the stereotyped one that the
short interest WAS large and that important
interests had set themselves to the task Of
accomplishing its eradication. Whatever
might be the explanation OF the strength in
this group Of stocks. there can be no doubt
that il was very helpful to the bulls. A week
ago the copper stocks were the cause OF more
anxiety TO the bulls than anything else in the
market-the weakest link in the whole chain.
Here the bears expected to effect u break
whenever il suited their purpose. Now.
however, they ind themselves unable to do
much because strength has been added az
the point where it was most needed. The
copper stocks are sufficiently popular TO be
mdut nlkuAY NilufulAhl On ENitI ElAN VI bi0
market. and the fact that not only have the
bears been unable to turn them to their ac-
count at this time but that the bulls have
succeeded in making them prominent among
the industrials on the side OF advance il as
encouraging to the latter party as it is dis
committing to their opponents.
Traders who circulated absurdly optimistic
predictions regarding the extent OF the re-
duction of the deficit in the surplus reserve
OF the associated banks avsiled of these
forecasts to take profits on their holdings OF
stocks and this caused a slight reaction At the
closing from the high prices Of the day,
The statement was put out just at the end Of
the session and while IL did not come up to
the predictions that probably we're not be-
lieved even by those who uttered them IL
made a very favorable impression in all
conservative quarters.
Boston financial circles are pertnrbed over
the possibility that the new president Of the
American Sugar Refining Company may re-
move his residence from that city to New
! Ork. Mr.. Thomas has come TO be regarded
a. one Of the ablest nnancierS at the Hub
and his opinion is highly valued on all matters
OF business. Bankers and business men OF
that centre would regard his withdrawal
from their councils IA a serious lOSs only
partially Offset by the fact that Boston is
largely Interested in the affairs of the ron
I VII w ~ W ahA nc ~ ~ ANNA
will hereafter be devoted. They appreciate
the great gain to the Sugar company in hav-
ing such a man TO direct its affairs and their
appreciation is reflected in the substantial
rise that has occurred in the stock within
the last week.
\ week ago Sugar stock sold at a2s,. the
lowest price in over ten years. Yesterday IL
sold ut IOl. a rise Of =. points in a weeks
time. Most Of the buying has been for the
account of investors, and a very large pro-
portion of II has been of the odd lot variety
ON account OF the unusual volume Of the odd
lot business the specialists have had diff
Guilty in obtaining stock for delivery to the
brokerage houses which gave them the orders.
and even where frequent demands were
made to have the stock turned over as soon
as possible there have been delays of several
days, the stock being finally delivered in
100 share lots TO satisfy demands aggregatiug
In some cases as much as 1900 shares. The
statement made a week ago on good au-
thOrity TO the effect that during the money
panic the company was able to make heavy
shipments Of cash 10 relieve the conditions
in the best sections Of the West and the cane
territory of the South that the year just closing
has been one of the most prosperous in the
cOmpany's history. and that the transfer
books showed accumulation instead of liuui-
datiOn by large Interests has not been without
effect in restoring confidence in regard to one
of the oldest and most substantial of Ameri-
can industrial corporations.
Friends of the American Sugar Refining
Company think the present would he a good
time TO depart from the policy of secrecy
that-whatever might have been its merits
years agO-is entirely out of line with the
tendency of the times. The example Of full
publicity set by the United States Steel Cor
p~oratiOn is one which. in the opinion Of con-
sentative interests. the Sugar company
might now follow with benefit to itself and
the general financial community.
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