The Washington herald., 1907-07-12
WALL STREET NOTES
Few Sales and Those Within
a Narrow Range.
TRADERS BELIEVE RALLY DUE
Bond Subscription Larger
than at First acknowledgements
CrOwd-HRrriman's Publicity Bu-
reHu Chiefly 10 Boost Union Pacific.

New York, July 11.-There was nota-
bic decrease in activity In the stock
market to-day. the aggregate of trans
actions being less than half that of the
previous day. At the same time the
range Of the market became narrower.
and price movements. for the first time
in several days, fluctuated in a narrow
groove. There was a feeling that the
market had discounted most of the I'M
favorable developments of the week, but
there was no occurrence to stimulate
fresh support, and trading for the most
part was dull and uninteresting. Prior
to the opening the market had lost, In
little more than two days. half of the
gain 1t had scored in two weeks. Many
traders were Of the opinion that rally
was due. for it was argued that the
very violence of the decline should In
duce enough prOht-taking by shorts to
bring il about.
It was the bear contention that the
bull party. though its early Information
of the failure of the Union Pacific sub
scription prompted it to begin unloading
on Tuesday. Lad been unable to dispose
Of large blocks Of stocks 1t acquired on
the way up, Both leaders and their fol-
lowing. the bears contended, were still
heavily long Of stocks, and since concert
ed support had been abandoned. opera
tors were foolish who transferred stocks
from the possession OF the bull party to
their own. 1t was maintained, on the
other hand. that the weak members Of
the bull contingent had pOcketed their
losses, and that the stocks held by the
others were in hands strong enough TO
hold them. and not itching 10 let 90 at
the present range OF prices.
While the Atchison bond subscription
was small. it turned cut to be larger
than had been estimated the previous
day. when London and Amsterdam had
not been heard from and many American
subscriptions were stu In the mails.
There was an increased demand for
stocks in the loan crowd yesterday, and
though the market displayed no strong
indications Of railying power. it was be-
leved by many observers that a brisk
rally might In the near future be brought
about at the expense Of the short interest
The belief necessarily was based on an
opinion. also. that the urgent speculative
liquidation Is over, and that no invest
ment stock is likely TO be put on the
market at the present range OF prices.
Rather, it was thought, investors who
sold out at the top Of the movement and
helped II may be tempted by the lower
range OF prices and the profit secured to
take on a fresh line.
Mr. Harrimans policy of publicity has
it's limits. He VIII take the public into
his confidence In many things. He win
tell it ali about Union Pacific's tremen-
dous earnings and enormously valuable
assets. particularly when he wants 10 dis
play the glOries Of new financing. and he
will tell it all about railroad accidents, es-
pecially If he can attribute those accidents
to defective rails. supplied by the United
States Steel Corporation. But. still. there
are things that the public ought not to
ask, matters that even yet come under
the head of private business. and most
decidedly one Of these things is the
amount Of the subscriptions to the con-
vertible bonds. Very sorry is Mr.. Harri-
man, but the Union Pacific, you know, has
sold all the bonds TO the syndicate, and
IS not az all concerned with the attitude
Of stockholders.