The Washington herald., 1907-11-21
WALL STREET NOTES
Market Changes Attributed
to Speculative Deals,
TRADING FIRM as A WHOLE
Losses i'm Western Railroad securi-
ties Offset by Resistance 20 Rear
Pressure Displayed by PennsyI-
vania, United States Steel, and Cop
Per-CaII Money Advances.

New York, Nov 2O.-The selling of
Union Pacific was obscure and the buying
equally so, so far as any one on the floor
could judge. Almost every transaction
in the stock seemed to represent nothing
more than the most speculative kind of
operations Apparently one set Of
spectators We're putting out short lines
whenever another set were reducing their
commitment on that side OF the market.
st. Paul made a new low record for the
year, selling down to 9544, or nearly lO5
points below the high record price
reached year ago. In one respect this
apparent drop OF lO5 points exaggerates
the seriousness Of the decline in the
stock for the high price OF last year
included the rights which were worth at
that time about Sc. In order that COM
parison may be entirely fair. the net
price lex rights" should be taken as last
years high This net price figures about
l659s. so that in the year the stock has
fallen 69B points.
Louisville and NashviIle's weakness was
even more pronounced than that OF St
Paul. but was less influential as a factor
in the side Of decline in the general list
by reason of the fact that the former
stock has become a speciality in which
the speculative account has been
quite small for considerable time past
Rumor furnished an explanation OF the
decline in the alleged possibility that
winter dividend might declare at a re-
duced rate, or that action on the matter
might be deferred. but as the time for
payment Is still about three months on,
IL is evidently rather early TO discuss the
question now.
There were some strong spots in the
market, and. taken altogether the gen
eral list opposed considerable resistance 20
the effect OF weakness IN the issues WI. a
were the principal subjects OF liquidation
or the objects Of bear pressure The
most notable exponents Of the underly-
ing strength OF the market were PennSyl-
vania, Union Pacific and the United State
Steel issue. Amalgamated Copper. after
rather weak opening, rallied we'll and
maintained a firm tone until the end OF
the session. in spite OF the weakness IN
American Smelling and Refining. The
stocks which showed strength were
among the most important issues On the
ertire list, and even the bears had TO
concede that Union Pacific, the Steel
issues, Pennsylvania and Amalgamated
Copper formed a pretty good anchor foI
the market
United States Steel appeared 20 meet
with support at the level at which II had
closed on the preceding evening. and this
was sufficiently formidable 70 discourage
some Of the bears and force them into
covering movement
Call money loaned as high as x per
cent the advance being a measure due 70
preparations for payment Of the sub
scription to the 500 900 issue OF govern
ment notes on the part Of the local syn
dicate. which intends 20 make a bid for
q per cent of the entire issue The sup
ply OF funds available on the floor OF the
exchange was small and some brokers had
quite a little difficulty in supplying their
requirements. Next 10 the weakness in
certain parts Of the market no other sub
Ject was so much discussed as the status
Of the Issues OF the government notes
Some bankers said they could be used
as the basis Of bank circulation. others
as definitely said they could not. The
subtreasury said nothing one way or the
other. The street wanted definite infor-
nation, but failed to get H. but under the
circumstances IL was hardly strange that
some absurd theories and specuiations
were INDUCED in. Definite information on
all desired points must of course be
forthcoming in the very near future.