The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-04-19
HEARD ON THE BOURsE
This mornings sun says:

This mornings sun says:
1t was said in quarters where accu-
rate information in regard to the af-
fairs OF the Hartman roads has been
often found that while the inter
state Commerce Commission was
scheduled to meet today the taking
of further testimony in regard to the
affairs of the Hartman system would
probably be put off until the fall This
view was not generally accepted in
the street, but those who held it said
they knew.
From the point of view of the pro
fessional trader the market is all
right. There is just enough swing to
it to afford him frequent opportunities
for profit on both sides. If the move
ment is downward it fails to force
much liquidation; if it is upward there
is so little really good buying that he
feels that it's extent will be limited to
what is caused by the covering of
shorts The professional trader is a
good judge of technical conditions. for
he helps to make them, and when he
sees that selling pressure fails to dis
! lodge stock he covers up and goes
long. On the other hand. when in
market that is almost wholly pro-
fessional he sees that the covering of
shorts has been about completed, he
| sells out and takes the side of de-
| clning prices for a turn. The one who
knows the game best makes the most
money, but of course none of the fra
ternity, however alert, catches all the
turns or secures the full possibilities
of any of them.
This mornings Times says
Three stocks furnished more than one
half of the total transactions in yester-
days market This was an evidence
in itself of the general apathy. In
| dustrials, with the exception of the
Steel issues, Amalgamated Copper and
Shelters were neglected. 1t is curious
to note that many traders are disposed
to take a bearish position on indus
| trials while assuming a friendly atti-
tude toward railroad stocks. Their
| argument is that a general reaction in
| business is imminent apparently and
| that the Industrial stocks have not re-
acted in proportion to the severity with
which they feel a period Of depression.
while the railroad stocks have dis
counted in a greater degree hard times.
This argument does not appear to be
very logical. but it is held tenaciously
| by good traders.
Copper men point out that when there
is surplus stock of the metal, care
is exercised in accepting orders for
delivery, and that one of the results
is a hardening of the price for short
time delivery. Ordinarily the copper
mined iii January is figured for delivery
in April and the delivery runs from
about April 10 to the end of the month
In accepting contracts for short time
or quick delivery, it is very often the
/ case that this copper is 'pinched OUT
as they say, of other long time de-
livery contracts.
The appearance of stock in quaint
ties on the rallies is disconcerting to
those who hope for higher prices. The
balance of the argument just now is
in favor of a continuance of a down
ward trend. The Union Pacific Harri-
man developments are bearish for the
moment, though ultimately they may
be considered in a far different light.
Considerable realizing will likely fol-
low the announcement of an unchanged
Amalgamated dividend today, especial
Iy as it is now known that requests
for the postponement Of copper de-
liveries have been made by import
ant consuming interests. The winter
wheat position is by no means free
from serious danger. The strength
noted from time to time recently has
been brought about almost entirely
by short covering. Consequently we
} look for a continuance of the profess
: sional trading today, with downward
drift to prices, which will likely rule
with intermittent rallies on short COW
ering, until the market reaches levels
1 that will again attract investment buy
4 ing in quantity or some new and
0 powerful influence causes a movement
one way or the other. Consequently
4 we would buy stocks for turns only
on breaks. b. & O., L. & N, Atlantic
Coast Line, Northwestern, D. H
may be purchased with comparative
\ safety on moderate reactions but tbs
0 Hill and Hartman stocks, St Paul
9 Pennsylvania. Reading, n. Y. c., Stee
= common and Copper should be bough
only on severe setbacks. Canadian
Pacific is still much too high and liqui
: dation from abroad will cause droI
of 10 to 20 points provided the genera
: market stays where it is. Don't bu!
: Shelters at these prices.