The Washington herald., 1907-12-08
WALL STREET NOTES
Amalgamated Sold Ont of
Sympathy with Shelters.
BUT STRENGTH IS SUSTAINED
Copper Finds support Despite Fact
Standard OH Brokers Are Selling.
southern Pacific Heavy After Fri
days Sharp Advance - PittsburE
Failure Clears Up the Situation.

New York. Dec THE Street did not
like the action of American Smelling and
Refining to-day. This stock was weak,
without any known cause beyond the
trite explanation offered by the traders
that there We're more sellers than buy
rrs." Why there should be preponder-
ance of selling orders nobody explained.
and the absence OF rumOr on the point
hardly permitted acceptance Of the the
Dry that bear campaign was under way
in the stock.
AS usual. when SmeIters declined. many
of the traders sold Amalgamated Copper
in the expectation that the fate Of one
member Of the metal group would be the
fate OF the others. The latter stock.
however. offered very fair resistance I'M
III the whole market became affected.
when it declined proportionately with
the rest Of the active list For the great
er strength in Amalgamated than in
Shelters. some fancy explanations were
offered, but probably none was needed
beyond the self-evident one that the rally
ing In the former was not as good as in
the latter In all probability the selling
of Shelters did not arise from anything
in the metal trade. but from some individ-
ual necessities that were not a factor in
the market for Amalgamated.
The comparative strength of Amalga-
mated Copper was the more remarkable
from the fact that the heaviest selling Of
the general market which gave prices
their pronounced downward tendency was
handled by brokers who often execute
orders for the Standard Oil party. and
was supposed 10 represent a change of
front on the part Of that interest
The Standard OH interest being domi-
nant in Amalgamated Copper. the traders
expected that its apparent change Of
front would probably be Of greater effect
in that issue than elsewhere. but this did
not prove 10 be the case and it was
suggested by way OF explanation that
possibly Copper was supported for The
purpose OF offsetting the effect of The
selling at other points in the list.
Sourhern Pacific having been pushed too
far on Friday showed evidence Of fatigue,
and while dealt in on only a moderate
scale was one Of the heaviest stocks on
the list The tip 20 buy for movement
TO 50 or above had brought into the stock
a traders long account Of the weakest
kind, and the effect was plainly evident
on the decline. The probability is that
Fridays upward movement was under
taken for the sake OF the sympathetic
influence that might be felt by Union
Pacific, which, however. proved TO be so
very small as 10 be scarce worth the
effort used 10 bring il about. When this
became evident the movement 10 help
Union Pacific directly by stimulating
bullish activity in the stock Of the con-
trolled road was reliuQuished, and both
stocks went down together
The announcement OF the failure OF
Whitney. Stephenson q Company. of
Pittsburg drew the fangs of rumor. which
had made the situation in that city the
cause OF some anxiety for several days
past This announcement had been re-
served until 1t could be received as tanta-
mount 10 an assurance that the situation
in Pittsburg had been entirely cleaned
up. II became known as early as Mon
day last that the firm would announce its
failure before the week ended and when
the announcement finally came It was re-
garded not as new casualty, but as
the passing Of a funeral which had been
ordered and arranged for so long ago that
there could be no cause of complaint on
the ground OF Unseemly haste
The connection between the two recent
failures in Pittsburg is plainly indicated
by the fact that Mr. Whitney and MI
Stephenson were directors in the Fort
Pitt National Bank
Pittsburg was a seller of the Steel
stocks not so much as it appear on
account of the failures there as of
report that the Steel Corporation would
make a reduction OF 10 per cent in wages
at its hoop mills effective January J.