The Washington herald., 1907-09-26
WALL STREET NOTES
Frost in Northwest Too Late
to Do Much Harm.
UNION PACIFIC SOLD SHORT
Bear Clique Operating in Hartman
Issues, but Southern Pacific shows
strength-FOur Million Pounds OF
Copper Sold at 10, and More May
Soon be Taken at that Figure.

New York, Sept. 2.-The frost in the
Northwest came too late 10 in1ict any
great injury on the crops. but In time
10 furnish the bears with a pretext for
en attack upon the market There had
been warnings Of a coming attack for
several days past, for there was a re-
currence Of selling by some well-known
bear operators who may have expected
aid for their operations from develop
ments IN local traction affairs, from the
speeches TO be delivered by the Presi-
dent on his trip 10 the West and South,
and from other possible contingencies on
the general theory that accidents al
ways favor the short side Of the market.
Coming at this time the frost, even II
severe, could not result in great loss TO
the country, as there is no section in
which corn is not advanced beyond dan
ger OF destruction, but the early arrival
Of fall conditions generally affects spec
ulative sentiment unfavorabIy, and the
bears saw 70 it that the present should
be no exception to the general rule.
Already the Street has begun figuring
on the amount Of money that will be
needed 10 make the October interest and
dividend disbursements. and the best es-
innate is that these purposes viii call
for the payment Of about N40,GJ0,0J5. The
preparations for the payments may tight
en- up money al the end Of the current
month though IL seems rather too early
20 count upon such an occurrence q week
in advance Of the time at which It's
possible effect might be felt.
One OF the largest bear cliques that
have operated in the market in the cur
rent year was said 10 have sold a con-
siderable line Of Union Pacific last week
at about its highest recent price, and 20
have heavily increased its commitments
on that side of the stock on the decline
yesterday. RumOr did not supply any news
story IN explanation Of the attitude said
10 have been taken on the stock by these
interests. but there was a revival Of sew
eraI old ones, with prominence given TO
the one alleging that the company would
before long be obliged TO raise new capt.
tai 20 carry on the work of improving
the road and adding to its facilities.
Southern Pacihc's strength was in
marked contrast TO the market action Of
Union Pacific and It was characteristic
Of the condition OF speculative. sentiment
that the only surmise anywhere heard as
to the reason for the difference was thaE
possibly They were holding up the for
mer stock while selling the latter. Whether
They referred 70 the insiders or the
bears was not stated. and perhaps it was
well so.
About the only definite news on the
Copper trade was that a sale Of 100000
pounds of the metal had been made at OF
near the present quoted price Of 10 cents
a pound for electr0lytic, the metal 10 be
exported 10 China; but it was reported
that there were inquiries and negotiations
that might lead 10 the sale Of a large
amount in the aggregate within the com
paratively near future.
It was said that some of the largest
users Of copper expressed their entire
satisfaction with the present price-Ievel
and announced their intention 10 order as
they needed without waiting for further
reduction.
buying Of Amalgamated Copper than on
Tuesday, but the quality Of the buying
seemed 10 be at least equally high.
Around the present level the stock at
tracts attention from investors 10 a much
greater extent than at any other point
on the way down. and since the evidence
Of support has become apparent. some in
tending purchasers who had scale orders
running down as low as fifty have raised
the level of their bids
The heaviest decline that occurred any
where in the market was a drop OF more
than fourteen points in New Haven, the
break in this stock being due 10 an
nOuncement that the new issue would be
offered TO stockholders at Is. The bears
said that Mr. MelIen's melon" would
look very much Ike lemon by the time
It came 10 be a dividend It is not often
that anybody ventures 10 sell New Ha-
ven short, but some operators are willing
10 do so now on the ground that after
the new issue Is made "there may not be