The Washington herald., 1908-04-17
WALL STREET MOTIFS
AtchisOn Fails to Show Up.
Well on Exchange.
TIPsTERs GIVE FRACTIONS
Guess 10 within One-eighth Point
of Where Prices Are to Go, hat
Fail to Make Good Their ProEnoz-
tications Steel Exerts sustain-
ing Influence on the Market.

New York, April 16-When prices we're
at their best around noon to-day,
broker tried TO sell a few hundred shares
Of Atehison, hut received no bid. and an
other had a similar experience in South
ern Pacific The former stock was, at the
time one Of the strongest on the list, and
the latter was not laggard, either. When
It suited the purpose Of the professionals
to mark UP prices. these issues advanced
as easily as almost anything else on
the list but when real stock was offered
on the rise the sellers could not get the
nominal market price for what they had
TO sell and, judging by their own expe-
rience they were inclined TO think that
the market was not as strong as it looked.
Rumor said that Mr. Hartman had as
sured some OF his friends that Union Pa
cihc would sell as high as 134 on the pres
ent movement. but was silent as to who
were the friends alleged TO have been fav-
ored with the information. It was not
very convincing story at best. and very
few Of the traders felt warranted in
making it the basis Of speculative COM
mitments IN the stock
The placing Of the limit at 134 recalled
a curious feature OF recent manipulation
that the tips professed to tell 10 the very
fraction just where movements In indi-
vidusl stocks would stop. On a previous
occasion il was predicted that Union Pa
ciic would reach 130 3-s. and al the time
when United States Steel made its high
record for the year. it was said the stock
was on the way TO IS Is. Tips on varl-
Gus other stocks were equally exact in
fixing the extent Of the promised ad-
vanees. but in few If any cases were
the predictions fulfilled
The similarity between them suggests
tnat they had common origin. bur leaves
little room for contention that the chief
prognosticator was z. II. Hartman
United States Steel exerted q sustaining
influence throughout the market Among
/ the professionals. the sentiment on the
stock was bearish, yet the price not only
/ held well. but advanced easily. The news
vas not favorable. and doubts were ex-
pressed quite generally as 10 whether il
would be possible 10 maintain the present
I price schedules in many OF the impor-
| tant lines Of trade during the next few
months, but the stock acted as If it had
discounted everything Of that kind.
! In the crowd around the copper. post. it
was argued that not only would the
/ smelling capacity Of the company be re-
duced by the loss Of water power result
+ ing from the destruction of the dam at
/ Great Falls. but that the relative cost Of
smelling and the ores treated will be
I greater when steam Is used instead OF
the less expensive power On the other
hand. IL was admitted quite generally
that the enforced curtailment Of opera
tions came at a fortunate time. as the
demand for the metal has recently been
/ altogether insufficient 70 absorb the pro-
duction. Whether il viii be possible 10
make the consumer pay the difference in
| cost between water-power smelling and
/ steam or electric power operation Of the
plants was the question on which there
was greatest difference Of opinion.
/ Few brokers seemed to be aware that
Amalgsmated Copper dividend was up FOR
| consideration until the news agencies
published the fact that the regular dis
tribution had been ordered by the direc
! tors Probably not in years had go IL
| tie interest been taken in the subject "a
/ d dividend daV