The Washington herald., 1908-03-05
WALL STREET NOTES
Traders Wonder at Dummy
Sales of Union Pacific.
BEARS BEGIN TO LOSE HEART
Bulls Declare Efforts TO Convey
Pessimistic Tone About Played Out.
Little Uneasiness Because OF De-
cline fn Quotations on AmaIga-
mated coPper-ResuIts Anticipated.

New York, March 4-AccOrding 10 an
apparently well founded report, certif-
Gates Of Union Pacific have recently been
delivered In the names OF dummies
supposed 10 represent a prominent cap
italist. formerly a director, and always
regarded as one of the largest holders OF
the stocks OF the Union Pacific Railroad.
Those who have seen the certificates
are at loss for an explanation. and,
while most Of them argue that the dellv-
cry indicates that the market Is going
down a few with recollections OF similar
occurrences In the past, take the view
that the selling was probably done long
ago and that the disclosure Of It's source
implies. il rightly interpreted, that no
more liquidation is 10 be apprehended
from that quarter.
Union Pacific forms the subject OF most
OF the traders discussion, and appears
TO be the cause of much Irritation. The
majority OF the trading element complain
OF the action of the stock. asserting
with tiresOme mOnotony. that IL keeps
going down all the time" AS a matter
OF fact. the stock dropped to the eQuiva-
lent of its present level more than three
weeks ago ana has been no lower since
On February IL il sold at I13 dividend
on, and the lowest this week has been
10 1-2 exdividend. substantially the same
price The stock could have been bought
al l13 three weeks ago and carried since
on 2-point stop order.
The fact that every member of the
trading fraternity says he cannot under
stand the strength in United States Steel
does not necessarily imply that there Is
anything wrong with the market posi-
ton OF the stock Had the traders BEEN
able 10 understand the strength OF tbs
security, they would probably not have
sold It short 10 the extent they did and
20 which they are stiH short OF IT,
Among the bulls on Amalgamated Cop
per. little uneasiness was expressed over
the reported decline IA the price OF the
metal. the ground being taken that the
easier conditions in the metal quotations
resulted from selling by spectators who
feared that the reopening Of the mines
would spoil the market for what they
had to sell 1t was expected. the bulls
on the stock say, that the resumption
Of active operations at Butte would
have just that effect temporarily, and
that in the stock, too, there would be
quite little realizing on the publication
OF the news. Both these contingencies
and the reduction on Calumet and Hecla
were. il is asserted. fully considered
when the upward movement IN Amalga-
mated was undertaken.
Repeated failure OF their attempts 10
depress the market is beginning to tell
on the nerves OF the bears. They have
not reduced the tone OF their pessimism: :
on the contrary they have become des-
perate in their predictions OF calamit0us
occurrences AS one broker says: '-They
have been firing of their heavy guns
and wasting their ammunition without
even being sure whether they are be-
leagured by a real substantial force OF
by a phantom. IN fact. II IS the doubt
which they have on this point which
threatens them with Generalization. They
feel that there is danger In the air
and do not know what it is or how 70
combat"