The Washington herald., 1908-03-18
WALL STREET NOTES
Large Selling Orders Cause
Traders to Be Puzzled.
AMALGAMATED COPPER LEADS
short Interests Forced 10 Beat Re-
treat Just as Downward Move
ment Seems Imminent-St. Paul
FIuetuates Under Unknown Sfimu-
Innt-Pessimistic Pittsburg Reports

New York, March ia feature OF the
market to-day as on the preceding day
was the distribution Of large selling or
represent mostly the operations Of large
ultra-speculative operators, whom few
people would care to follow.
Such was the appearance. but many
doubted If such was the reality OF the
selling. II was argued that II large in
tsrests wanted TO distribute stock they
might better accomplish their purpose by
putting the order through channels where
the significance of what was going on
could not be recognized than by openly
selling what would probably attract too
much competition. This may have been
done in the present instance. and traders
could be found who asserted that they
knew for a fact that II had been. and
that the apparently speculative selling
represented realizing sales by one OF the
most powerful group Of capitalists in the
street
Those who contended that the selling OF
the market was better than it looked were
by no means OF one mind on the subject
Of whether the decline was the beginning
of heavy fall in prices or was nothing
more than healthy reaction. Quite a
few diagnosed it as the latter but ad-
mitted that they would probably chang
their minds if the recession went a couple
OF points further. II had gone Just far
enough these said 10 improve the techni-
cal position, and II allowed 20 so further
would discourage the outsiders who were
showing an inclination 10 come In.
Amalsamated Copper led the rise. and
hardly broker could give a reason why.
II there was stock on which the street
opinion could be said to be uniformly
bearls,., II was this one. The arguments
current We're all against further advance
and In favor Of decline. Relatively to the
rate Of dividend the price was higher
than that Of any other stock on the list
not even excepting Reading. There was
the utmost skeptieism regarding the
many rumors OF favorable developments
in the trade that were current last week
and large interests. 1t was said. had sold
out great part OF their lines OF the
stock. In fact. sentiment was Just right
to insure large following for a move
ment In downward direction. when the
price started TO move upward with con-
siderable vigor, and the short interests
Of which the bearish sentiment was a re-
fex-was forced TO make a hasty retreat
st. Paul did the honors OF the day most
appropriately. Its movements were as
lively and bewildering as a Jig and with
a joviality proper for the day. First one
stock and then another was taken as a
partner and forced 10 dance. while the
shorts paid the piper il was constantly
springing surprises-now down 20 some
where near III. now above 10. and back
10 about 1l9. What the stimulant was
that put the stock up TO near its highest
Of the preceding day very few seem cd
10 know. but the subsequent reaction .Fas
In almost every quarter ascribed 10 the
after effects.
A large number OF the pesslmistlc re-
ports current during the forenoon had
their origin in Pittsburg. Every house
having wire 70 the Iron City received
some story OF the alleged unsatisfactory
outlook and the depressed condition OF
sentiment there: but what seemed to be
forgotten by those who made such re-
ports the basis OF commitments on the
short side OF the market was that the
stories differed In no material matters
those received from the same points
weeks ago when the market was lust on
the eve Of its upward movement and
while the changes were actually occurring