The Washington herald., 1908-02-19
WALL STREET NOTES
Bears Complain of Lack of
Real Buyers.
DEALERS HAVE NO TROUBLE
New York Broker Executes Commits
sion Entniling Transfer of Certifl-
Orders Not Recorded on Tape-BIg
Sale of Steel Escapes Notice.

New York, Feb 1s.-The bears said
there was no market 70 sell on to-day and
that there had been none for several
days. They ought TO know. for they have
been the chief sellers for some time past,
and yet it was not impossible 10 ind
houses that took a different view of the
condition OF affairs.
One such house had been a very heavy
seller of United States Steel and Of
Reading on orders from Pittsburg, and
while impressed with the volume of the
selling orders and the source from which
they came. was stu more impressed by
the ease with which the stocks were
taken. The floor member OF the house in
question. who could not be accused of
excessive Partially for the bull side, was
forced to admit that ne found his task
much easier than he had anticipated.
AS stop loss orders are not recorded on
the tape, the largest transaction IN
United States Steel made recently escaped
general observation on Monday. II repro
scented an order TO sell 5000 shares cat
the market" and It was executed AT the
opening without affecting TIE price. Other
large orders passed through the same
hands during the day and the market alb
sorbed them without difficulty. The bears
thought little If any OF IL represented real
stock. but all Of Il did. II came from out
Of town and the actual certificates have
since come in for delivery. The bears who
do not think the selling was not genuine
that il was meant 10 give an appearance
OF strength not justified by the actual
conditions-and have not, therefore, been
impressed By the demonstration that
passed before their eyes.
Those who say the stock IS ''pegged"
and that the peg viii not hold forever.
and are living in hopes that some day
they may see it reported as Lost. strayed
or stolen with a reward offered for its
recovery.
The Trackmens Association made a
complaint about the condition c. Missouri
Pacific and the stock went down to a
new low record for the year. The latter
induced a number OF traders TO recall
instances IN which the labor unions had
been responsible for declines IN prices.
and 20 set against these the cases in
which those organizations had done any
thing calculated TO enhance the value Of
stocks.
Brokers who a few days ago took no
interest I'm such a question are now
quite anxious TO find out what sort OF
reception the foreign markets would give
90 a 4 per cent branch line or divisional
mortgage bond on the Union Pacific Rail-
roads.
London cabled rather pessimistic re-
ports on the position OF the copper trade.
but. although these conceded with the
views OF the trading element here, and
were made the basis Of stock market op-
erations. Amalgamated Copper recovered
about noon from its early weakness. and
during the remainder Of the session held
fairly firm
Anaconda. however failed 10 rally with
Amalgamated, and closed AT the lowest
of the da.. and from this fact the trad
ers inferred that there might be some
thing in the current TumOr that a further
cut would be made in the Anaconda dlvi-
dend at the next declaration.