The morning journal-courier., 1908-07-11
WALL STREET NOTES Sharp Bidding Up at Opening Brings Flood of Selling
 Orders. LATE MARKET HEAVY New High Record for Northern Pa cilic and Noteworthy Strength
 in Union Pacific.

There was Q sharp bidding up of prices during the first half hour, with new high records for Northern Pacific and some others, with noteworthy strength also in Union Pacific, Smelt- ing, Reading and Southern Pacific. This brought flood of selling orders and the market gradually sagged off. l. was bid up frequently but did not lold. At midday declines had been scored such as 1 3-i in Union Pacific, and l 1-2 or moro in Smelling and Northern Pacific. S..e common sold of1 to 40 But not much long stock appeared to come out up to l o'clock, and the market quleted down at the lower level. The market was heavy all the afternoon, with a good deal of selling pressure-in the last half hour Declines of to points were quite numerous. Much of the selling was due to report that John Mitchell the labor leader, would be nominated for the vice presidency at Denver. It was on this story that several of the so-called Waldorf operators attacked the market in the afternoon. They offered down Union Pacific, Reading, Northern Pacific, United States Steel, Amalgamated Copper and Smelling in large amounts. A block of 3,7OO Steel came out at 39 3-4.
 It Is worth noting that the banks have received more than $3,000,000 of new gold this week. of which s2,366.- coo came from the Kondike, via Seattle.
 The firmness of various stocks at different times of the day looked like firm at midday, when many other stocks were weak. Northern Pacific, Union Pacific, Smelling and the cop per group had been firm during the first part of the day, while steel stocks were backward Northwestern, which some consider good barometer of the market, was distinctly weak early fin the day.
 There was further discussion in re- gard to Thursdays action of the Bal timore and Ohio directors in declar- ing a dividend of more than the com pany is earning at the present time Mir. Hartman, who was generally re- garded as responsible for this policy came in for considerable criticism Baltimore and Ohio stock changed very little
 American Smelling declined from S4 IA to below S2 on what appeared to be inside selling. According tt the story S4 was the top price which friends of the company had predicted when the stock was 15 or 20 point lower down. There were no facts t, explain the weakness of the stock.
 London sold about 10000 shares ol taiance, but the arbitrageurs report el that 1t becomes more difficult ever, day to buy American stocks in Lon don.
 It was announced semi -officiall that the thrilled orders of the Unite States Steel corporation at the end O the last quarter (June SO) showed tn smallest shrnkage since the latte part of 1906. The unified tonnag was about 3,500,000 tons, a decreas of about 250,000 tons as compare with the proceeding quarter.
 Union Pacific touched 15O half dozen times, after reactlng below i The first movement carried it up 150 1-2, The apparent difficulty 1 reaching 150 12 again had the ar pearance of abundance of stock press ing for sale. Bear traders probabl took this as their cue for selling tn market Some of them said that MT. Hartman had any real intentio of advancing the market at this tim he would carry Union Pacific alon up and put the screws on the SUI posed large short interest Other who favored higher market, replie to this argument that if there is
 plan to put stocks higher 1t will n' develop all at once, but the publ will be kept guessing, If this verslo is right there is probably scheme enlarge the short interest before
 further rise.