The Washington herald., 1907-05-02

New York. May L-While the realizing
OF stocks. whose presence was plainly
noticeable yesterday, was again in evil
dence in the security market to-day, and
in sufficient quantity 70 cause declines,
which for the most part were no more
than fractional in the larger number
Of the active shares, the market in gen
eral maintained such hrmness. not to say
vlgor, that, in spite of the recession in
quotations. it did not at all give an ap-
pearance of weakness. As the London
market was closed. there We're no opera
lions here Tor foreign account; but, IN
general the movement OF speculation ap-
peareG to be directed toward the indus
trials. as distinguished from the railroads,
stocks in which the buying has recently
been most prominent,
one reason for this change, no doubt
was the recurrence of more crop damage
stories from the West which had the eI-
feet of producing a quick rise in the price
of wheat. These stories were OF the same
sort as those which have been circulated
for several weeks past. having reference
10 the injury 10 the crop from bugs dry
weather. and the unseasonabiy backward
spring. The advance in wheat was also
helped by large purchases Of the grain
for export; and the fact deserves 10 be
emphasized that one reason for the recent
rise In wheat options in this country re-
Gently Is not due solely TO conditions OBJ
tanning within the borders of the United
States, News from foreign crops is not
at all good, and, it is understood. that a
larger amount of grain than is common
~ estimated was destroyed during the
recent uprising Of peasants in Roumanla-
Amalsamated Copper Leads.
In the forepart of the day on the stock
exchange, prices advanced under the lead
ership Of the Amalgamated Copper, Ana
ccnda. and American Smelling and Rein
ing shares: and there appeared to be a
good deal of buying OF United States
Steel stock in consequence of the very
favorable report of the steel corporation
submitted after the close Of business yes
terday. Few well-informed people had
any hopes OF the announcement OF an in
crease in the dividend upon the United
States Steel common stocks, and the
reason why such enlarged distribution
was not ordered was made very plain 81
to-day's study OF the quarterly reports Of
The steel corporation tor some time back
During the last three-quarters Of the
steel corpora tons history, over A5,o939J
has been taken out Of the earnings and
spent upon the construction OF new
plants. That the position of the stocks
Of the corporation has been Immensely
bettered by such an outlay goes without
ala ~
some future date the patience of stock
holders must be rewarded by an issue to
them of additional cash or scrip dividends.
No Pressure TO Decline.
The salient characteristic of the mar
ket to-day was that there was no pres
sure to stock for sale when prices de
clinad. Throughout the entire afternoon
extreme dullness prevailed on the stock
exchange, and the traders who desired to
take profits on their previous ventures
for the rise. found that it was not neces-
sary to offer stocks at any particular
concessions in order 10 do 50.
The strength of the copper stocks TO-
day was due mainly 10 sensational ad-
vance in the price OF copper in the Lon
don market and it must be said that
per producing industry most at heart
win not view an advance in the price of
copper on this side OF the Atlantic over
the last figures quoted In the genuine
market for the commodity, yet there are
many indications that such an advance
cannot be avoided
1t is now beyond question that utterly
erroneous Ideas regarding the true state
OF the copper market has for some time
past held ascendenCy over a great part
of the copper consuming world. Many
consumers Of copper, IN other words,
have delayed covering their future re-
quirements for the article upon the mis-
taken notion that a general contraction
in business was imminent. and that there
must be a material fall in copper prices.
Yet, as time has gone on, it has become
plain that so far from any such contrac-
ton appearing, the necessities Of the cop
per manufacturing trade have continually
increased, while the supply Of copper. Ow-
ing 10 many contingencies met with IN the
course Of the present year, has actually
become diminished.
Consumers Delay Purchases.
It appears very much to those who have
access to the best information as If what
has gone on recently in the copper trade
has been of very much the same nature
as those forces which exerted themselves
early last year-namely. an unwise sus-
pension Of purchases by consuming In
terests. which resulted finally in a further
Irresistible advance in the price OF the
metal.
Call money rates to-day rose at one
time TO per cent, owing to the effect of
the May disbursements and to the shift
ing of deposits incident TO the formation
OF a large new national hank More or
less of a temporary adverse influence
from a speculative point of view was also
exerted upon the market by the decline
In the price of the Atchison per cent
convertible bonds, owing to the announce
ment by the AtchisOn Railway Company
of an issue to stockholders Of sci, 900, 900
ten-year convertible bonds, bearing inter
est at the rate OF per cent The new
bond issue was not underWritten. and no
syndicate or other persons win receive a
commission in connection with it.