The Washington herald., 1907-09-21
WALL STREET NOTES
Bond Market Is Strong, but
Stocks Show Dizziness.
NO ANACONDA ACTION TAKEN
Same Causes Which Prevented "A
Quorum Last Week VIII Cause
Further POstpOnement on Dividend
QuestfOn-RumOr Copper Deadlock
Was Broken Given No Credence.

New York Sept. 3O.-Just ten days
have lapsed since New York sold its 1-2
per cent bonds at an average price Of
barely lO2, and already the buyers have
been afforded an opportunity Of dis
posing of some OF their holdings at los 5-S,
although all the money they have so far
paid out on account Of their purchase
has been the per cent deposit made
with their bids.
Already the general bond market has
been strengthened through the attention
that has been drawn to It by the success
of the New York issue, and investment
houses report a considerable enlargement
Of the demand for good bonds, with
particular preference for those listed on
the exchange.
The extreme dullness I'm the stock mar
ket to-day served to make the strength
in the bond department stand out all the
more prominently, and mary brokers.
who before had taken the ground that
they could not see any signs OF a real
Improvement in the outlook for securi-
ties were encouraged by what they were
lNcilit0 70 lS5dAN HS q az 'oiAA'AtA4o oN Ni'N
right end
In a dull market there is little oppor-
tunity for the tipster 10 ply his trade,
and although the word TO buy Atchison
was passed around, and the merits OF
the stock were pretty generally recog-
nized, the advice TO get aboard was dis
regarded. because there was not enough
activity in the stock 10 afford fair spec
ulatve opportunity.
Traders had a good deal to say about
renewed pressure on the market, but If
there was any real pressure its effect
was not discernible. There was some
proft-taklug. as was natural after such
a rise as the market had had. and the
way this was accomplished without caus-
ing anything more than slight repres-
sions in prices made it fairly evident that
the buying was at least as good as the
selling.
Il is improbable that any action will be
taken on the Anaconda dividend before
October 1. It had been expected that di-
rectUrs would act upon that matter next
week. but from the same cause that It
was impossible 20 secure a quorum last
Tuesday il viii be impossible 70 secure
one later In the present month. Three
Of the directors. II. H. Rogers. William
L. Bull and John r. Ryan, are ill.,
Others are out Of town, but il is hoped
that it VIII be possible 20 secure the
presence of a majority Of the board for
a meeting early next month. The post
ponement of action on this dividend viii
prolong the uncertainty regarding a re-
duCtiOn OF the Amalgamated Copper divi-
dend rate. a matter that at present eX-
cites more real interest in Wall street
than anything else that IS expected 10
occur IN the near future.
Just before the market closed. q TumOr
was circulated 10 the effect that the cop
per deadlock had been broken by a sale
Of 100000 pounds Of the metal az i
cents a pound. Such a rumOr should not
have deceived any one. but the traders
who were short had no time for hesita-
tion, SO they did what was most prudent
under the circumstances by rushing 10
cover. Few Of them thought the rumor
was true i'm the form it was circulated,
but most of them thought that Il might
possibly be a distorted version Of some
real occurrence Of favorable market I'm
port As a matter Of fact. the only merit
the story possessed was the timeIlness Of
Its appearance, which took shorts at
decided disadvantage.