The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-02
Stocks fCOmpaniesin Metals
Show Big Decrease.
BIG LOSS fJR WEEK
Ia Past Fortnight Quotations of
AmnIgamated Have Fallen OF
SHELTERS, 81, Lead, 03-4--In-
crease in $. p. Dividend.

bad day for stocks of companies in the
metal trades.
Amalgamated lost l IS points; Ana
conda. ,; SHELTERS, Sd. and Lead, Ia.
Disappointment among financiers was the
keener because of the heavy decline pre-
viously sustained in the past two weeks,
At the close the four stocks showed
these losses for that period: Copper, is
points; Anaconda, 4 3-S; Shelters, "a;
Lead. 81
The decline. it was insisted by the bulls.
had taken of much more market value
from the coppers than could possibly
be taken from intrinsic value even If
predictions of a further decline In
copper metal were realized. The argu-
ment that the stocks are selling below
their intrinsic value. even with copper
at IS cents, was reiterated, but The
street refused to listen. That there are
indications Of a great decrease in demand
as well as Of another price reduction was
the fayorite retort
Leads loss of 81 points to-day was
on sales Of 200 shares. a volume of trad
ing much above the average. For two
or three preceding days the stock had
also been more active than usual.
In the recent retrograde movement II
has kept close place with Shelters, and
the close connection between the two
companies, and the fact that many per-
sons individually interested in one are
also individually interested In the otner,
has been the subject OF much comment.
There has undoubtedly been liquidation of
both stocks and appearances indicate 10
many that the liquidation of both has
been for the account Of the same people.
No one pretends 70 have any exact
knowledge of the source of the stock, but
a report that II was the remainder of
block transferred privately son after the
big decline, found many believers. Fluc-
tuations were within a range Of two
points, but they were rapid. reaction End
rally alternating often. and supplied an
abundance Of opportunities for floor
traders.
The volume OF business originating
within the walls Of the exchange ac-
cordingly supplies a very large proper
ton Of the days totals. Commission
houses reported that business had sell
dom been so slack, and there seemed
very little interest In the market except
in the most professional quarters.
The day was barren OF developments
Of a nature 10 stimulate interest. The
announcement Of the formal increase in
the Southern Pacific dividend was taken
much as a matter Of course, and apart
frorl this,-theTe was not an announce
menc that attracted speculative atten-
ton. There was also a shortage Of the
rumor crop.
With a decline Of Is points in sterling
exchange rates, fears OF a continuance
Of gold exports were pretty well dis
counted. Satisfaction on this account was
tempered by & further hardening of call
money rates. Five-months money be
came over-the-year money, and the best
the banks would offer was per cent.
There was a tendency TO hold out for
6 II For the other maturities there
was little change. 50 days being quoted at
) per cent, 90 days az 5 - per cent, and
four months at 81 per cent.
Many confirmed bears take the position
ceptible TO declines under attacks than
are the railroads. The big decline in the
early part Of the year, they recall. hit
the railroads much harder than It did
the indUstTials. and. though they admit
that much has happened since TO equalize
matters. they insist that the industrials
are, as a general proposition, III a much
weaker position than are the railroads.
In the past two weeks market develop
ments have somewhat confirmed this
theory. for the twelve statistical indus
trials have sustained losses about twice
as great as have the twenty statistical
railroads.
The bears on the industrials believe that
the tendency Is not over by any means.
No matter how much may be claimed
that the market has discounted a recess
sion in the business. they say. every
fresh report Of a decline in trade viii
discourage investment holders, and they
predict large number of such reports
in the remaining weeks OF the year.