The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-15
AND COMMERCIAL.
TuKspAY. May IA

Although IN point OF volume OF tTdnbac-
lions the security market to-day was as
active as IL was yesterday, the market was,
in fact much more embarrassing than 1t
was at the preceding session. and for a
good part Of the day was practically life
less. In the first hour 1t displayed some
little animation, but after that until the
end Of the day it's listlessness continually
increased until at the close it was in a state
Of torpor. In the main reactionary tenden-
cies prevailed in the days trading. Specu-
lators who had bought the Union Pacific
common shares upon the shrewd guess
that interests identified with the manage
ment Of the company would endeavor to
keep the stock strong. until the pending
bond issue was out Of the way we're inclined
to-day to take the profits that awaited
them, and their selling prompted liquida-
ton elsewhere; but on the other hand there
seemed to be little disposition on any ones
part to attack the market in any direction.
The wheat market Of the day wal an ex-
tremely confused and irregular affair,
prices at the outset under the impulse OF
the current speculative movement for the
rise in the commodity being considerably
higher than they closed yesterday. Later
on the grain markets declined under heavy
realizing sales and shifted nervously back
and forth until just at the end Of business
on the produce exchanges, when they re-
covered their earlier losses and closed
at q level almost unchanged from that
Of the day before. The strength that
the cotton market has been gathering
for some time past became very pro-
nounoed to-day and the rapid huctua-
tons Of prices on both the commodity
exchanges served to a greater or less
extent to- divert interest from dealings
in securities. The general declining trend
of the stock market was emphasized in the
earlier part Of the day by a sharp break in
Canadian Pacific stock due to the appre-
hension that the injury to the crops from
cold weather which Is now, as alleged,
particularly great in the Manitoba regions
will be especially damaging to the Canadian
Paciho's revenues. The selling OF the
stock, however, was largely on orders
received from the continent Of Europe,
and rumors circulated which met with an
official denial that the company was medi-
tating another bond or stock issue. In
the afternoon a rather brisk %upbidding
of the Consolidated Gas and local traction
shares failed to stimulate any interest in
the general market and, II this was due, as
stated, to a belief that the public utilities
bill NAV not pass the State Legislature
the operation appears to have been con-
Quoted on mistaken premises. The pre-
liminary activity OF the market to-day
was due chiefly TO the distribution of buy
ing orders for large blocks Of various stocks
by "A single commission house which has
-.Gn-I r. -z.a r,4~thE hanH in
the common understanding with large
speculative operations for the decline. In!
n rather indefinite way the market was
adversely affected by the fact that this
retirement Of short contracts, AorPsuoh II
presumably was, was effected 80 easily,
that is to say, did not cause a greater rise
in prices than actually occurred. The in
ference was that one OF the sustaining
forces OF the market had been considerably
weakened and that stocks we're plentifully
offered for sale at advances. The stock
which resisted the weakness of the market
to-day more than any other was Anal
gamated Copper. Estimates which it Is
believed have an authoritative basis are
submitted that the production of copper
in the country has decreased thus far during
the year II 600 900 pounds as compared
with last years output. This naturally
goes far 10 fortify the conclusion that pres
ent prices for copper will be indefinitely
maintained.
The worlds financial markets to-day
were all heavy, II not weak. Consols re-
coded in London as they have been doing
for many lays past, and are now nearly
down to their low record price level Of recent
" .zlon and Doria md Rarlin
az we'll as in our own market at the present
time efforts TO advance prices have
obviously to contend with the strong in
difference manifested toward the market
for securities by investors. II is easy to be
seen 30 far as conditions in our own country
are concerned that the stock market is
about as nearly in a state Of equilibrium
az is. ever seen and that spectators con-
scious of the state Of affairs that has come
To mass are unwilling to make ventures
on either side OF the account The adverse
factors in the situation are such that II is
wholly probable that if the market was
eYnosed TO their u%nmitigated force a note
worthy decline in prices would be under
wav The crop situation is serious, II not
critical, the money markets are again be-
ginning TO harden, political developments
seem to be full of unpleasant things, the
demands OF labor are becoming burden
some and the outlook for railway earnings
is not good; but on the other hand, the
market has had the benefit in recent
months of a vast and thorough purping,
II is as Wall Street calls it a -liquidated
market weak accounts in it have been
strene thcned and the accounts Of hundreds
of %plunrers in commission houses nave
heen closed. The market in the past has
in other words discounted a great many
NJ the unfavorablc influences that are now
being brought to bear against it.
New York stock Exchange Sales, May -,