The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-16
COPPERATHIGH MARK
Calumet and Hecla Goes Up
to $1,000 a Share.
UPWARD MOVE IN MARKET
Southwestern Railroads and Indus
trials Follow Copper in the Rise,
and General Conditions are Favor
able for Further Strength-LOn-
don Is Again a Buyer.

New York, Feb 15.-While the course
Of the stock market to-day was more or
less irregular when examined minutely. it
was STILL taken upon the whole. com
plete reversal of that of the movement of
prices at the preceding stock exchange
session. Prices were generally higher at
the opening than they closed yesterday
afternoon, reacted under a resumption OF
yesterdays selling, which was particularly
directed against one or two stocks, and
seemed wholly in the nature Of a drive"
al the market by spectators for the fall
and then turned strong and held so until
the closing half hour of business. when
they fell of somewhat on profit-takinE
The general character of the market as
disclosed in the last two or three days Of
business is certainly such as to present
more ground for a cheerful view regard
ing the probable future of values than has
been recently entertained
The market betrays an unmistaka bic
tendency TO creep upward On days when
quotations recede the large liquidation of
stocks is induced. and on other days
when The market advances it does so in "a
slow and gradual fashion, which indicates
an accumulation of holdings rather than
any mere retirement OF speculative con-
tracts for the fall.
For reasons that lie open to everybody's
view. the market for the leading copper
stocks IS conspicuOusly strong, and seem
ingly sensational advances have been
made recently in the price of many of the
securities. The quotation for the Ana
c0uda Mining shares. which was at 273
less than a fortnight ago. stood at one
time to-day at 3O212 and i'm Boston the
price Of the country's premier copper min
i7s stock. that Of the calumet and Hecla
Company. rose to $1,000 share much the
highest price for the stock ever recorded.
Drop in Missouri Pacific.
The selling OF Missouri Pacific stock.
which was the weakest feature OF the
market to-day. forced the price of the
security TO the lowest level made for IL
i'm a long time; and while the movement
was popularity attributed to the work Of
bear attack upon the market. there were
also rumOrs that the decline represented
the liquidation of the estate Of a large
capitalist recently deceased.
Those issues that showed the greatest
strength in the market aside from Ana
conda stock were the Missouri. Kansas
and Texas common and preferred shares.
,he St Louis and Southwestern issues.
and many of the industrial stocks The
general supposition in the financial dis
tr.ct is still that the rise which has con-
unued steady throughout a long period
IS due to the acquisition Of a controlling
interest in the road by larger railroad
system. It is trustworthy understood.
however that the company is now earn
ing in excess Of per cent on its common
stock, so that reasons of more than one
kind for the advance in the stock are
undoubtedly effective.
IS was the case yesterday. there were
uo developments to which the movement
OF prices could be directly traced. Lon
don houses were again buyers. and. ac-
cording to the prevailing estimate. have
taken in the week thus far nearly los
COO shares of stock. In the London market
itself the greatest concern Of the moment
appears 70 be fears of withdrawal of
gold for shipment 10 this city and the
impression Is widely distributed that I'm
the coming week considerable metal re-
mlttances from London to this center will
be made
Call-mOney rates to-day were a little
but not greatly, firmer than they were
Yesterday, due, no doubt, 10 the payments
by the local banks into the subtreasurv
under the governments call for the re-
turn of a portion of its SpeCiaI-deposft
fund Time money, however. was weaker
than it has been for several days past.
Doubt as tn Bank Statement.
Views concerning the probable show
ing I'm to-morr0w's bank statement was
somewhat mixed. The clearinghouse in
siitutions do not appear to have either
gained or lost materially as result Of
che week operations, and the question
of the loan account only refers. as usual
to mystery. Financial transactions of
the banks pertaining to the recent sales
of short term notes will no DOUBT serve
TO complicate the bank return in meas
urc.
The news to-day Of the Northern Pa
c1hc's decrease in gross earnings for the
month Of January of S46,550 was. of
course, in confirmation of the recent
stories Of interference with railway traf-
Tic in the Northwest by the rigorous con-
dtions Of the winter thus far.
The most important announcement of
the day was not made until Just as the
stock market was closing, and so did
not al all affect prices It was TO the
effect that q permanent local banking
house had sold wholly in France and in
Germany an issue of S29,0J0O0O of the
per cent fifteen-year debenture bonds of
the New York. New Haven and Hartford
Railway Company
Two conclusions very favorable to the
general stock market are obviously to be
drawn from the fact. 1t is the first issue
of longtime securities sold by an Ameri-
can railway company either in this coun-
try or in Europe for a very considerable
period. In the second place it must DOW
erfully increase the strength OF our coun-
try's position at the moment in the for
eign exchange market. 1t is said, more
over, that the impression among investors
on the Continent Of Europe as the sound
ness of the financial and business posi-
ton here has become so strong that there
viii probably be no difficulty In the nego-
tiatiOns of further sales of similar securi-
tics Of this kind by our leading railway
corporations.
MISCELLANEOUS ROEnz