The Washington herald., 1907-01-15
STOCKS IN A DECLINE
Traders Are Unable to Assign
Reason for HeayineSS.
COPPER SHARES ARE ACTIVE
Leading Securities in ThRt Metal
Rise from One to Nine Points in
Ruling At 4 Per Cent-News, Notes,
and Comment of the Market.

Ruling at 4 Per Cent-News, Notes,
and Comment of the Market.
New York, Jan. 14-Prices OF stocks to-
day, after displaying considerable
strength in the morning hours, became
weak and closed at recessions varying in
the prominent stocks from fractional de
clines to losses Of several points. Taken
from the highest quotations OF the day
the actual fall was, of course. of greater
magnitude than that exhibited in the
summary Of the days transactions.
The early advances seemed 10 be those
spontaneously arising from the improve
ment in financial sentiment and the gen
eral money situation in foreign financial
circles no less than from the clear signs
that money rates here were moving to-
ward greater ease. There were no devel-
Opments over Sunday. making for any
unfavorable views or anything In the
course Of values and the outlook for the
security market. all things considered
that gave evidence at the opening OF the
Il
The carrying charges for American
stocks in London demanded at the out
set of the financial settlement there to-
day for the coming two weeks were lower
than they were on the preceding settle
ment day, and during the day experienced
a further notable abatement. The Bank
Of England secured practically all OF the
S.500.000 in new gold offering this morn
ing in London. It was said. too that the
London settlement disclosed that the ac-
count open for the rise in American
stocks had been largely reduced
Sterling exchange locally was strong.
this tendency being. as is now generally
understood. helpful rather than otherwise
10 the stock market. Call money rates
here did not rise to-day above . per cent.
and the average rate for the day was 4
per cent. the lowest figure ruling through
out one day as a whole for several
months past.
Time Money Is Easier.
Time money rates were also easier with
out any distinct change in quotations.
therefore the ease assuming the form Of a
greater unwiIlingness of borrowers to pay
the legal rate for money for long periods
and a rather greater desire on the part
Of lenders tc obtain this price wherever
possible; while the growing abundance Of
money at this center was illustrated in
the daily report of the transactions Of
the banks with the sUbtreasury showing
a gain by the banks of S4,2S7,00J since last
Friday. The banks also gained during the
day over s2.0o0OJO more from the govern
ment
All these forces combined to bring about
an advance in the course Of an hour after
the opening Of the security market Of
from one TO two points in the principal
stocks. Then, however. the character of
the dealings seemed TO change The
market became apathetic realizing sales
put in an appearance IN small and after
ward in larger volume and under their
influence prices declined as described.
The only distinctly adverse factor Of the
day seemed to be rumOrs. which were up
To the close Ct-business quite unveTiiied,
Of new issues Of stocks by the Chicago
and Northwestern. Chesapeake and Ohio,
and other railway corporations.
The interference with railway business
In the Northwest caused by snow block
AIDES was also described as a partial
reason for the fall, but the part played
by this in the days operations was un-
doubtedly trivial
Copper stocks Are Booming.
Greater interest than anywhere else in
the country's financial exchanges really
centered to-day in the continuance Of
the rise Of Copper stocks in the Boston
market, which first actively set in about
ten days ago. The leading securities Of
this kind in Boston rose to-day. one to
nine points. The ostensible reason for the
advance was the renewed circulation of
rumors that have been heard for some
time that the gathering of many Of the
Lake Superior Copper stocks into the
hands Of the Consolidated Company was
in progress. and there appears TO be basis
for the impression that some such COM
bination is actually mcditated.
It may fairly be stated. however, that.
considering the state of the market for
copper metal, past, present. and pr0spec-
tive the market valuations of the lake
properties, or many of them. have long
stood at relatively low levels from "a
speculative point of view.
The interest return on the principal
stocks in question has been much larger
than that yielded by other stocks which
have been more common subjects of spec
ulation; and throughout the entire period
of the recent advance in the price of cop
per the inactivity Of the Boston market
has been the subject Tor general comment
among experienced Observers
In Boston, as is known, the copper
stocks mostly dealt in are those Of the
old-time copper companies whose plants
are located in Michigan. and the peculiar
advantages enjoyed by these cOmDanieS
are that the metal produced by them
commands a higher price than that re-
fined in other sections by the electro
lyptic process, that the companies are
conserv8tively managed. and have little.
il any, floating debt and that in the
case Of very many of them fun and
detailed reports are made of their yearly
operations.
The older lake copper properties have
a low capitalization, and the ownership
of their stocks is distributed TO an ex-
Jraordinary degree among small invest
ment holders. This last named quality al
though helpful to the stocks in one
sense, works against them in another in
that il makes trading in them difficult.
1t explains, however, that such seeming
" sensational advances in the market
quotations for them that occurred to-day
under what would be accounted at this
center moderate quantity of buying
nnGnn.r crunrv~c