The Washington herald., 1907-07-06
ACTIVEIN FIRST HOUR
Market QuietS Down, but
Prices Hold Up Well.
LOOK FOR B. R. 7. DIVIDEND
Buying of AmaIgamHted Copper Due
TO Belief that Prices VIII Advance.
Money Rates Easy, Owing to Re
lease of Public Funds-Cessation
in Cotton Speculation.

New York, July 5-The course of the
stock market to-day was little different
from that Of its predecessors. for some
time back, in that interest in it, instead
Of being greatest at the beginning and
toward the end Of the stock market ses-
sion, seemed largely confined to the trans
actions in the first hour of business.
The highest prices of the day were, as
a rule. reached in this period and. al
though the market continued strong
throughout. and toward the end so Tal-
lied that prices OF many OF the leading
stocks were once more nearly al their
most elevated level on the current move
ment the market, after the first hour.
was dull and without feature. This led
TO a somewhat lessened activity in the
market, as a whole. as compared with
that Of Wednesday and other days during
the week. but prices continued to dis
play to-day. no less than at any
time for 4 fortnight back, the pres
enCe Of a sustained and steady buying
power, indicating seemingly that what
Wall street loves 70 call powerful in
teTeSts" were behind the advance
The general policy in the market ap-
peaTed 10 be TO refrain from a violent up
bidding Of stocks. but rather TO move the
market upward in a slow and delib-
crate fashion, and TO support prices when
ever a tendency toward realization be
came manifest S0-calIed special reasons
We're. Of course. operative to-day for the
rise in particular issues.
n II ~ Ruefuas. Eond
Attention was directed to the Brooklyn
Rapid Transit shares by the large bust
ness done by the Brooklyn company on
yesterdays holiday. and predictions are
now commonly heard that the stock of
the company viii be placed on not less
than a 4 per cent dividend paying basis
before the year is out Emphasis was
once more laid upon the probabilities that
Union Pacific stock would be kept strong
until the time now near at> hand had
passed for the payment by the stock
holders of the company OF the first in
stallment of the c0mpanys recent S15,-
00a,o10 convertible bond issue.
The buying of Amalgamated Copper
stock was based on the welI-founded
idea that the deadlock as 10 prices be /
consumers thereof cannot be lOng con-
tinued and that whatever prices for
copper are made i'm the near future they
cannot be other than exceedingly re- /
munerative from the point of view of
the great copper producing concerns.
Money rates here eased to-day. i'm con- /
sequence Of the release Of public money /
now going on on account Of the govern /
ment's payments on the maturing { per
cent bonds: and, as a further result Of
these developments. sterling exchange /.
became frmer. The Bank of England /
statement, like that of the Bank of Ger
many a week ago, was almost seus1- /
tionally bad, but was regarded with but /.
passing interest here and i'm the worlds /
financial markets, as Il was known 90 /
represent only the temporary conditions /
arising out Of the mid-year financial set /
tlement
Announcement was made of the issue /
Of short-time notes by several corpora /
tons. large and small, with an interest /
bearing yield fully up 20 the level re-
Gently established for obligations of this |
kind. There was quieting down to-day /
Of speculation in cotton markets. and
prices for the leading speculative options,
on both the produce exchange and cot (
ton exchange, suffered no great altera-
ton.