The Washington herald., 1907-04-13

New York. April 12-In its lack of ami
NATION, extreme professionalism, and gen
eral sagging tendency the course OF the
stock market to-day was little different
from that which has been maintained by
it throughout the week thus far. Specu-
lators for the fall appeared TO be fearful
about renewing their attacks upon values
in view of the steady decline that has
taken place in market quotations since
last Saturday, while. on the other hand,
the support extended 10 the market on
occasions when drives were made at it
was not overly robust
The market was, as a whole. weak from
the beginning TO the close of the day,
although a partial recovery took place in
the last hour. which left net losses rarely
exceeding a point in the active stocks
The speculative trading was, as 1t long
has been, confined TO Amaigamated Cop
per. Reading. and one or two prominent
stocks. and the bond market presented
Few features of interest The market
appeared to be dominated to-day. If by
any one influence, by the fluctuations of
the Copper stocks.
All these securities broke sharply az the
opening of business, following another
heavy decline I'm the price OF copper IN
London and in Rio Tlnto stocks ON the
London Stock Exchange and the Paris
Bourse. The stocks rallied later, but they
were variously under continual pressure
throughout the day. There was no further
reduction in copper prices reported to-day
from the metal exchange, and producers
here declared that no concession had been
made by them in quotations Tor the
product What seems TO be the truth about
tie real copper market at the moment is
that it is in a state of deadlock
Look for Lower Prices.
While the price of copper IS firmly
maintained by the large producing com
panies and by the selling agencies that
market nearly 90 per cent Of the coun-
try's output Of the commodity. sales at
the prices have practically ceased. Con-
sumers. for their part, though they ad-
nit that their business is no less pros
porous than it has been, are naturally
taken with the idea that the price of cop
per here should be so reduced as to pre-
sent a more even parity with the market
for the article in London; that is 10 say.
that the violent decline in copper in the
English market should be accompanied
with some recession.
More OF less force is lent TO this con-
tention by the circumstance that, al
though the copper bought and sold in
London is not of a kind That is used COM
mercially in this country. and has 10
undergo a refining process here before II
Is available for the purposes of American
manufacturers, yet that at the prevailing
price level for the commodity IN England
it is more profitable for our manufactuT-
ers TO bay copper in England and have II
refined here than to purchase copper al
the prices quoted by the leading home
producers. On the other hand, such a
disparity has often occurred before in
lire copper trade and has adjusted itself
without causing any decline 70 speak OF
In American prices. and there appears 10
be no doubt that there is very little, II
any, reserve store OF copper in this coun-
trv that can be sold.
The important point in the matter, as
seems TO unprciudiced observers, Is
whether the consumption of copper here
is to keep up at its present rate. If it j:
10 keep up, there is little fear that the de-
cline in copper in London, owing 10 tht
collapse of a speculation there that has
borne no relation TO business condition:
in the United States, win injuriously affec
American producing interests. Even at {
large decline from present prices of cop
per here, there is, OF course. an enormous
profit in copper mining.
Some adverse influence was also eXerteC
in the market to-day by renewed report:
of damage to the winter wheat crop from
insect pests and lack OF moisture, and
for the first time these stories succeeded
in causing an advance in the price o.
grain.
Not Alarmed by Reports.
Reports of this kind have, however, no
yet attained the proportions OF q croI
scare and it does not seem to be believed
by those usually informed in the grain
trade that conditions in the agriculture
districts are materially worse than the,
We're on the first of the month. when the
governments report placed the condition
of the crop as even higher than il was OF
the same date year ago.
Another story that was circulated dur
ing the day, and that was used witt
some effect against Union Pacific stock
was that the Union Pacific Railroad Com
pafb was ABOUT 20 issue a large quantity
Of short-time notes. This story doubtless
originated in the circumstance that ha,
long been a matter of public knowledg,
that the oregon Short Line Railroad Com
pauy, one of the Union Pacific's subOTdi
nate organizations, has given to the Penn
sylvania Railroad Company S36. 600 o
notes due this year in payment for tn
Baltimore and Ohio stock sold by tn
Pennsylvania TO the Union Pacific system
lsst fall The presumption is that tn
Pennsylvania viii ask to have the note
paid of IN cash, as IL probably relies upoi
such a payment in order TO give it fund
for the remainder of the year for the pur
pose Of completing its Improvement ant
new construction work now under way
Tt is very doubtful, however, If tn
Union Paci1c Company has as vet forme
any plans concerning the payment il
question.
Estimates OF to-morrow's bank state
ment cut no figure to-day in dealings il
stocks. They agreed in predictingta gai
in cash by the banks of about $3.50 900.