The Washington herald., 1908-05-13
MARKET NOT STRONG
Manifest Tendency on Street
Toward Reaction.
PRICES OPEN At a DECLINE
Former Undertone Comes After
Few Hours OF Business, but Out
look Is Not Promising - Metal
Shares Up on Reports of Finds of
Copper in Butte District.

New York May 12-The manifest ten
ksney of the stock market to-day was
toward reaction. signs Of this movement
being not wholly invisible on the preced-
ing day.
Prices at the opening were rather below
those last made yesterday. but evineed
no strong pressure to sell stock; and the
market. after some irregulsrity in the
first hour OF business developed f1rmer
undertone later on, which was again fol-
lowed by further realizing sales.
This was accompanied. too, by a de-
crease in the volume Of transactions from
yesterdays large total Nevertheless. the
absorbing power shown by the market
was still great, and there were no more
indications than there has been at any
time in the last few months that the
strong control over the market affairs
that has recently been so conspicuously
attested was in any way relaxed.
In the forepart Of the day the force
OF realizatioRs by local operators was as
sisted by the selling OF stocks for Lon
don account. the quantity of offerings OF
this later class being commonly estimat-
ed at between 5000 and 10000 shares.
Foreign Markets Strong.
AS, however. the markets for some Sc
eurities were all notably strong on the
foreign bourses to-day. owing to a rather
general lowering OF money rates there, ie
may be doubted whether the orders re-
ceived here from London 10 sell stocks
should not originate, after all. on this
side OF the Atlantic.
IN the dealing here to-day there was no
especial feature with the possible ex-
eeption perhaps of a sharp rise az one
time in Amalgamated Copper, which in
turn stimulated more or less buoyance
In the American Smelling and Refining
and other so-calIed metal shares owing
to reports. which it is believed have
some foundation, of richer discoveries Of
copper upon the properties, not only OF
the Amalgamated but OF other mining
concerns in the Butte district. The mar
ket for the Boston copper shares, too,
to-day was perceptibly stronger
A decline Of more than two points IN
Chesapeake ana Ohio stock was net
matched elsewhere in the local security
list, and did not excite any attention, as
the market for the stock is not OF the
most ready character,
Dealings in Bonds.
Dealings in bonds were again to-day
Of diversified character. and prOfit-taking
sales here were less noticeable than IN
the stock market proper.
A rlmor thet a hitch had occurred in
negotiations over the forthcoming Union
Pacific bond sale was an incident Of the
day but it was undoubtedly without
foundation. Neither could the lower
range Of prices be said TO have any re-
lation to the greater hrmness recently
manifested by sterling exchange, which
viii, in all probability, be followed by a
resumption of gold exports at as early
a date as the facilities for the transaction
viii permit. It was, indeed understood
that at least 100000 was likely 70 be
shipped TO Paris the day after to-mor-
row.
A number OF railroads submitted earn
ings statements that We're OF the same
unfavorable character as those which
have been long witnessed, that Of the
Erie Railroad for the March quarter
showing an increase in the deficit of
.s1,500,O00 standing out the most promi-
nently