Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-08-01
FINANCE AND
COMMERCE

New York, July 31.-Today's desul
tory speculation conferred in he con
per stocks ard in shares Of companie
in ailied tndustrials. The effect q,
the general list was distinct but mod
crate except for the late bulge il
Reading. The feature of the marker
was the scarcity of stocks offered st
that the advances were mad ON com.
paratively light dealings. This was
+ even of the copper stocks i'm
which the dealings were most active.
The price of the metal was worked
up again at the metal exchange and
the price of warrants in London rose
again. AT the same time general ad-
wees concerning the condition in the
trade We're of marked improvement.
with reduction of stocks and growing
demand from consumers. There were
minors in circulation of the formation
OF speculative pools to operate some
of the most important copper stocks.
The movement was widespread affect
ing Amalgamated copper and abroad
Rio Tinto, the principal foreign pro-
ducing company. Minor copper stocks
moved in company both on the stock
exchange and In the outside market.
American Smelling and National Lead
showed their usual close sympathy
with the movement with this group
OF securities. The interest in the rest
of the market was somewhat languid
and lapsed in the pauses Of the buy
ing of the coppers. The Gould stocks
Were first to move outside the cop
pers. The announcement that pro-
vision had been made t. meet the
SIS, 600. 600 obligation on Wheeling &
Lake Erie notes maturing tomorrow
gave some strength to the group al.
though the impression remained
strong that the principal benefits from
this settlement viii accrue to other
properties. No authoritative informa-
ton was forthcoming of the terms
which had induced banking relief for
the situation but ii was supposed that
the Hartman interests We're insured
some advantage for their properties in
the operation Of the Gould lines. This ,
extreme reticence of all parties to the /.
transaction left room for some doubts /
as to the accuracy of the reports in
circulation and this accounted partly
for the dullness and hesitation of the
trading. The improvement in the con-
dition of the cotton crop during July
reported by the agricultural depart
ment was a favorable factor but it had
been V%ariOusly predicted i'm previous
private quarters that little effect was
left i'm the actual publication. No at
tention was paid to reports Of rust
damage to wheat in the Dakotas, the 2
large offerings of wheat for sale serv-
ing TO discredit these reports to an
extent. The departure from Wall
street of r. II. Hartman caused the
impression that an impelling force in
much of the recent activity was to be |
withdrawn. The developments re- :
garding the efforts of the railroads to
an enhancement of their com I
pensation for carrying freight We're ,
considered of hopeful augury for
the success of that effort. Reports of i,
he special attention being given by
he attorney general to complaints ~
rom shippers of intended increases y
were taken to show a likelihood of '
'ctive opposition BY the adminlstra- '
ion to the proposed advances. The '
continuing of the injunction granted
" Judge Speer against the Southeast s.
rn rate increases Indicated the kind
# obstacles likely to be countered V
stocks; W