The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-05-22
FIRMNEOS IN STOCKS
Market. While Dull, Is Gen.
orally of Higher Range.
COPPER DIVIDEND DECLARED
Calumet and HeeIa Quarterly Dis
bursemenf Advanced from SIS to SO
for London AecOunf-Sharp Decline
in Price Of Cotton Due to Rains.

New York, May z-There was a lessen
ed activity OF stock exchange business To-
day, but the movement In prices. although
irregular. was generally in the direction
Of higher range. The market was dull
and stupid most Of the day. but. never
theiess. there was a continuation Of that
strong buying OF the United States Stee
common shares that has been so notice
able IN the present week. this being &C
companied as heretofore by the most en-
oouTaging reports regarding the present
STATE and immediate outlook for the iron
and steel business.
A coTollsry Circumstances shedding light
upon the general conditions now curren,
IN the iron and steel and metal indus
) tries was the action announced this after
noon Of the directors OF the Calumet and
Hecla Company, the company's premier
copper mining organization, in advancing
: the company's quarterly dividend from
S 70 IS q share. The conservatism Of the
Calumet and Hecla management is pro-
verbal and il Is safe 10 conclude that
such a step as that made by It to-day
would not have been taken If there was
not q decided Frightening OF prospects
in the copper trade Action OF the kind
always has been in the past one Of the
most trustworthy indications OF a rising
copper market
IndUstrfals Also Strong.
IN to-day's market. besides The steel
stocks. the special features OF strength
at different periods were the Gen
erzI Electric. American Wooden. and
a other industrial shares and in the rail-
road list the Union Pacific. Great North
err preferred, and New York Central
stocks.
To-day, as yesterday and the day De-
fore. heavy purchases Of stocks were
made for the account Of London, although
this buying was subjected 70 the skepti-
cal reflection that its real source might
have originated in this country. The
grain markets were resilient, a new high
record being once more made for the Nay
option for the delivery OF wheat in Chi
cago. Despite this, all the Western crop
news was Of exceedingly favorable tenor
and IL was conceded that the rising ten
dency Of the market was due solely 10
the strength Of grain prices abroad, due
&c the impaired outlook in countries other
than our own
The advance IN grain assumed sensa-
tional proportions to-day In such markets
as those OF Berlin and Budapest. and II
again deserves 10 be stoutly emphasized
thst all this represents an argument in
favor OF and not against the price OF
American securities.
Sharp Decline in Cotton.
Aside from the declaration OF the in
creased dividend by the Calumet and
Eecla, perhaps the most signal develop
Tnent having relation 70 the security mar
ket vas a sharp decline in the price OF
cotton, caused by an admitted breaking az
last Of the drought that has prevailed for
several weeks in Texas. and 4 Is need
less TO obse.v that anything making for
The gathering q a larger crop Of so i'm
portant an article Of staple production as
that Of cotton IS a highly beneficial Oc-
CuTrence from every point Of view.
The expected news came to-day Of the
formal ending OF the widespread strike OF
laboTing men that Il was sought 10 bring
about in France. and the news was re-
ceived with interest. although Il referred
20 a matter that has at nc time been a
stock market factor.