The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-06-07

a sensational advance in
securities was the interesting feature
of the week in Stock Exchange circles.
No doubt the steadily increasing ac-
tivity in the iron and steel industry.
which has been noted for some time
past, has enhanced the nature of the
steel shares it was observed. The in
dustrial list was in favor throughout
the week, especially thai part repre-
sentlng the railway equipment shares
and also the copper stocks.
The annual report of the Amalga-
mated Copper Company, submitted to-
day, showed h net income for the
year ended April 80, to have been
1868, $50. a decrease of 3,016, 577, as
compared to the previous year. The
surplus for the year was 1856, 1872, an in
crease of $61 .181. Deliveries are now
about equal to production and gales
have beer made in sufficient amount
practically to absorb the accumulated
surplus of the early part of the year.
The cost per pound of copper has been
materially reduced. Companies owned
by the Amalgamated Copper Company
produced about 2a4, 00o. 900 pounds of re-
fined copper during the year. and of
this the Amalgamated received benefit
from about 1893. 0o0. 900 pounds.
Uptown Sentimental spite of the
sharp advances last week still higher
prices were looked for this week by
most spectators. Conservative inter-
ests said today. however, that they
looked for a moderate reaction at any
time and did not believe that there
would be much outside buying until
prices recede temporarily. There was
considerable discussion uptown over
Sunday as to the extent TO which stocks
were distributed on last weeks rise.
The prevailing opinion was h a the
genuine buying by the public was not
notably large. If the market should
sell off several points within a few
days and then show pronounced rally
ing power it was believed that the mis-
cellaneous buying would be consider
ably more extensive than ii was last
week.
Wall street did little in the afternoon
in the London market. Confidence
lacked, the close being irregular.
The final formalties in the matter
of listing comon stock of the L. 8.
Steel Corporation on the Paris Bourse,
probably will be signed tonight or to-
morrow, a despatch from Paris says
today. Herman Harjes, jr., of the
firm of Morgan. Harjes & Company.
pointed out today the ~inaccuracy OF
certain reports cabied from New York.
which place the present arrangement
with regard to steel on the same foot
ing as the recent efforts to effect the
introduction of certain rubber, copper
and other American stocks on the
Paris market. The position of these
securities, Mr.. Herjes declared, is in no
wise analogous to that of steel.
A we'll known operator coming on the
hoor at the moor hour reported that
while there were plenty of stocks Of
fering for sale this morning, they were
taken at slight concessions. and
that the demand seemed fully equal TO
the supply. From observation he
seemed well satisfied that there is
nothing in sight to check the upward
and more than occasional
technical recessions need not be looked
for.
The Hartman party was reported on
the buying side of st. Paul and Read
ing during the early transactions to-
day. Much of this mornings buying of
Reading is said to have been short COW
ering by traders who sold on the re-
last week.
THE COTTON MARKET.