The Washington herald., 1909-07-15
WALL STREET NEWS
Early Hours of Market Show
Continued HeaViness.
COPPER PRODUCTION GROWING
Believed Increased Output ResPOn-
sfbIe for Low Prices, and that
Weakness Is Reflected 10 other
Issues - Western Maryland and
American Beet Sugar Weak.

New York, July 14-In to-day's security
market there was In the earlier hours OF
business a continuation of that heaviness
IN prices noted yesterday which to-day
seemed TO be chiefly connected with more
or less pressure 10 sell the AmaIgamated
Copper shares.
This was in turn apparently due 70 the
lower trend recently exhibited in the price
Of copper metal There appears 10 be no
doubt that for some time OF late the pro-
duction OF copper in the world at large
has been greater than the general con-
sumption OF It.
In our OWL country copper stocks IN
the last few months suffered a gratifying
reduction. but abroad stocks have in
creased and a large quantity OF copper
bought speculatively for the rise during
the panic period has been thrown upon
the market with the result. of course. OF
large quotations for the commodity.
q AS regards Amalgamated Copper stock
It has been made plain that the company
can maintain its present rate Of divi-
dend distribution AT selling price for its
product even decidedly lower than that
row obtained and that, moreover, the
compauy'S stock has passed into the
possession OF actual owners 70 very
large extent.
Held Up in 1907.
The stock did not decline in the 1907
troubles nearly as much as Wall street
expected it would. and since then specu-
lative efforts to depress 1t have almost
invariably brought no profit to those engi-
neering them
To-day the chief conseQuence-which
was not OF great extent. anyway-Of the
decline IN Amalgamated Copper stock ap-
peared 10 be that the stock market as a
whole. after falling little from its yes
terdays closing level. became exceedingly
dull. and the circumstances manifested
anew the general condition OF the present
market as one in which, II professional
operators do not care 10 buy stock after
they have advanced a point or two, yet
that they do not care 10 sell them after
they have suffered a corresponding de-
cline.
Western Maryland Weak.
Other relatively weak features Of the
early market. aside from Amalgamsted
Copper. were the Western Maryland and
American Beet Sugar stocks. neither OF
these. however, exercising any general
influence whatever upon values. On the
other hand. especial strength was shown
BY the 81. Louis and San Francisco issues.
and particularly by the cOmpany's second
preferred stock. which made an extreme
rise OF over four points and retained
most Of this at the close.
Reports have for some time been cur
rent OF a resumption of dividends on the
particular stock named. and whether
these have bases or not. Il IS unQues-
toned that the financial strength OF the
St. Louis and San Francisco has greatly
improved, that its earnings have picked
Up in a surprising way. and that the
condition Of the money market at least,
II a large corn crop this year seems
TO be regarded as an assurance. would
warrant the payment OF dividends not
only on the second preferred. but also
on the common stock as well
After It became evident to-day TO trad
ing spectators that the market had
probably declined as far as II was GO
ing 10 at the moment the ruling desire
with them was 20 buy back the stock
that they sold yesterday and to-day. and.
so, therefore. the concluding half OF the
days business was characterized by an
aIl-round rise IN prices