The Washington herald., 1912-07-06
COPPER STOCKS
SUFFER IN RAID
Bears Fail to Bring Out Stock
and Market Turns Dull at
Noon Time.
HILL ISSUES ARE STRONG
By BARRON SERVICE.

New York, July 6-AIthough the bears
conducted a little raid soon after the
opening. they failed to bring out any
stock in to-day's market, which turned
dull toward noon. Copper stocks SUI
fered the most from the raid. aided in
their downward hiFNt by a story Of the
decline IN metal prices abroad. The Hill
Issues were notably strong, partly aided
by the confidence shown in his proper
ties by Mr. Hill in his valedictory iet-
ter. Canadian Pacific opened at sub
stantial advance. and was active for
short time before the market turned
dull. The advance was due to higf-y IA
vorable weather conditions in the ROADS
territory. Another favorable factor was
that the gross earnings for the. six
months to June 30 were S1S,0O0,O0O In eX-
cess Of the same period in 1871 General
Electric continued strong upon tbs de-
mand for the stock, in view Of pending
melon cutting" Steel preferred was
strong upon buying said to be for
investors, and the demand for the stock
was regarded as a better indication OF
sentiment IN influential quarters than
the NOV -ments Of the common. Other
major issues fuctuated throughout the
day.
Mr.. Kekewitch, Of the firm Of Morrison
Kekewitch & Co, large London metal
dealers, came to this country re-
Gently for the specific purpose Of discover
ing the whereabouts Of hidden stocks OF
copper metal Reports that there were
large stocks Of such metal undisclosed
was the cause Of a recent decline in cop
per prices abroad. AS the visitor pre-
dicted that copper prices would go TO
100 pounds sterling per ton, he evidently
is no longer a believer in hidden copper
stocks. He says that 2OOOOo,OOO pounds
more copper will be used in England this
year more than in 1911.
Stockholders to Fight.
Preferred stockholders Of the E. I. du
Pont de Nemours Powder Company, the
trust" will fight for a snare Of the
100000 melon to be given the common
stockholders under the dissolution pro-
ceedings.
The present ease Of the money market
is regarded as only on the surface with
a break expected as soon as the crop
moving calls for money, when exchange
viii decline
The reorganization plan Of the AIlis-
Chalmers Company have been put back
by the suit of Nathan Eisenann, Of Bos-
ton. Foreclosure of the property in the
int. ests Of the reorganization commit
tee, which was to have taken place next
week, has been postponed until Septem-
Der II.
LAZaru trereS mas engaged announcer
100000 for shipment to Paris. There
has been shipped from this country 49,
l25,OOO of which S90.OO0,GOO was sent
10 Paris, 100000 to Canada. and
the balance TO Argentina.
Estimating June earnings from reports
Of the first two weeks, counting in the
known earnings for the first eleven
months Of the fiscal year just closed, the
Missouri, Kansas and Texas, net avail
able for preferred dividends will be
scarcely more than l per cent
Although there was a loss Of $3.50
net income in May as compared with
May, 1911 the June earnings Of the
Union Pacific will be about even with
those in June a year ago.
One Of the noticeable features Of the
stock market recently has been that
bear attacks failed to bring out any
stock, although there are no strong bull
leaders to encourage stockholders to re-
tain their stock
The forthcoming annual report of the
Kansas City Southern will show a de-
crease Of about s per cent in freight
revenues and per cent in passenger
income for the year ended June 30.
The F. W. Woodwork Company capt.
tailed its goodwill at S5O.0OO.OOO. but
its real assets are far below its SIS, 0o0,
900 capitalization.