The Birmingham age-herald., 1912-05-18
ADVANCE IN PRICE l OF COPPER METAL
Heavy Selling of American Securities in London Also
 Important Factor

New York, May 17.-Heavy selling Of kmerican securities in London, producing hnsettlement at the opening here. an bther advance, foreign and domestic, in the price of copper metal and further un- certainty respecting the outcome of the anthracite miners convention, were some pf the more important factors connected with tcday's stock market
 The unloading of American stocks in London seemed to result primarily from
 lack of support which was ascribed to the greater interest shown in other Branches of that market, including wire
 less shares. which caused further financial Eembarrass ssment.
 H Canadian Pacific, which fell points in London. opened here at a decline of sis points, with concurrent weakness in h. fernational Harvester and St. Paul, the .anovement later spreading to the Wabash Issues on advice of adverse earnings. In point of fact St. Pauls reactionary trend Nas probably due to the same cause, cou- ped with a recent depression in Chicago hnd Northwestern. The coal stocks, while < hot at all prominent in the initial deal zlngs soon moved upward and other lead ahrs, including Union Pacific and United < Ptates Steel, also improved.
 \ The average level of prices at midday swas slightly better than at yesterday s Eflose, but the market after that became Exceedingly dull and narrow, manlfesting bn absence of initiative from either side Ebf the account. For the remainder of the EFession business was light, with practi- Efally no important price changes. Amer l Eican Woolen moved up, presumably in <tonnection with the announcement that l he United States Senate finance commit l lee is soon to take the House wool sched- Xlile Sugar shares were unresponsive to
 he action of the same committee, which Eoted to eliminate the Dutch standard
 from the raw product Texas company, (which was brought forward from long /beriod of inactivity, added almost points 10 it's gain and a few other specialties of Equal speculative unimportanee shared In
 he listless movement of the last hour.
 Apropos of the copper situation, the Hsalumet and Hecla, one of the largest producers of high grade metal, today de- Jared a quarterly dividend of $l0, com pared with $S and s6 respectively three ffQ SIX HlOllHS ago. MIlOf lHCluellS UT
 he day included a report from Wash ngton that the department of justice pur- Doses to inquire into the so-called leather
 rust and a decision of the interstate
 ommerce commission which justifies an Increase of cotton rates from Texas points
 o New Orleans.
 Local banks are credited with a gain
 if $S00O,OO0 on the weekly cash move nent, most of which was derived from
 he interior, despite large direct ship nents to various points. Another export
 f gold to South America, for French or
 Herman account, was made by a local 'anking house.
 London followed it's home operations kith further selling of American stocks this market, principally Steel. Reduc- ion of the French bank rate was fore hadowed some weeks ago, the greater
 ase of money in that country showing in triking contrast to the tension prevail
 ng there at the time of the Moroccan
 nbroglio.
 The bond market was irregular, Wa
 ash As making up much of their early bss, while Brooklyn Rapid Transit con-
 ertibles followed the rise in stock. Total ales, par value, S3,422,000.
 United States government bonds were
 unchanged on call.