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Show COPPER STRONGER WHILE STEEL IS GROWING WEAR Wall Street Uncertain as to the Future and Speculators Specu-lators Are Inclined to Go Very Slow. By Thomas C. Shotwell. By International News Service. NEW YORK, Way 6. Wall street decided de-cided today that it will nover atop raining: and that thereforo no corn or cotton can be planted this year, and so sold stocks freely. The decline de-cline In the market was sovero, steel leading- tho list with a loss of more than three points. Wheat made now high records rec-ords lor tho year and cotton rose $2 a bale. In tho afternoon Reading- led a rally, but just nt tho close- fear swept priocs down again so that the day closed with no definite trend. Bears called attention today to tho fact that the south raises about one-third of the corn nowadays and that last year all the corn In tho south was planted at thin time whereas only 10 per cent of the southern corn is In tho ground now. They Bay this delay will be dangerous. But tho bull party calls attention to tho fact that corn Is a hot weather plant and frost does not come early enough In the south to endanger It. Two-thirds of the corn crop Is planted In the north and most of it is planted In the last half of May. Every farm is a unit that can Sut its crop into tho ground in a few ays. The bad weather will mean much harder work for farmers, but they will be repaid with rapid growth of the crops. Corn Crop Sure. Record corn and oats crops are as suro as anything can be so early in the year. Tho government report on winter wheat, which will bo published tomorrow, will be bad and will mark tho limit of bad nows In that direction. About the only cheerful outfit in the street today was the American Can crowd. The flood Is causing a record-breaking record-breaking consumption of all klndB of canned goods and tho outlook for fruit and vegetables promises a record pack of canned goods thlB summer, of which tho high prioe of meat will force consumption. consump-tion. Beginning of the hearings In thu gov-ernment gov-ernment suit agninst the steel trust led the street to exiect disclosures that might alarm the public. Some selling was caused by that. The trade condition of steel Is bearish on steel stock, but bullish on all other stocks. The steel companies compa-nies will break all records for output this year with small earnings. The trust will not earn much more Hum Its dividend. divi-dend. For the second quarter about $22,-000.000 $22,-000.000 net earnings arc expected. Continued low prices must prevail for the safety of the trade, and that means uig value for purchasers of steel products. prod-ucts. It Is equal to a small Increase of freight rates for tho railroads. Copper Is Strong. Copper, on tho other hand. Is in very strong trade position and copper stocks are no situated ns to be market lenders X' ,mthe Eencra list shows firmness. Conditions at Butte illustrate the improvement. im-provement. A member of the party that has just roturned from Inspecting the copper properties said today that tho improvements im-provements made under tho management of John D. Ryan at Butte had resulted In a saving of a cent and a quarter a pound on all copper produced a3 compared com-pared with four years ago. The price of the metal is 1 cents higher and tho cost of production Is li cents lower, making an addition of ol cunts a pound to net earnings of Anaconda, as compared with other conditions. Other copper companies compa-nies can claim almost as great changes. Heading was weak until the supreme court at Washington adjourned for a week, failing to hand down the decision in the coal trust cases. Then Reading advanced ad-vanced more than three points Tho coal trust decision Is expected next Monday. |