New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-08
Closing prices yesterday of bonds dealt in
STOCK MARKET OPERATIONS.

Liquidation of speculative accounts and bear
pressure were resumed IN the initial dealings
yesterday, while in the greater part of the five
hours of business stock marke: movements
fected preponderance Of selling orders AS
consequence Of the general selling prices
throughout the list declined although the losses.
a rule. were not as heavy as reported in the
preceding days market, particularly in the case
OF the leading speculative favorites, such as
Amalgamated Copper. Reading. Union Pacific,
the United States Steel shares and Erie Weak
ness in the foreign markets and heavy selling
on the local exchange for European account
naturally served create bearish sentiment
at this centre, but it is not likely that this SEN
timent extended to the legitimate holders Of
American securities who not particularly IN
terested in the passing fluctuations in quota
tons In London the market was adversely af-
fected by an advance In the Bank Of England's
minimum rate of discount from 21H to per cent
There has been active demand for money in
London for outside account for several months,
and the holdings of the Bank of England, there
fore have been materially reduced, as shown by
the weekly return, which is published elsewhere
on this page but the fact that the rate of dis
count has been advanced should not cause any
uneasiness in banking circles, especially az IL Is
customary at this period of the year TOT the
hank to raise its price for money. NotWlth-
standing the higher rate abroad exchange at
this noint was again weak. although exchange
at Paris on London was higher The local
hanks lost more money their operations with
tho interior and call funds trfe frmer,
while in banking circles the prediction was
made that loan quotations in the rest of the
wear would rule at better figures. Doubtless
there viii not be return to the easy rates
that have prevailed for so long time until after
the turn OF the year.
The position OF the copper market IS oelhs
closely watched by Wall Street operators as We'll
as by the trade, bat there appears TO De no
warrant for the pessimistic talk that IS heard
N some circles regarding the immediate future
NJ tbe COPPER market. Copper prices were lower
Yesterday This fact however. does not fore
shadow decentralization in the copper Industry.
although Mr. Lawson does predict terrible up-
heaval in the copper situation. Among the
large producers Of copper there is no uneaslness
over the position Of the trade; indeed. the best
Informed men in the business make no attempt
IN conceal their belief in the well founded theory
that the copner business in the United States
Will he unusually prosperous in the course OF the
next twelve months A speculative combination
formed for the sole purpose of depressing the
market quotations of the copper shares may be
erccessfrI at this iuncture in bringing about
lower prices but It is rot likely that lis eIror's
will be effective in upsetting the conditions
which Govern the position of the trade. strong
snecu1ative party it is known. has been or
ean;zed TO weaken the copper shares. and as
the long advance in the general market faVor3
q setback in quotations for all securities at this
time it is not unlikely that the copper bears
will he more or less successful. Statements.
however that the copper industry is in bad
usy and that an era OF depression In the in
dustrv IS about to begin may be put down as
exceedingly silly trash
While total dealings were under the heavy
business of the preceding day, large amount
of stock was traded in, with the most impor-
tsnt transactions in Amalgamated Copper
American Smelling Canadian Pacific, ST Paul
Erie Pennsylvania, Reading. Union Pacific and
the United States Steel shares On the early
decline there was fair amount OF support, but
the larger financial interests apparently were
quite willing to let the market take care Of It
self, doubtless the theory that the lquida-
ton necessary to bring about more healthful
conditions had not yet been completed Com
mission houses we're moderately active sellers,
but the heaviest pressure from the bear
element. a number OF recent bulls have taken
the bear side temporarily. Final prices were
slightly above the lowest Of the day.
BOND MARKET TRADING,