Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-18
More or Less Irregularity as Dealings
Progressed.
FOREIGN SITUATION PLEASING
Reflected Optimistic Views of the In
ternational Political Status
Copper Satisfactory.

1Dw YORK. January 1S.-Throughout
the forenoon trading the stock market To-
day acted very much as though there hao
been no such unsettiing TRANSACTIONS as
those which occurred In the last hour yes
terday In the first hour strength was
general characteristic except In Amalga-
mated Conner but as that stock offered
some resistance to the pressure applied 10
IL speculative sentiment was somewhat en-
couragcd to more or less confident espousai
of the bull side elsewhere. Toward noon
the market became more. or less Irregular
and this tendency became more pronounced
subsequently,
Apart from the continued selling of the
copper stocks and the further weakness
that appeared in the copper metal market
there were no developments of a depressing
nature during this period except. perhaps,
the selling of Union Pacific, which seemed
to come from the same source and to rep
resent the same bearish interests that were
understood TO be active in the campaign
against Amalgamated Copper.
The foreign situation. as disclosed in the
returns of the Bank of England. the Bank
OF Germany and the Bank of France was
eminently satisfactory, and the improve
ment abroad In respect to cash and credit
supplies was emphasized by the action or
the Bank of Germany in lowering its dis
count rate from to ) per cent, and by
further rise In the Paris cheque on London
to - francs 141s centmes. which tended to
offset another advance in foreign exchange
here SO far as concerned the possibility Of
gold exports.
Moreover, the course of the foreign money
and securities markets reflected optimistic
views of the International political situa-
ton, and only in the matter of some heavi-
ness in copper stocks abroad, sympathizing
with decline in the prices for the metal
was there any ground for uneasiness on the
part OF spectators who had long commit
,s4f,#1 IN ri
A Temporary Reaction.
A temporary reaction in the copper metal
market at this time is spoken of some
thing that would be wholly normal, con-
sidering the sustained strength to date
The metal markets, like the commodity
and stock markets, are subject to fluctua-
tons, whatever may be the general swing,
and it does not appear that in any impor-
tant quarter anything but composure and
confidence obtain as to the outlook for d
continuation of a strong copper market for
long period. subject to occasional altera-
tions in price which may be regarded as
superficial.
The bulk of discussion in the speculative
community today centered on the subjects
Just referred to, and upon the probable
action of the directors of the Amalgamated
Copper Company at the meeting which
they were slated to hold this afternoon to
declare the next quarterly dividend The
other developments in respect to news, Cos
sip and conjecture were largely of a rou-
tine unSubstantial nature.
The general market was the easiest since
the turn of the year. call money loaning
at to IA per cent. with time funds going
at 4Sa per cent on good collateral for from
four To six months. The banks reported
a further gain in cash from the subtreas-
ury, bringing their total gain on this ac-
count from last Friday morning up to last
night up to about s7.0O0,000, and the out
look a the week draws to an end is for
a no V
be even more brilliant than the exhibit last
week.