The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-09-18
WALL STREET NOTES
Interest CenterS in Develop
ments of Copper Market.
OTHER IMPROVEMENTS NOTED
The Northern Pacific Proves Days
Lender-MysteriOus Cause of Its
Strength stiII UnsOlved-New York
Central Shares Also Figure In the
General Rise of Prices.

New York, Sept. H.--Amalgamated COP
per opened at an advance Of nearly a
point from Mondays closing level, and
during the day continued to gain strength
with the rest Of the list.
The Improvement in the market for the
stock was in large measure due TO the
advance in the price of the metal in Lon
don. which at the opening amounted 10
rs. but later became as great as BIS II
was rumored that one Of the largest Brit
ism consumers of the metal had entered
the market as a purchaser On a large
scale, and possibly as an autgrowth Of
this. il was said that some Of the heavi-
est consumers in this country were pre-
pairing to put in large orders in case the
local selling agencies reduced the price Of
electrolytic TO Is cents a pound.
There was no confirmation of either Of
these stories although the one relating 70
the situation abroad was pretty generally
credited.
A rumor which may have had some
thing 10 do with the advance in the
market, said that Anaconda directors
would meet and declare the regular divi-
dend Notwithstanding recent predictions
Of a reduction in the rate. Il was known
that the call for the meeting had been
issued and so this part OF the story, that
was undoubtedly true. helped TO win
credence for the more important part
that was merely conjecturaL The meet
ing was scheduled for the afternoon, but
was not held on account of inability TO
secure a quorum.
BY all odds Northern Pacific was the
leader of the market. but the cause Of
its strength was as much a mystery as q
had been on the preceding day. The ia
miliar rumors were all In circulation. but
no one could be found to vouch for any
of them. Perhaps none OF them con-
tanned the exact truth.
The testimony IN the Standard OF hear
ing was closely followed IN the Street.
but furnished nothing that had any bear
ing on the course OF prices. The bears.
who had expected sensational disclosures.
felt bitterly disappointed with their last
hope OF starting a selling movement
practically gone. began 10 cover their
ShOTts-an operation which they found
rather difficult
NeW York CentTaTs rise was at the
expense Of the short interest. which be
came nervous at the near approach OF
the time for dividend action. as no doubt
is now entertained anywhere that the
regular six per cent rate viii be MAIN
tanned for the present at all events.
The statement Of earnings for the cur
rent quarter is expected 10 make a fav-
OTable showing.
Canadian Pacific was about the only
laggard Of consequence among the rail-
road issues. that stock being affected by
the depression in London, resulting from
thu decline IN Consols. The decline IN
the Premier British securities was due 20
the announcement made late in the day
Of new government financing, although
the threatened strike of English railroad
employees may also have had some in
fuenCe.
Next TO Northern Pacific the largest
gains were made in the Industrial de-
partment. American Smelling and Rein
ing advancing three points. Amalgamated
/ Copper two and one-half. Anaconda three
and oue-half points, and some Of the in
active issues in even greater proportion.
This clearly Indicated the change Of
won't that had taken place.