The Washington herald., 1907-09-13
COPPER HAS DECLINE
Rest Of List Follows Down
ward Movement.
OPENING PRICES ARE HIGHEST
Weakness of Steel stocks Aid I'm De-
pressing IndustriaIs, and Railroad
change Breaks Violently, and Pos
sIbiIity of Gold Imports Humored.

New York. Sept. 12-To-day's stock
market was in general pretty nearly d
duplicate of that Of the day before.
Prices were higher for a little time in
the early part OF the day, apparently upon
a buying in of stocks by spectators for
the decline Of the same sort as that wit
messed in the last hour Of yesterday $
stock exchange session, and sentiment
was for a brief period favorably infiu-
enced by the large transactions in the
regular market in the New York City
ID per cent bonds. which indicated that
the fortunate subscribers to the bonds
will have no difficulty in disposing Of
their purchases TO the public At a prOht
II they wish 10 do SO.
But all other stock-market factors We're
speedily dwarfed in the outbreak in
liquidation in the Amalgamated Copper
shares. which continued until the close
Of business. carried the price of the issue
down TO the lowest figure OF the year, and
resulted In considerable net TecessiOns in
all the principal stocks.
Railroads Yield Last.
Yesterday the resistance presented by
the railroad list TO the depression in the
AmaIgamated Copper. American Smelling
and Refining. and other industrial stocks
was extremely marked. To-day the rail-
road stocks yielded at last 10 the in
creased selling ofsthe Copper shares, and
a particular influence in accelerating the
downward tendency Of the general mar
kct was undoubtedly the weakness dis
the argument being widely used by the
interests hostile to the market that the
decline in the price Of copper metal was
likely to extend IN due course TO other
metals.
The particular story heard to-day con
cerning Amalgamated Copper affairs was
a variation of that which has long been
quietly discussed in trade circles ana 20
which due reference has already been
made in this column of "a possibility of
temporary shutdown of the Amalga-
mated Copper Company's mines
The security market also suffered to-
day somewhat from the unusual decline
IN various securities locally dealt ia on
the Philadelphia Stock Exchange and
from the further circulation of trouble
stories Of various kinds. but rumOrs of
this last-named sort have for so long
played such a familiar part in daily
operations in the financial district that
Wall street does not take very great
note of them
Sterling Exchange Breaks.
The real developments of the day were
not al all unfavor8ble 10 values. Sterling
exchange broke again with a violence
that. if it did not Immediately suggest
gold imports, testifes to the great i'm
provement in the financial position in this
regard from that of a few weeks ago. and
favorable indications of the same sort
were REINFORCED by tie extremely strong
weekly report OF conditions made to-day
10y the Bank of England. showing
proportion of reserve to liabilities of 5l.30l
against 30 last week and Il rs at this
time last year.
The cotton market was quite weak to-
day by reason of the Frightening pros
- poets of the seasons crop, while grain
prices again rose chiefly because of the
advance in wheat valuations in Liver
pool.