The Washington herald., 1907-09-20
PRICES ARE FIRMER
Roads and IndustrialS Ad-
vance Considerably.
COPPER STOCKS ALSO RISE
London Buys Metal, but Owing to
Condition of the Money Market No
Great or Sustained Advance Is
Looked FOr-Beiieved that Govern
ment VIII Drop Alton Rebate Case.

New York. Sept 19.-Although there
was much In the stock market to-day Of
that same feverish irregularity which
seemed to prevail in the course Of prices
yesterday. the undert0ne of the market
was distinctly harder. and the rising
movement in prices that went on showed
an u9Qistakably greater tendency to en-
gage stself with larger number Of Sc
curities
The market rose. it is true. in hesi-
Iating manner, and the advance was in
terspersed with frequent and sudden re-
CessiOns, but throughout it all a general
impulse to a higher level Of prices was
plain, and the close showed a consider
able advance in both the railroad and in
dustrial department
The improvement in the market was
perhaps as notable as anywhere else
among the copper stocks. both here and
in the Berlin market, and this was un-
doubtedly due to a rapidly spreading i'm
preston. which. Of course. may OF may
not be correct, as the event shall prove,
that the decline IN quotations for copper
metal had about run its course.
London Buying Copper.
For several days past the market Tor
copper in London has been hardening
possibly for no other reason than the
buying in Of speculative commitments for
the fall in the metal in London, where
transactions of this kind are carried on
on a much wider scale than in our own
country.
1t is no doubt true that no very great
OF sustained rise in copper prices can be
expected until the money market is in a
better state than it is now, It being re-
Cognized In all well-informed quarters
that the fundamental reasons for the de-
cline in copper has been the inability Of
those engaged in furthering electrical en-
terprises TO obtain funds for new work,
OF even in many cases for work already
half completed.
Part OF the time to-day Wall street
busted itself with rumors, whose fanCi-
full character was soon made plain re-
garding q supposed transfer OF Union
Pacific stock from the hands OF prom
inent capitalist 10 another financial in
terest, and with gossip concerning the
financial affair generally of the capitalist
ln question. The residum OF certainty
in all these stories appears 10 be, how
ever, that whatever liquidation IN the
stock market had been necessitated as
a result of these alleged embarrass-
ments had already been completed.
Drops Alton Case.
It was stated IN Wall street to-day,
just before the close OF business. al
though not in the form Of an official
PRONUNCIATION. that the government had
decided 10 drop all prosecution Of the
Chicago and Alton Railway Company In
connection with the much discussed
Standard Oil rebate matters, and the
market was helped not a little by such
announcements as those concerning the
large increase IN the number Of stock
holders in the New York Central Rail
road Company in the past year. Of the
excellent annual report Of the various
Reading companies, and of the Bank Of
Englands strong weekly statement OF
condition.
But the real source OF the more cheer
ful feeling that asserted itself in the
financial district to-day was due 10 the
happy outcome of the seasons harvest
signs. that can no longer be ignored,
OF a general easing OF the money situa-
t1on,