Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-14
Pronounced Reaction Followed
a Short-lived Advance.
THE CUT IN COPPER PRICE
Conflicting Conditions Set Forth in
Trade Reports.
LONDON DULL AND IRREGULAR
Amslgamated Copper Notable Sufferer
on Account of Reduction In Sell
ing Price of Metal.
THE CUT IN COPPER PRICE
LONDON DULL AND IRREGULAR


Special Dispatch to The Star
NEW YORK, September 14-After an
early but short-lived advance, which was
indeed confined for the most part to the
more active Issues this mornings stock
market underwent general and quite
pronounced reaction. The superficial ex-
PLANTATION of the sudden reversal in form
was furnished by the intelligence that one
OF the largest copper metal-sellng agencies
had reduced the prices for the metal from
IS to 1871 cents a pound.
In view of the relations which have ex-
listed between the copper situation and the
stock market since last Tuesday. 1t was
not. perhaps. remarkable that this devel-
opment should have produced the results
noted Otherwise there was little in the
news OF the morning the days develop
ments of any importance relating to the
market at large or to particular stocks.
A Treasury Statement.
Announcement was made that the Treas
ury Department had agreed to accept the
temporary certificates of the city con-
troller for the new Az per cent bonds as
security for government deposits with the
national banks, and the securities In ques-
ton scored a further substantial rise.
The weekly reports of the mercantile
agencies upon the state of the countrys
trade set forth the same conflicting
ditions that have existed for several weeks
past.
The London stock market was dull and
irregular and little influence was exerted
IN the local dealings from that direction
Amalgamated Copper was reasonably
notable sufferer on account of the an
nouncement of the further reduction In the
selling prices OF the metal. Another dis
tinguishing influence In the reaction In
prices was the marked weakness of the
United States Steel issues, notably the pre-
ferred stock.
Railway List Declines Reduced.
There was little to be adduced In con-
nection with the movement in these
ourities apart from the assumption that
the same causes which have in part con-
tributed to the depression in the copper
trade would sooner or later show them
selves in even more accentuated form than
at present in the steel industry. The net
declines In the railway list were reduced
relatively by the early advances made IL
that department of the market.
The weekly bank statement made an I'M
usually negative showing. The changes in
ali the stocks were very small. Cash hold
ings decreased 1856. UO. against an esti-
mated gain OF over S2099.000. This dis
crepancy was commonly assumed to
fleet correction of that shown in last
weeks returns.
The loan account fell 1915 600 and de-
posts S1,6S2.OoO. Consequently surplus re-
serves decreased S4530O0, and now stand
at S6.a19,O0O. This compares with a sur
plus of S1o.114.OO0 last year and S4,65o. 900
two years ago.
Money on call nominal. Time loans easier
and very dull: GO days. 514 to 512 per cent.
and 81 days, "a to per cent; six months,
per cent.
Close: Prime mercantile paper. 612a7 per
cent Sterling exchange steady, with actual
business in bankers bills at 49,. 4Oa4S5. 40
for demand and at 4Sl 1Oa4S1. 80 for G0-day
bills. Commercial bills. 4s1SaiS2. Bar sill
yer. G.ai. Mexican dollars. 521s. Govern
nent bonds steady. Railroad bonds irregu-
lar.