Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-13
Tendencies Very Feverlsh and
Irregular.
RAILWAY SHARES STEADY
Copper Keeps Steadily Declining Dur
ing the Morning.
AMERICAN SMELLING BREAKS
United States Steel and other Indus
trials Also Show Notew orthy
Pressure.
sneclnl Dlsnntch to The stnr.

Special Dispatch to The Star.
NEW YORK. September 13.-Today's
stock market. a who'll. presented very
feverish and irregular tendencies. and this
comment may be made without regard to
the net results of the days transactions. 1t
was again the case that a far demand for
approved railway shares was shown, even
during the periods when the same Industrial
issues. which have been conspicuously
heavy throughout the weeks session, were
breaking badly.
During the morning Amalgamatrd copper
suffered a further loss Of more than }
points from yesterdays closing figures
while American Smelling broke more than
q points The United States Steel stocks
and the other industrial issues during the
same period a so reflected noteworthy pres
sure.
Copper Keeps Declining.
There was virtually nothing that was
actually novel to be adduced In ConEeC-
ton with the transactions in the industrial
shares Copper metal. to be sure. declined
still further. but 1t seems to be the now
general impression that it would he alto
gether incorrect to ascribe the course OF
malgamated Copper stock wholly to the
downward progress of the metal
After AN uncertain opening the railway
list broke during the forenoon session al!
points. The tendency in that department
of the market was likewise Unaccompanicd
by any now Cnnsidcra lions.
Shortly after midday the whole market
enjoyed d vigorous rally. in which even some
of the more extreme losses of the morning
We're in large measure recovered. while
many important stocks. especially in the
railway list. advanced above their closing
figures Of yesterday.
Prices Yield Easily
Price movements in general were ap-
parently determined even more than is
usually the case by wholly technical cir
cumstarces. When actual liquidation ap-
pearrd from time to time. or when aggres-
sive operations for the short account were
undertaken. prices yielded easily. but, on
the other hand. evidences of support or
the covering of short contracts mt with
equally ready response in the other di-
rectiOn.
Broadly speaking It might be said that
the trading was swayed almost entirely by
the same influences which have been eff
fective in the market since last Tuesday s
reduction in the dividend on Calumet and
Hec.a- Another fairly important copper
company followed that lead today. which
lends additional interest to the forthcoming
action upon the dividend on Anaconda
Mining The days general aGvices with
respect to copper trade conditions were only
I'm line with thosn which Rave been COM
Ing to hand for several weeks past.
London Unfavorably Influenced.
The London stock market dull and
rather heavy being unfavorably influenced
by the conditions In the copper trade and
by yesterdays unsett.ement In the New
York market. AT the same time the re-
duced operations here for foreign account
again showed a preponderance of pur
Chases-
Preliminary estimates of the principal
movements in currency during the week.
indicating gain In cash by the banks of
upward OF $.;.on0.tUO. doubtless played some
part in the rally in prices in the afternoon.
II was the general impression that a con-
siderable reduction in the loan account
will be set forth in tomorrows bank state
ment, in which case the Gearing house
banks will be able to report a substantial
increase In surplus reserves. The unusually
late movement of currency to the interior
was evidenced in the fact that in that
spect the larger banks reported a practi-
cally even balance.