The Washington herald., 1907-09-12
WEAKNESS Is SHOWN
Industrials Lower, but Rail-
ways Slightly Higher.
STOCKS STRONG At OPENING
Favorable View Taken OF City Bond
OHeriRg-Heavy Selling of ANAL
gamated Copper, Due te Circula-
tion of RumOrs-PrOdueers Admit
High Prices Were Unwarranted.

New York, Sept. u.--ln appearance Of
moderate weakness was impaired to the
stock market to-day that was really jus
titled owing 10 the fact that while during
the most OF the day the market declined
continually it remained through the first
hour Of business at q considerably higher
level than it closed yesterday The re-
suit was that although in many in
stances. particularly in the industrial list,
net recessions in quotations were ex-
hibited, the leading railway stocks as a
rule closed higher than they did on Tues
day.
The opening strength OF the market
was partly in the nature Of a natural re-
action from yesterdays vigorous selling
movement, and partly in response 10 a
more favorable view taken OF the upshot
Of tie citys bond offering than that
which commonly prevailed in Wall street
yesterday afternoon. Nevertheless, opin-
ions in the financial district were a good
deal divided as to the outcome of the
bonds and its prospective influence upon
the general business and financial situa-
ton.
Pleased with Volume.
Unmitgated satisfaction was, OF course,
felt over the gerat volume of subscrip-
tions TO the new bonds. and the discovery
that a practically unlimited amount of
money was available for the purchase of
such high-grade securities as these COM
prised in an issue Of New York City
stock bearing ~ per cent interest.
The real feature of stock exchange bus
mess Of the day, however, was, as it was
on the day preceding the renewed heavy
selling OF Amalgamated Copper stock,
which served TO weaken particularly the
American Smelling and Refining and
other leading Industrial shares, and the
security market was also overhung
throughout by the circulation Of adverse
rUmors affecting the credit of various
firms and individuals
Especial reasons exist 10 which due
reference has been made in this column
for uncertainty at least Of a temporary
character affecting the business opera
tons Of the Amaigamated Copper Com
pany, but there is no doubt that the en-
tire copper trade situation at the moment
is In a more demoralized state than II
has been at any time since the collapse
Of the effort TO maintain copper prices
some years ago at the fixed figure of
II cents a pound.
Not Like Former Trouble.
The present difficulty bears no simi-
larity TO the former trouble. and re-
sponsibility for it must be laid solely
at the door Of consumers Of copper as
distinguished from producers of the COM
modify No one has stated more en-
phatically than conservative copper pro-
ducers themselves that the high prices
for copper maintained in the early part
Of the present year were abnormal and
unWarranted
In the spring OF the year copper con-
sumers bought ahead" much more cop
per than they have usually been in the
habit of doing, so that later when the
trolley promoting companies and other
similar organizauones found themselves
unable TO float bonds and sell stocks for
the purpose Of building their lines, and
We're thus forced to curtail their orders
for copper products, the manufacturers OF
copper found themselves in a predica-
ment