The Washington herald., 1907-09-28
DECLINE IS VIOLENT
Prices Fall More Sharply
Than on Thursday,
ACTION ON ICE a SURPRISE
American Ice Securities Company
Surprises street by Passing Divi-
of COpper-Cau Money Rises to @
Per Cent, but Time Not in Demand.

New York.. Sept. 27.-Again to-day,
without any known cause for the move
ment, prices of stocks declined and they
fell more violently than they have done
on any previous day during the week,
and upon a larger volume of transac-
tions
In the last hour a rally in the market
occurred, but just before the close prices
again weakened, closing not far from
The days lowest There was, perhaps.
less difference Of opinion than there was
yesterday on the point whether to-day's
weakness was due TO attacks upon the
market, or actual liquidation. but the
weight of well-informed opinion was.
nevertheless, that the fall in the mar
ket to-day and the day before was chiefly
the work Of speculative interests.
Before the opening Of business today
there appeared in a morning newspaper
a forecast Of the general line Of thought
that il was positively asserted would
be followed in President Roosevelt-s
speeches on his approaching Western
and Southern tours; but these supposed
announcements were, after all. but 1T
lie different from what Wall street ex-
pected they would be. and most people
IN the financial district long ago made
UP their minds as 10 the nature Of the
influences likely 20 be exerted upon Sc
etFity prices by the national admins
tration during the incumbency OF the
present Chief Executive.
TuVI
Call money to-day rose 10 6 per cent.
although money for use over the end
OK the year was pressed by banks upon
customers in good credit at a 6 per cent
rate. without finding takers.
The estimates Of to-morrow's bank
statement were that the clearinghouse
institutions had lost IN cash during the
week between $4,000 and S3,5000o0. and
1t is not improbable that the bank sur
Plus as shown tomorrow may be consid-
crably reduced. At the same time the be-
Iet Is general In high financial quarters
mat the money situation Will not be in
any sense an acute source Of trouble dur
ing the remainder of the year owing TO
tne wall street liquidation that has taken
pace ana 70 the strengthening Of the Do
s!tion of the Eastern banks.
An unfavorable impression was. of
course, produced to-day by the news that
the directors of the American Ice Securi-
Ties Company had passed entirely the
quarterly dividend of Ia per cent on its
STOCK. It Is only a short time ago that
lne directors of the company declared a
dividend OF per cent upon their stock.
payable through q year TO come in quar-
teriy instailments. and the passing of the
dividend to-day leaves one Of these in
stal.ments unpaid.
Southern Pacific Indicted.
Again stories obtained currency to-day.
which were not confirmed up TO the close
Of business. 70 the effect that series Of
indictments for relating had been found
against the Southern Pacific Company in
the Federal courts in California, and
finally slight further reduction was made
In the price Of copper metal, causing re-
Eewed selling Of the shares Of the copper
mining companies on the stock exchange
here and in Boston and on the curb mar
kets in the two cities.
II is not 10 be expected that consumers
or copper will buy largely of the com
modify while the market for It shows "A
declining tendency. Yet a feeling Is be-
coming very general In the trade that
WhlIe the actual low level OF the price of
the staple may not yet have been reach
ed, 1t Is approximat!ng that point rather
closely. and it is probable that when the
price OF copper begins TO advance II will
rise with considerable rapldity.