New-York tribune., 1907-09-13
Unlisted.
c.los.ng prices Of active. bonds dealt in. with
STOCK MARKET OPERATIONS.

The disturbed outlook in the copper mining in
dustry was again yesterday. as on WEDNESDAY,
the principal element in the weakness which
came upon the stock market after early
show of strength. The opening highly
promising, initial prices of almost all issues
being above the final figures Of the preceding
day and in the morning hours the railroad
issues continued to advance Amalgamated Cop
per. however. soon began to sag, and by noon
had lost bout 2l2 points. being heavily sold on
The decline in the London copper market and on
the y cent reduction made by the New York
Metal Exchange in its quoted prices for all
grades Of the metal
The market depressed by the report from
Philadelphia Of panic conditions the Stock
Exchange there, which, however. appeared to be
due TO the break in certain stocks local to that
city. and which had only minor influence on
prices on the New York Exchange on the pub
lication of positive statement. which was
rather generally credited that the Amalga-
mated Copper Company about to close its
mines in the Butte district, from which most Of
It's production is obtained, pressure against the
Amalgamated stock was redoubed, and the
price yielded TO COZ. which is less than one
half of the high price for this year and is the
lowest since 1904 and the standard railroad
shares and the rest of the general list went
down with it, Reading and Union Pacific lead
ing the decline which extended TO such recess
sions from the best of the day as 5st points for
Reading. Az for Union Pacific and Northern
Pacific and 33s for Great Northern and St. Paul.
Near the end Of the trading a rally set IN on
covering Of shorts. which had earlier been put
out in large volume, but closing prices for the
majority Of issues not far above the low
est, the most important recoveries being Ia
points in Reading and Is in Union Pacific
Anaconda followed Amalgamated suffering q
maximum loss Of AS points. the fear that its
dividend like the Analgamated's might be re-
duced as a consequence Of the impossibility of
disposing of any large amounts Of the heavy
stocks on hand, without the granting of a CON
siderable further price concession 10 the large
consumers American Smelling and Refining
common, which usually moves with Amalga-
mated. declined yesterday Ga points from It's
best figure OF the day. and closed with net
loss of points. and the United States Steel
issues were sold heavily the theory that the
steel market would follow the copper market
before long
The call money rate did not rise above per
cent, and time money showed an easier ten
dency, with concessions In rates and a targer
supply of funds. The foreign exchange market
again broke sharply. demand sterling falling
80 points. 20 4.So20, a very large Offering OF
bills. With the export movement Of crops
under way and cotton and grain bills offering
In heavy volume, it is believed not unlikely that
within a comparatively short time imports OF
gold, which normally effected at this season.
may he announced The weekly statement of
the Bank Of England was of such character
as to suggest that obstacle would be offered
by London 10 a normal movement OF the metal
this country, the bank now holding S193, ,000,-
900 gold against $175,O00OoO this time a
year ago, and it's proportion Of reserve to liabil
tiles now standing at 51.3 per cent, comparing
with 30 per cent last week and with 47.S7 per
cent at the corresponding date in 1906.
The new az per cent bonds of the city of New
the unlisted department Of the Stock Exchange,
were traded in there yesterday for the first
time. and advanced heavy ira nsactions from
1027s at the opening TO 1O32s.