Los Angeles herald., 1907-09-18

STOCKS HA We
RECOVERED
DAY IN Wall STREET MORE
ENCOURAGING
STANDARD OIL TRIAL HAS LITTLE
EFFECT
Resumption Of Proceedings Against
Trust Dissatisfaction and Steel
Not Expected to Follow
Copper


BY Associated Press.
NEW YORK Sept 17.-Stock had good re-
covery today and the vigorous movement was
in face of some unfavorable factors, or rather
of realization Of the favorable happenings that
had been previously acted upon In the market.
The reverse movement of prices usual on such
occasions was responsible In no small part ior
the brisk recovery of the day. Operators IN
stocks were very busy discussing the resump-
ton of the proceedings in the government suit
against the Standard Oil company, but II was
evident that the long course or preparations
for this occurrence had exhausted the require
ments.
The same was true of the disclosure In sworn
testimony in court of the precarious state OF
health OF foremost capitalist In the copper
industry, that PERSONS serious illness havihs
been reported and exaggerated to the point OIL
an alleged fatal termination many times IN tne
course of the recent bear campaign. Inc iacts
as now Learned were given large interpreta-
ton in the whole course of the market In July
and August. The market, in short, gave every
evidence of being oversold. A confirmation OF
this was in the loaning rates for stocks
some Of which have commanded a small pre-
MUM in the loan crowd. This fact was only
accepted for its true value today after prices
turned upwards, as 1t is favorable device In
a liquidatng market to borrow stocks for de-
livery to avoid the transfer of holdings in the
name of influential holders and give the APP
pearance at the same time of short Interest
in the market.
The bears have ignored the significance Of the
demand in the loan crowd so long as they have
weak spots in metal securities to help In
forcing prices downward. With relief today
for that weak spot, the influence of the strength
for several days manifest in the railroad group
asserted itself on the whole market. Beside
the requirements of an uncovered short inter-
est, the copper industrials had the benefit OF
violent rebound in the price Of copper In Lon
don today, spot copper rising there points
II shillings and pence per ton.
In contrast there was further reduction
in the price of copper at the New York meta
exchange of quarter cent per pound Senti-
ment over the situation in the metal marker
was appreciably improved, nevertheless, ano
greater confidence expressed that a leve
of more effective demand was being ap-
preached which gave promise that the marker
would right itself
The view publicly expressed by the chairman
of the United States Steel directors gave some
feeling of assurance that the course Of the cop
per market need not foreshadow similai
course in iron and steel. or not in the sans
acute degree With the market relieved IRON
the dragging effect of the persistent weakness
in the industrials, some of the formerly exist
ing factors asserted themselves on the side
strength in the market. 1.-THE conspicuou
strength of the Hill stocks was evidently ou
IN, Asumptions the haneat TO flow from Tn
49, dividend distribution to Burlington
stockholders.
Union Pacific shared in this movement, al
though in a lesser degree, Money on call her
continued firm anG there was a stronger ton
in the time loan market. Bonds were irregu
lar. Total sales par value s1.7S2,00O Unite
States bonds were unchanged on call.