The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-09-11
MORE ACTIVITY
IN WALL Street
Prices Moved More Freely and
professional Room Traders
Were in Their Element.
COPPER SHOWS WEAKNESS
GENERAL LIST, HOWEVER,
BEARS UP WELL.

New York, Sept 10.-There were Vari-
Gus cross currents in the speculation IN
stocks today and the most obvious ERECT
of the conflicting influences at work was
to stimulate a considerable revival OF
activity. Prices moved more freely than
for some time past and the professional
room traders had their opportunity to
operate in and out of the market on a
large scale. 1t is probable that the day )
dealings were made up in an important
proportion of this class. Yesterdays
seeming determination to abstain from
operations until the result of the New
York City bond sale and the government
crop report should become known was
abandoned and the business during the
morning at the stock exchange was in
excess of the average for a full days
aggregate for some days past.
The principal development of the day
was the weakness Of the copper stocks
and the influence on the whole market
of the renewed unsettlement in that
trade. The reduction Of the quaTtely div
idend disbursement on the Calumet &
Hecla stock from so TO s15 was an ex-
ample of the effects Of the fall in the
price in copper that was of conclusive
effect on sentiment owing to the import
ant share in production of lake copper
enjoyed by the company. Hitherto there
has been a disposition to assume that
the decline in copper has not seriously
impaired the earning power of the com
pany, partly owing to the fact that the
previous high prices were believed to
have been made for small amounts, while
the level still maintained still represented
a good margin of profit on production.
These assumptions were shaken by the
Calumet & Hecia incident. the effect Of
which was aggravated by another dis
orderly downward shoot in the quotations
az In LON AM nv HI -
tiOnal reduction in the price per pound
in the local metal exchange. Reports
were in circulation of gloomy anticipa-
tons held in the trade of the possible
further fall in the metal.
The general list was inclined TO dis
regard the full effect of the copper weak
ness for a time and did not at any time
fully share in the weakness of that
group. The acute depression in the Hill
group owed something to the report that
the interstate commerce commission in
quiry into the legality of the close rela-
tions between the railroads in that grouD
was to be revived and actively pushed.
The fact that considerable profits had
accrued TO spectators long of the mar
ket at the low levels touched last month
increased the disposition to sell with the
evidence of instability in the market.
There was a mOmentary pause in the
decline on the announcement of the de-
cision against the Pennsylvania 2-cent
passenger fare law The probability of
days past and was an influence in the
previous betterment Of the market, so that
its effect was about exhausted before the
news was announced.
The government report on the Sept 1
condition of the cereal crops was re-
garded as bullish In the grain trade and
therefore bearish on stocks. The wheat
crop now made. however. is evidently
sufficient TO supply an exportable sur
plus at highly profitable prices. The
present promise of a large though not
record crop Is accepted with the haz-
ards of late frOsts taken into considera-
ton. No details of the bids for the New
York City bond issue in tabulated form
were available in Wall street in time for
the consideration of the stock market
but enough was known of the terms of
the principal bids to make il evident that
the total issue would be taken at pre-
MUM fairly corresponding to the quota
tiOns established for the bonds when is
sued in the curb market. This also no
more than confirmed previous favorable
differences and failed to restore strength
to the market. closing prices being at