The Washington herald., 1907-09-04
ACTIVE STOCKS FIRM
Sales in Large Blocks Cause
Only Slight Set backs.
GOOD BUYING FOR ABROAD
Traders Find encouragement in
Postponement of Standard OIL Dis
solution suit-Much Expected from
satisfactory sale Of New York City
BOnds-MORey Market Easier.

New York Sept 3.-Advances which at
one time amounted to three points or
more IN many OF the active issues were
scored IN the market to-day, and not
wlthstanding that the tendency in the
afternoon became somewhat reactionary,
The undertone was at all times strong,
and large blocks of stock could be sold
without causing more than a temporary
setback.
The American department OF the Lon
don market had been frm during our
holidays and the level of quotations there
this morning was fractionally above Fri.
days closing prices
Sentiment abroad showed improvement
and there was some rather good buying
for foreign account opening prices here
were well above Fridays final quotations
and IN spite Of moderate profit taking
during the forenoon, the market moved
upward with fair regularity until near
o'clock. by which time most Of the active
issues had reached their highest levels
for the day.
Leading Stocks Make Gains.
Thereafter the activity was on a re-
duced scale as compared with the fore
noon. but considering the incentive to
professional profit taking offered by the
higher level Of quotations the market dis
played remarkable ability to absorb
stocks.
Ehe largest gains were made by Ameri-
can Smelling and Refining. Reading.
Union Pacific. Brooklyn Rapid Transit.
the Hi stocks, the Erie issues, New
York Central. Southern Pacific. and by
number of inactive specialties. The
traders were encouraged to operate on the
advancing side Of prices by the announce
ment Of the postpOnement Of the suit
for the dissolution OF the Standard oil
Company and OF the hearing on the Alton
rebate case. The answer made by Read
ing 10 the government suit to break up
the alleged anthracite coal trust was gen.
orally approved, and was an important
factor in the market for the leading
anthracite stocks.
Copper Reduced 10 Is Cents.
Probably the most conspicuous Of the
days news was the announcement that
the leading corporate interest have re-
duced the price Of the metal for Septem-
Der delivery TO eighteen cents a pound.
Whether at this rate any large amount of
business could 5e done was a matter of
uncertainty, but the consumers We're in
cIned TO hold of. anticipating a further
reduction, which. even If slight would
have the effect of reducing the Anal
gamated Copper Conpany's costs very
materially.
It was recalled that when the agreement
was made with the miners union last
winter. granting the miners an increase
in wages, the conditions were inserted
that whenever the price Of the metal
dropped below eight cents a pound. the
rate Of wages would be reduced by fifty
cents a day In the event. therefore, of
any reduction IN the price from the new
level, the price OF the miner would go
back TO $3.50, and the consumers took il
for granted that under such circum-
stances the Amalgamated interests would
not try very hard to hold the price at an
arbitrary figure.
Money Market Continues Easy.
The further ease in money gave general
satisfaction. and in all quarters It was
predicted that there would be large public
participation in the bidding for the New
York City bonds. Prominent financial in
stitutions have sent out circulars advis-
ing purchases Of the bonds. 5000 such
letters being sent all over the country by
a single institution, while the aggregate
sent out by all banks and trust COM
panies viii undoubtedly run into the hun
dreds Of thousands The prospects for
success Of the bond offering furnishes one
OF the most important factors in the mar
ket, and on the degree Of success OBJ
tained viii largely depend the course Of
stock prices after Tuesday next
The supposition in banking quarters is
that II the city should obtain an averages
price Of 103, or better, the effect on the
general investment sentiment would be de-
cidedly helpful.
b. r. T. Reports Encouraging.
The Atchison statement for the month
of July showed an increase Of 81, ,26S, ,736
in gross, but of only s115,67O In net, and
at was said that If the New York Central
earnings for the quarter ending Septem-
Der 90 sustained the present promise the
road would show an increase Of $500 600
In net for the period. Reports regarding
Earnings OF Brooklyn Rapid Transit were
encouraging and were used to force g. re-
kreat of the short interest At all points
pf the market the shorts displayed consid-
krable nervousness. and In addition to
kheir buying there was more than the
usual proportion of investment purchases.
The grain markets were strong and the
cOttOn market was steady.
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