New-York tribune., 1907-09-11
STOCK MARKET OPERATIONS.

Transactions on the Stock Exchange were in
large volume yesterday, In comparison with the
amount Of daily business done IN the recent past
and after show of strength in the first hour.
weakness prevailed during the session. with the
principal pressure exerted against Arnalganated
Copper. Closing prices were not much above
the lowest of the day. with such net losses as
ia points in AmaIgamated. 4&4 in American
Smelling and Refining common. 2Ss in Union
Pacific 2 q in Reading. 3ts in Great Northern.
and 3 points in Northern Pacific Chief among
the many developments Of the day having q
bearing upon stock market values was the re-
neved weakness in the market for copper metal.
both here and in London. and the announce
rnent Of the reduction Of the Calumet & Heclas
dividend from $50 TO SIS share The leading
producers OF copper are reported TO be still
adhering TO their fixed price of Is cents a pound
for the metal but II is the opinion Of the Street
that the effort TO compel the heavy consumers.
who for months have been making purchases
from hand to mouth" TO lay in large supplies
al the prevailing figures are doomed TO failure as
was the attempt in 1901 to hold the price at
high level Amalgamated yielded easily to the
attack made upon IL when the news came that
the Calumet & Hecla Company had reduced its
dividend, following the course Of the Quincy
Company a few weeks ago. and the entire list
yielded with II.
The city bond sale was during the day. or
course, the subject OF interested discussion. but
it had been very generally agreed that the loan
subscribed, and. although 1t was known before
the close of trading that the oversubscrtpttC-1
would be heavy, no approximate estimate could
be made Of the averag ge price represented by the
bids. The fact that nearly thousand bids
had been put in. covering the offering several
times over. supplied assurance that there was
still abundant available capital in the United
States for investment, but the premiums offered
in the large bids were small as 10 emphasize
the fact that money is still very dear
The preparations for the city bond sale and
for the payment Of the final instalment the
Union Pacific's s75,000.0O0 convertible bond
issue were the cause of continued tghtness yes
terday in the call money rate, which rose TO 6ia
per cent. but this advance did not contribute TO
the weakness of the stock market. Time money
was easy, at rates for all periods unchanged
from the preceding day and foreign exchange
rates were lower. The failure of small Stock
Exchange firm. announced in the afternoon. had
no effect on the market did the news Of the
court decision in Philadelphia, declaring uncon-
stitutional the two-cent fare law passed by the
last Pennsylvania Legislature although on a
less crowded day that decision would probably
have caused a sharp advance in prices.
The government crop report was well received.
its figures indicating conditions which, although
lower than month ago give promise of har-
vests Of full average size; but the publication
ward trend Of securities prices. RumOrs Of
impending failures were current but substan-
tiation could be found for them.