Evening star., 1907-09-04
Setback to the Upward Move
ment Marked Dealings.
GRAIN MARKET A FEATURE
Wheat Decidedly Strong and Corn
Rise Sensational.
LONDON PRICES HESITATING
Due Chiefly to ProftRealizing Sales.
Foreign Houses Buyers on
po,arce
GRAIN MARKET A FEATURE
LONDON PRICES HESITATING


Special Disr catch to The Star.
NEW YORK, September 4.-Some sort
of a reaction Of at any rate. more or less
irregularity of movement was normally
involved in the stock market, possessing
the general Characteristic of that now pre-
vailng and which has during the preced-
ing six business sessions advanced daily,
with a single exception. On the recovery
in prices the average level of the railway
list has been lifted nearly s. share, and
the Industrial and miscellaneous stocks
have shown a corresponding gain.
Still, as usual, Wall street searched for
some specific explanations for today's set
back 10 the upward movement, and hit
upon one in the insolvency of small iron
company operating chiefly in the southern
states. but otherwise flung over wide
range of territory. The bankruptcy of the
concern in question was of no considerable
Importance, and was quite devoid of in
terest except in so far as the identity Of
certain conspicuous figures in the manage
ment served to revive recollectionS of the
collapse of one of the most famous corners
In the wheat market ever undertaken, al
though the operation in question and its
results date back nearly twenty years.
1t was, however. a matter of some inter
est that todayS grain market was one or
Wheat was decidedly strong and a quite
sensational rise in corn carried that staple
to the highest level reached in many years
Strength of Grain Market.
Advices relating 10 the progress of the
crcps were not particularly discouraging,
but there was much conjecture to the
showing which will te made in the gov
ernment crop report next Tuesday. and
bull.sh operators in corn pointed with salts
faction to the PROBABILITIES that between
this time and the end of the month, the
gain market will be treated to the frost and
other crop scares incidental to the period in
question.
1t is possible that the strength of the
grain market was something of a factor In
the reaction in the stock market, although,
as already noted such a downward swing
occurred might very readily have taken
place without any specific reasons outside
of mechanical market circumstances
The London market likewise showed hes
itating tendencies, and according to the
cabled advices from that point. the uncer-
tain tone there was also due chiefly to
profit-realizing sales induced by the extent
of the preceding advance
Foreign houses were buyers here on bal
ance to the extent of about 10000 shares.
Some of the Live Topics.
Money market and foreign exchange cir
cumstances remained upon even keels.
Dividend announcements and statements of
earnings the latter including the returns of
several important industrial companies, fur
nished the principal news relating to indi
vidual stocks.
The resumption of the investigation of
the affairs of the Metropolitan
Company might perhaps be named in con-
neCtion with the decline in those securities,
which was not, however, in excess of those
shown In many other directions for which
no special explanations could be assigned.
Amalgamated Copper, which yesterday
was unaffected by the decline in the metal.
was rather notably weak today. The United
States Steel stocks. American Smelling and
National Lead also reflected considerable
pressure.
Declines of one point and over were fairly
common in the railway list, although the
dealings there were unattended by other
than technical considerations.