Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-10
Break in AnaIgaTatcd Affects
Whole Market.
EARLY PRICES HELD HIGH
But Decline Came Before Noon, After
Copper Drop.
TALL CT TWO AND THREE POINTS
Weakness Attributed to the Announce
EARLY PRICES HELD HIGH
fall CT TWO AND THREE POINTS
Weakness Attributed to the Announce
mant of a Reduction in Calumet
and Hecla Divident.

NEW YORK. September lO-The course
Of a single security was in large measure
Responsible tor that of the general stock
market during todays business session
Previous 20 4 sudden and severe break in
AmalEamatcd Copper the market at large
had made a verv fair demonstration OF
strength. and. in fact, n number of the ac-
tive issues showed early advances In ex-
cess OF ono full point. Before midday, how
ever and following the decline in AmalSa-
mated Conner the same stock fell two and
three p0!ats and more. and several of the
less active issues made even more extern
sive declines.
The weakness in Amalgamated Copper
was DOUBTLESS correctly attributable TO the
mornings announcement of a reduction in
the dividend on Calumet and Hecia from
$50 to So a share. quarterly. The conclusion
was Jumped at directly or otherwise, that
If copper trade conditions were such as to
compcl a reduction in Calumet and Hecla S
dividend tn other copper companies will
be forced TO follow a similar course.
Purchasers Hold Aloof.
1t is now generally understood that cop
per trade conditions are In most unsasis-
factory shape, and that the decline In the
metal which made further progress today,
SO far from inducing new buying. has
caused purchasers to stand aloof. because
OF the expectation that they can fulfill their
requirements at even much lower figures
than are now quoted.
There WAS very large Increase IN the
volume of business in connection with the
morn ngs reaction in prices. but. on the
other hand. the trading was generally des-
iCnated as being of unusually profess
SOMA! character Notwithsta nding, also,
the greatly enlarged sum total of the days
transactions. an undue proportion of the
aggregate was furnished by the dealings
in Union Pacific. Reading and Amalga-
mated Copper.
1t proved TO be the case that September
10 was even more replete with matters of
interest had been generally looked for.
In addition to the several subjects sched-
uled for today. including the government
crop report. the fiotation of the new city
loan. and the payment OF so per cent of
the underwriting of the Union Pacific bond
issue there came the reduction in the divi-
dend on Calumet and Hecla, coupled with
the further decline in copper metal, and on
the other hand the intelligence from Phila-
delphia that the two-Cent fare law passed
by the Pennsylvania state legislature this
spring had been declared unconstitutional
by the court of common pleas of that city.
Pennsylvania Loan Expected.
This announcement naturally had a tenn
porarily stimulating effect upon Pennsylva-
MAS stock. but that security later moved
in common with the remainder of the mar
ket 1t was generally assumed that the
state authorities would carry the case to
a higher court and with the course of the
day a curious and almost incredible rumor
attained circulation that the Pennsylvania
would soon announce another large loan.
In the general state of the days specu-
lative sentiment, the unsubstantiated re-
port In question exercised rather more in
huence than was carried by the judicial de-
cision in the passenger fare law already
mentioned.
On account of the payment of the Union
Pacific subscription, and partly in connec-
ton with the subscriptions to the new city
bonds, money on call continued very ac-
tive, and the renewal rates on standing
loans were fixed above per cent. The re-
suits of the Offering of the new city loan
were naturally the chief subject OF dis
cussion throughout the day, although 1t
was recognized that by reason of the
numerous tenders for the bonds 1t would
be virtually impossible to tabulate the out
come until well after the close of the bust
ness session.
Rumors of Insolvency.
The figures of the government crop re-
port. while not far out of line with the
general expectation. could not be regarded
as furnishing a satisfactory exhibit.
Probably because OF the break in prices
during the morning, the day was marked
by a recurrence of the rumors affecting the
solvency of various concerns which were
in such persistent circulation several
weeks ago
The London stock market was dull and
irregular in advance of the fortnightly set
Element upon the stock exchange at that
point. and operations here for foreign ac-
count were upon trifting scale.