The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-09-24
DIZZINESS IN MARKET
Copper Shares Lead Decline,
Steel Following.
REACTION IN NEW CITY BONDS
Advance in Municipal I-2s Looks
Like Speculative EnOrt, and Drop
Gus Other Reasons for Action OF
MaFket-West Needs Money.

New York, Sept. 23.--During a large part
OF the day the stock exchange was
so torpid that no degree OF Importance
whatever attached to the transactions
that occurred in Il. This inactivity Of the
market came, however. after an early
period of positive weakness. and declines
IN the active stocks which usually ex-
tended 70 one or two points, were only
in part recovered later on.
The depression In the market seemed
10 center around the Amalgamated Cop
per shares, and the sharp selling move
ment in this quarter was provoked by
another decline in the price Of the metal
in London and by a further reduction
here for the first time in several days
in the so-called official quotations for
the commodity. The fall in Copper
stocks unfavorably influenced, as It al
ways does. American Smelling and Re
hning common stock, and was also to-day
quickly reflected in a recession in the
United States Steel common and pre-
ferred issues.
Steel Trade DuIleF.
received in Wall street to-day regarding
the position Of affairs in the iron and
steel industry was, although by no means
OF unpleasant character, hardly as
optimistic as ii has been OF late. Ad-
vices were commonly 10 the effect that
while the steel mills have still an I'm
mense amount Of business on hand that
f,W 10
coming year, new orders, both from rail-
roads and building companies. were not
being placed IN the same volume as at
this time last year, and that competi-
ton for new business was increasing.
There appeared TO be considerable
liquidation OF stocks to-day for the &C
count OF those who had been buyers last
week, and the markets decline was OBJ
vlously assisted, and in the view OF
many observers, was due really more
than anything else 10 q break OF IA
points in the price OF the New York City
"a per cent bonds. Some such reaction
as this IN the violent upward movement
that has been in progress has been con-
sidered likely IN banking circles for sew
eraI days. The advance in the price OF
the bonds, gratifying as it was, was
obviously too rapid, and began 10 look
more or less speculative.
other Causes Contribute.
Other elements contributing to the &C
ton Of the market to-day Nere the re-
newaI OF the talk over Sunday concern
ing the crisis in the affairs OF tho
local street railway companies; further
strength in sterling exchange. which
blurred for the moment. at least. any
hopes OF gold imports: a less cheerful
tone sounded in the foreign financial
markets regarding the probable money
situation there for the remainder Of the
year; vague feeling that Wall streets
rates for money might stiffen toward the
end Of the week, and dismal antcipa-
tiOns regarding the nature Of the speeches
likely 70 be delivered by the President Of
the United States in the course OF his
tour down the Mississippi River next
month.
sharp rise to-day in the rate OF dis
count on New York exchange in Chicago
attested clearly enough that the West IS
now drawing on this city for money, pre-
sumably for crop-moving purposes, more
freely than at any time thus far during
the season.