Show I OFF AT JT OPENING DOWN AT HI CLOSE Aggressive Upward Movement of Prices in Wall Street During the Day COPPERS SLIDE AGAIN V BAD EFFECT OF FAILURE AT PITTSBURG RG York Dec Dee 7 The extreme ir irregularity irregularity Irregularity regularity which has been the charac characteristic characteristic stock market movement for several days past was more pro pronounced pronounced pronounced than ever today The general downward tendency of the first fIrt hour gave place to an aggressive upward movement early in the second hour which was vaa broader and more compre comprehensive t than has yet appeared In the market but prices broke again at the thelast thelast thelast last These Th e were selling orders dis distributed distributed the first hour the source of which was so 80 concentrated d as to GIVe sive rise rl e to fears tears that liquidation V v was as being renewed of a kind which has been absent through all the later portions of the rally In prices An al alternative a conjecture was that the tile ag aggressive aggressive professional party which has been leading the weeks speculation had taken profits on the rise and was turn turning turning turnIng ing to the short side sI e of or the market The stocks connected with the copper Indus Industry Industry Industry try were conspicuous In the depression especially American Smelting The group was unfavorably affected by the passing rassIng of or the dividend on the pre preferred preferred frred stock stocIe of or the United U TJ d States Re Be Reduction Refining company and by published remarks of or the president of that company on the of or orthe the Industry The market seemed to show the great effect of or the large re reduction reduction reduction of or the short interest effected during the week and anI the retirement of thIh has baR been an important factor In the tho weeks rise In prices The weakness of the copper stocks persisted ted after the rally In the mar ket and affected the secondary reaction reaction reaction tion and the later Irregularity The show of strength seemed to be based on anticipation of the favorable show ing of ot the bank statement the publication cation of which was withheld until after the market closed in accordance with ith a rule now made permanent The bank statement confirmed the tion but the closing stock market was extremely unsettled by the news of the failure allure of a brokerage house In Pitts Pittsburg Pittsburg burg The loan contraction shown by bythe bythe bythe the bank statement was viewed with wit special satisfaction as It was effected without disturbance in the money mar market market market ket and as the tte liberal loan expansion of or the period just passed has been pure purely purely ly of or an emergency character In ob observance observance observance servance of the poliCY o of lending freely in a panic to solvent borrowers at the market rate of inter interest Interest Interest est Bonds were strong Total sales par value United States 38 have advanced 4 the 45 and the s sper per cent on call during the week |