The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-21
Bad Effect Exaggerated.

The reduction in the dividend on Anal
gamated Copper for the quarter from
per cent TO l per cent naturally aggra
waited the bad effect of the United Copper
episode and successive reductions in thu
price or the metal kept open the roo
cause Of the disturbance. The reduction
IN the price OF the metal failed to bring
any effective buying and the possible linn
its Of the fall remained undisturbed Re
ports were in circulation OF intended en-
tire shutting down of production in the
Montana mines
Fears of coming business contraction
that might run into depression were stlm'
ulated by the course of the copper trace
and had some incentive also in the ad-
vices from the iron and steel trade. NOT
withstanding the sustained present actlv-
ity in the trade there is a feeling that the
falling off in orders for future presages
coming contraction on an important scale
The railroad and steel trade authorities
are reported to be still at variance over
the pattern OF the steel rail. with orders
held up in consequence. There is some
apprehension that the insistence Of the
railroad authorities on their contention
may veil disposition to defer eXpendl-
lures for rails from motives OF economy
The money market continues tight, ano
the growth toward ease in the call loan
market was checked by the disturbance
in the stock market
There was evidence of forced liquidation
at many points here and this was 3ttrl-
buted to growing strictness on the part OF
the banks as to collateral and the throw
ing out of some securities held as cOllat'
eral for loans. Foreign selling of securi-
ties here and some maturing Indebtedness
TO foreign lenders for which renewals were
refused kept the foreign exchange rate
up and kept alive the discussion OF pos
sible gold exports. Bankers do not lool
for an outflow of gold while money rates
are sustained as they are now, and while
the interior demand keeps up.
The question of treasury relief for the
money market is complicated by the higf
rate for foreign exchange which carrie:
the intimatiOn that any marked increase
in the market supplies of money might
initiate gold exports.
Foreign Trade.
The September foreign trade statement
carried some reinsurance as to the exist
ing situation. A decrease of So 1858 II
value of exports compared with last yeal
was regarded as moderate and the in
crease Of $685. AS in value of imports
compared with en- average for current
months running to 500. 600. GOO above CORE
spending months of last year. The exces:
of exports of s29.033, go for September
although Sc S45. 126 below September of las
wear. compared with a balance payable t.
us in August of less thar s2oO-O00.
showing which aroused discussion OF
possible actual excess of imports for Sep
tenober. In the prospect there is con
sidered to be an assured foreign demand
for our grain surplus at the hlgh price:
prevailing and the cotton which is with
held from the market is expected 10 81
out in large volume TO Europe. New
works. control Of international exchange:
is expected in that way, TO increase witt
though the declining tendency in value
Of imports which has set in may be &C
canted as another index of contracting
demand for commodities.