Los Angeles herald., 1907-09-14
MARKET IS
TURBULENT
CONFUSION REIeNs AND PRICES
DROP Low
COPPER HAS DISASTROUS EF-
Feet ON EXCHANGE
Railroad Securities Are Not Seriously
Hurt-.Heavy Dealing In New
York Bonds Is Re-
ported
BY Associated Press,

BY Associated Press
NEW YORK Sept. 13s-The stock market
today showed clearly enough the disturbing
effect of the disclosures Of yesterday regarding
the copper trade.
Until the force of these influences had par
TALLY passed, opening the way to the buoyant
recovery, the market was In turmoil and con-
fusion almost great as during the troubled
times in August. The stocks in which the
disturbance conferred in fact sold lower than
they did in August. The conspicuous exam
pies were Amnlgamated Copper American
Smelling and United States Steel
As the session progressed the market gave
unmistakabie evidence that the liquidation
which had beer effected was affording RELIEF
The railroad stoclts showed marked contrast
still with the extreme weakness of copper and
mining and metal stocks generally, the decline
in that portion of the list not reporting low
figures at time.
Selling of the copper stocks bore the marks
of forced liquidation. and it was generally
supposed that some heavy loans on these Sc
curities in course of retirement
Forecast of the bank statement helped to
confirm the growing feeling of confidence In
the money situation.
The liauidation of credits by the use OF the
resources contributed by the Union Pacific
convertible subscriptions may also figure IN
\ the bank statement The vigorous rally which
transformed the market from its early de-
preston into buoyant strength was not fully
held, but the closing tone was steady. Bonds
were irregular. There were heavy dealings In
New York city AIS when issued at further
rise OIL over q point. 'lOtal safes par Value
s2,49s.oOO. United States Is registered adj
vanced u per cent and the coupons u per
cent on call.
Bradstreet's Report
Bradstreets tomorrow will say: 'In the
leading industries the notable feature Is the
sharp break in copper prices, containing the
steady decline of that metal, the talk of over
production and of necessity of shutting down
of mines. The general level of commodity
prices moved lower in August. mainly because
of yyea N goods off selling,
higher prices of farm products These latter.
as a whole lower than for nine months
past.
The money situation is also an irregular one,
it being reported more active and frmer at
the west, but rather easier at the east. More
cautious buying in many lines east and west
and the general complaint of slow collections,
despite improvement at the SOUTH are still at
tributed in part to this cause. Business rail-
ures in the United States for the week ending
September IL number 172. against 100 last week.
1874 in the same week of 1906. 1888 in 1906, 16l
In 1904 and 40 in 1909
Canadian failures for the week number TWEEN
ty-two as against fifteen last week and sew
enteen In this week year ago. Wheat, IN
GLIDING flour, exports from the United States
and Canada for the week aggregated Dbl, 900
busaels. against 2.923.7io last week, 4.9iS, II
thisN week last year and 6,646,90S in 1901 Fo
the hrst eleven weeks of the fiscal year tn
exports 34,so0,9S2 bushels, against 3d. 81, 81
in 1906 and 1907, and &c. 603.S1S in 1901 and 1902
Corn exports for the week are 677135 bushels
against 507, 10i last week and 9S5,393 In 1905
For the fiscal to date exports are ID S14, 81
bushels. against 7.442.647 in 1906 and 1907