The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-21
All Sorts Of Scare Stories Used
to Depress Sc
curities.
COPPER LEADS THE TROUBLE
'Uneasiness in Iron and Steel
Trade-Moncy Still Very
Tight.

NEW YORK. October Gothic prin
cipal source of the fresh disturbance
In the stock market last week wal
traced finally to the copper world
but before the conditions had become
sufficiently well-defined the fnancia
district was kept nervous by all kind!
of rumors of the nature of the trou'
BILE that was threatening.
The vagueness of the suppositior
current regarding the urgent ltquida.
ton that was making itself manifes
aggravated their disturbing effect or
sentiment. which was almost hyster-
ical at times.
The result was seen in the range
Of quotations established, which were
the lowest for several years in con-
siderable list OF stocks.
Foreign money centres were kept
we'll supplied with all the alarming
rumors current and originated Others
on their own account. sending securi-
ties for sale to this market mean
while. and restricting credits to New
York in many ways.
Under these circumstances there
was something like relief felt when
the circumstances became known re-
garding the market position in United
Copper stock and futile attempt to
corner that stock and to administer
chastisement to the bear party which
had been interfering with the liquI-
dalton in the stock.
Cut In Dividend.
The reduction in the dividend on
Amalsamated Copper for the quarter
IRON per cent. to per cent. nat
urally aggravated the bad effect OF
the united Copper episode. and sue
cesslHe reductions in the price of the
metal kept open the root cause of the
disturbance. The reduction in the price
of the metal failed to bring in any
effective buying. and the possible
limits Of the fall remained underlined.
Reports were in circulation of in
tended entire shutting down OF pro-
duction In the Montana mines. Fears
OF coming business contraction that
might run into depression We're slim
ulated by the course of the copper
traoe. and had some incentive also in
me adNlces from the iron and steel
trade. notwithstanding the sustained
present activity in that trade there
IS teeling that the falling off in
orders for the future presages coming
contraction on an important scale.
The railroad and steel trade authori-
Ties are reported to be still at variance
on the patterns of steel rails, with
orders held up in consequence. There
IS some apprehension that the insist
ence OF the railroad authorities on their
may veil a. disposition TO
defer expenditures for rails from mo-
lives of economy.
Money Still Tight.
The money market continues tight,
and the growth aowards ease in the
cav loan market was checked by the
in the stock market. There
was evidence OF forced liquidation at
many points there, and this was at
tributed to growing strictness on the
part of the banks as to collateral and
The throwing out of some securities
held as collateral for loans. Foreign
selling of securities here and some
maturing Indebtedness to foreign lend
ers. for which renewals were refused.
kept up the foreign exchange rate. and
kept alive the discussion of possible
gold exports.
Bankers do not look for an outflow
Of gold while money rates are sus-
tanned as thJy are now, and while the
Interior demand keeps up.
The question of Treasury relief for
the money is complicated by the high
rate for foreign exchange, which car
ries the intimation that any marked
increase in the market supplies of
money might initiate gold exports
In the prospect there is to be con-
sidered an assured foreign demand for
our grain surplus at the high prices
prevailing, and the cotton which is
held from the market is expected to
go out ultimately in large volume to
Europe.
New York's control of the interna-
tional exchanges is expected in that
way to increase, with effect in easing
the money market, although the de-
clining tendency In value of imports
which has set in. may be accepted as
another index of contracting demand