New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-21
THE WEEK IN WALL STREET.

LII w LIN LIN w &>@A4~ S~~S-
The week just ended has been one charac-
terlzed by panicky stock market cohol''OiIH'
which had their beginning in the corner at
tempted to be worked in United copper s'och
on the curb The collapse of that corner caused
the SUSPENSION Of the Stock Exchange firm Oh
Otto Heinze & Co, two of the three MEM
bers Of which were brothers Of f. Augustus
Heinze and the assignment of another STOCK
Exchange house. These troubles necessarily al
fected the bank of which F. Augustus hollAe
was president-the Mercantile Nauoha1-atiu
Mr. Heinze retired from his office and the OIL
rectors placed their designations at the uIsPoSal
of the Clearing House authorities VINO 'ooN
prompt action to support the lmperllleu liiStI
tuition on Saturday night it was announced
that Charles w. Morse had, after conference
with the Clearing House committee, resigned
from all local banks and trust companies %
which he had been an officer or director, anu
that an official examination into the coluIloA
OF the National Bank of North America ana the
New Amsterdam National Bank, of both OF
which Mr.. Morse had been a vtce-presldeht anu
director had been begun
II was inevitable that these successive deVel-
opments should create grave apprehenslohs
and that heavy declines in stocks should result
owing 10 the enforced liquidation by men IN
volved in the United Copper difficulties ana 10
the calling Of loans by banks which look tle
course Of prudence in acting promptly to toruly
their position in view of the threatening out
look Many stocks broke to new low RECORDS
for the year and in the latter part OF the week
the condition of the market was one OF de-
rnoralization, Wall Street being hlled WIN Fu-
mors of troubles 10 come.
Whether not one or more Dahhs win oe
obliged to suspend payments Will he KNOWN
probably this morning but it Is the general
feeling among conservative hnancleTs mat III
any event the banking situation in this city
has been materially improved by the retire.
nnent of MIR. Morse and Mr. Heinze from the
control of the financial institutions IN Whlch
they have exercised paramount influence Ger
tain other fnanciers with whom they nave peth
associated IN that control will probably also 10
forced by the Clearing House committee 10
sever their connection with banks and trust
companies Of this city, and the elimination
of these Interests Will go far toward improving
the situation The men charged with the dlFec-
tion Of the principal Clearing House banks
nave long looked with apprehensive eyes upon
the methods Of the new school OF hnahciers;
which they have regarded as dangerous ana
certain 10 end in trouble.
No severer criticism has ever been heard IN
wall Street of a market operation than that
which has been generally passed upon the ac-
ton Of Otto Heinze & co. in giving SUDDEN
notice TO a score Of other STOCK tNChdlIse
houses that they would take up the certificates
of Tinted Copper stock carried by those houses
for account of the Heinze firm. 1t apparently
had been supposed that largo proportion OF
the certificates could not be produced on oe-
17and. hut they came from somewhere and came
A+-''N
able to make payment for as many as were
turned in and therefore was obliged 10 announce
its suspension. The bad impression maze py
this attempted coup was felt on European mar
kets well as here.
Time money was firm and in scanty supply
during the week, while the call money rate rose
as high as 10 per cent, its advance representing
the unsettlement IN confidence and the deter
naination of the banks TO safeguard their re-
sources in panicky times rather than an actual
fLot1 70 funds
ordinary uses Loans decreased in the week
as shown in Saturdays bank statement-a little
more than $65000O0 which was rather less
than had been looked for in view OF the eX-
tensive liquidation in stocks From the report
ed movement Of currency tTi1ins loss in cash
had been expected. but cash increased S6.4+3,-
100 nearly the entire increase being specie n
fact which supported the supposidon that the
banks had been preparing for trouble py IN
creasing their cash holdings. A large failure
occurred in Hamburg, which disturbed tina Ger
man markets but which had no depressing ef-
feet on London where stocks showed decided
improvement toward the end Of the week
Quoted prices OF copper were reduced two or
three times last week, both here and in London,
and IN this market Amalgamated Copper and
American Smelling and Refining have been
under constant pressure, yielding many points
in price. The dividend on Amagamated was re-
duced from to per cent annual basis,
the announcement of the directors action caus-
ing sharp decline in the stock. which had dis
counted a reduction to the generally expected
figure OF , per cent, or IA per cent for the
quarter.
In the excitement Of the week IN tho stock
market and the banking situation little heed
was given to the revelations at the Metropolitan
investigation before the Puzzle Service Com
mission and the notable contest In Chicago be-
tween Mr.. Fish and Mr. Hartman for control
OF the Illinois Central Railroad Company.
These would in ordinary times have been ab-
sorbing subjects of discussion in the Street and
would have had influence on prices.
The foreign trade figures for September pub
lished on Thursday, are not surprising ms
were those of August, when the imports
were S2OOO0OO0 greater than in any CORE
eponding month in the country's history. AS
a consequence the excess of exports over I'M
ports was the smallest reported in any
month since 1897 Imports for September
broke all records for the month, the same
in August but the increase oyer September
Of last year is only So, 100000. which is triding
when compared with the heavy increase re-
corded in August. a general decline in the i'm
port trade is shown in the September statement.
This falling off is doubtless due to the tight
ness in the home money market, and the falling
off in general trade. There a similar de-
crease in the import trade in the fall Of 1903.
1t seems likely that the high price which this
country bids fair to receive in European mar
kets for its surplus wheat and cotton this year
will cause a large increase soon in the export
figures again paraeling the figures Of 1903,
when American cotton brought such high fig
ure in the markets Of Europe. The export bal
ance Of S29,O00OOO is, with the single exception
Of September. 1903 the smallest since 1895.