CanÌƒon City record. [volume] (CanÌƒon City, Colo.) 1883-192?, 1907-10-24
COPPER WORLD Is HELD
RESPONSIBLE FOR PANIC

New York, Oct. 21.-The principal
source of the serious disturbance IN
the stock market last week was traced
finally to the copper world, but before
the conditions had become sufficiently
we'll defined the financial district was
kept nervous by all kinds of rumors
of the nature of the trouble that was
threatening. The result was seen in
which presented the lowest for several
year in a considerable list of import
ant stocks. Foreign money centers
were kept we'll supplied with all the
alarming rumors current and origin
ated others on their own account send
ing securities for sale in this market
meanwhile and restricting credits to
New York in many ways.
Under these circumstances some
thing like relief was felt when the
circumstances became known regard
ing the market position in United Cop
per stocks, and a futile attempt to
corner that stock and to administer
chastisement to the bear party which
had been interfering with the Hquida-
ton of the stock.
1uo TeuuCllOu Ill IuC u1NAuCAo oA
Amalgamated Copper for the quarter
from per cent to per cent natur-
ally aggravated the bad effect Of the
United Copper episode, and successive
reductions in the price of the metal
kept open the root cause OF the dis
turbance. The reduction in the price
of the metal failed to bring any effec-
tive 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 were stimu-
lated by the course of the copper
trade and had some incentive also in
the advices from the iron and steel
trade. Notwithstanding the sustained
present activity in the trade there Is
a feeling that the falling of in orders
for future presages coming contrac-
ton on an important scale. The rail-
road and steel trade authorities are
reported to be still at variance over
the pattern of the steel rail, with Or
ders held up in consequence. There
Is some apprehension that the in
sistence of the railroad authorities on
their contention may veil disposi-
ton to defer expenditures for rails
from motives of economy.
The money market continues tight
and the growth toward ease in the call
loan market was checked by the dis
turbance in the stock market. There
was evidence Of forced liquidation at
many points here, and this was at
tributed to growing strictness on the
part Of the banks as to the collateral
and the throwing out of some securi-
ties held as collateral for loans. For
eign selling OF securities here and
some maturing Indebtedness to foreign
lenders for which renewals were re-
fused, kept the foreign exchange rate
up and kept alive the discussion OF
possible gold exports. Bankers do not
look 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 COM
plicated by the high rate of foreign
exchange, which carries the intimation
that any market increase in the mar
ket supplies of money might initiate
gold exDOrts