Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-21
COPPER BULLS
BLAMED FOR
s | j N P
ATTEMPT TO CORNER RED
METAL FLAT FAILURE
Wall Street Hopes For Better
Things Since Real Cause Of
Recent Furry Has Been LO-
Gated,

IBy Morning Journal special Leased Wire.
New York. oct. 20.-The %principa.
%sourcc Of the serious disturbance of
the stock market last week was traced
dnAlly to the ~spper world, but be-
fore the condition. had become sufn-
%eiently well dchnetl the financial dis
trict wa Kept nerypus by all kinds Of
rumors Of the nature. Of the trouble
that was threatening. The result Wa,
seen In The range OF quotations pub
lished. which presented the lowest for
several years IN a considerable list 81
Important stocks. Foreign money CEN
tiers were kept wen supplied with an
the alarming rumors current and
originated others on their own ac-
count. sending securities for sale I'm
this market meanwhile. ana restrict
ing credits 10 New York In many ways
Under these circumstance something
like relief was felt when the circum-
stances became known regarding he
market position Of the United Copper
stocks and tho futile attempt 10 cor
.ncr TIA stock and 10 administer cl'as-
iiscment to the bear party which lad
been interfering with th" |liquid1ti0n
Of The stock. The reduction m the
dividend IN Amalgnmat"d Copper for
the quarter from two per cen 10 one
pr cent naturally a%ggraynJrl t1o bq1
effect Of the United Cope" epispdr.
and successive reductions IN tao price
OF the metal kent open the real cause
.HF The a"tafsaWhuHra TIa. V.lHaFtt.n an
the price Of the metal failed TO bring
any effective buying ana the possible
lin .ts of the drop remained underlined
Ref orts were in circulation OF in-
tended entire shutting down b. pro-
due ION IN the Montana miurs Fears
Of coming business contraction thatl
might run into depression WON, stim-
ulated by the course Of tin copper
trade and had some incentive also in
the adyices from the ron and stscl
trace. Notwithstanding tho Sustained
pre- ent activity in the trade. there g.
a feeling that tho falling nfe ln or
1ers for future prcsages contraction
on an important scale. The railr BAD
and steel trade authorities are re-
portel to be stili 40 variance ovcr The
pattern Of the steel rail. with orders
hell up IN consequence. There Is
SON apprehension that tho insistence
The railroad authorities on thclt
contention may veil % disposition 20
defer expenditures for rails from mo-
OF economy.
The money market continues tight.
and the growth toward ease in the call
loan market was checked O., the dis
turbanve In the stock market. There
was evidence of forced Liquidation in
MANY points here. and this was at
10 growing strictncss ON the
part OF tho banks aa to collateral and
he throwing 90 some securities
leid as collateral for loans. Foreign
~ securities hcre and some
maturing Indebtedness tY foreign
enders FOR which renewals were zoe
.nzed kept .hc foreign exchange rate
lp and kent alive the discussion OF
possible gold exports. Bankers DO
look far an outflow 81 gold. while
money rates Prc sustained 1s fhey arc
and while thc interior demand
Keeps un The question OF treasury
.eiief fot the money market 's c,mrI.
'ated by the high rate snr foreign
.xchange which carries tho iutimation
hat any marked increase in th, mar
supplies ot money might meito
.oid exports The September |fotrirn
statement carried snmD rcassur-
nee as 10 the existing situation. The
decrease OF S3.1f5.G53 Boo Coz. value
# exports compared with last wear
regarded as moderate Hs was the
B eHa,f1s in thc volume of imports
g compared with an average Tor re- =
months running % $4,000 goo
corresponding months uf Issi
ear The excess Of exports cot s-a :
3s.5os FOR September. although So I
f11l6 below september nf last yoar.l }
1mparcd with q balance payable God J
s In August Of less than B.. goo 600. aI !
inuing which aroused discussion pf o. /
pssibls actual excess of imports for I
frfembrr In the prospect there is
sH-i,i-fed Geo Zoe an assured foreign I
smand far our grain surnlus of fhe| '
.gh prices prevailing and the cotton ,
hitch B. held from tho marset o. ex- 4.
anfed to 81 out ia large volume. New n
nrk's control Of International exc q
lanEe Is expected. I'm that way. o. in- |
a@e. with Che effect of easing the !
one market ah hnuch flr declining =
.ndency in value Of IMPORTS witch y
ls So IN may BE- accepted - annfhei n
0drS u contracting dcmana Ter cin- q
oditics.