The daily morning journal and courier., 1907-09-13
TE FEATURES OF
 TIE STOCK MARKET |akness of Copper Shares Causes Break.
C. P" HAS A BAD DAY
settling Rumors - Banks Sell Out Loans-The
 Markets Problems.

I he stock market was in a very ner- 5 state yesterday owing to the col lEe in the copper shares and the cir ton of various dire rumors calcu-' 4d to unsettle prices.
 . he weakness of the copper shares lp affected other industrlals and lily made it's impression cn the 1road list, which had stood up rather Rchly against the early decline. Zhile there doubtless was consider B liquidation and a tendency on the ! of banks to discriminate against slstrial securities, the over-wrought l Ee of mind of the street was taken santage of by spectators to depress i les as far as possible. There was Sut point rally at the closing. k report which spread with aston Ing rapidity in the afternoon was
 the Amalgamated Copper com N was planning to meet the fall in Der by shutting down production ome of its largest mines. Prices on HStock Exchange broke violently up- Ehe receipt of this news. Amalga- led was especially affected A fur cut of one-half cent in Metal Ex- shge quotations for copper took e yesterday, lake brands being re- ed to IS 1-4 cents, electrolytic to "A, and castings to 15 S-S. A week
 lake copper was quoted at r 1-2
 electrolytic at IT IA.
 ccording to one authority for the zouncement, there Is now a surplus *bly of 25o,OOO,OOO pounds of refined Der in the United States. The TO- ion of refined copper in September,
 said, will be 6,OOO00O ounds less &l in August.
 < le of the Amalgamated officials ad- He'd that it might be wise to shut #n the Montana mines, because or q reduced consumption and the diff & ty of obtaining proper supply of hen the decline began, all sorts of zors were put forth to explain it.
 selling was largely attributable, ever, to liquidation by people who
 bought heavily last week in ex- ation that a successful sale of New city bonds would mean the in- < lration. of a bull market.
 the last hour the market touched lowest price of the day, and there
 a great deal of excitement respect # the complications that might akise # the heavy liquidation of the cop stock.
 e 2 and point gains in Northern fic and Great Northern were due to report from Washington that there z Id be no investigation by the gov hent into the relations between properties. Later they dropped 8
 points when the entire market
 the course of the decline in Amal- ated Copper, a number of small *ulative accounts ranging from 100 =O0 shares were closed out because he inability of the holders to put ay's weakness, however, there was
 good odd-lot buying in the high
 e shares.
 July statement of Great Western ts plainly to dividend cut on the erred A. The decrease is about $S7-
 gross. President Stickney says
 a change in the rate schedule will ardize it's fixed charges.
 e money market was helped by the
 SC of funds which were tied up he New York city bond bids. Many he banks appeared more yelling to out time money now that the bond
 was out of the way.
 ,out 10000 shares were taken for lon account. There was a good xet for Americans abroad.
 e problem before the market now bw long before the general list will
 ble to get away from the weak
 Ter situation. Undoubtedly it will bme time before the metal adjusts
 and the probable reduction in ends in copper stocks will be. a # br throughout the autumn and win Producers now admit that the trade emoralized, and that they cannot
 how low metal wi go before it cts buyers. There has already
 a s50J, 100000 depreciation in val
 copper stocks here and at Bos- since January