New-York tribune., 1907-10-17
STOCK MARKET OPERATIONS

Following strong opening in response to the
Improvement in London, the stock market ad-
Yanced a little covering of shorts then
sagged on reports that the Amalgamated Cop
per dividend would be cut in two by the dl-
rectors at their meeting to-day and on the news
Of another reduction by the Metal Exchange in
its price quotation for "copper" and in the after
noon broke sharply, many issues going to new
low levels for the year. After the delivery hour
there were general recoveries of / to . points
but the news Of the assignment of a Stock Ex-
change house. near the close Of the day, caused
another recession. The market closed nervous,
rather above the lowest Of the day, but with
such net declines 5H points in American
Smelling and Refining common 27s in Amalga-
mated Copper and Union Pacific IE In South
ern Pacific "a in Great Northern and Atchison
and 219 in St Paul. Total sales were 1O19,429
shares.
Amalgamated and American Smelling and Re-
fning were among the first issues to show de-
cided weakness but III the afternoon break the
standard railroad shares exhibited no greater
power Of resistance to the food Of liquidation
and short selling which pressing prices
downward, for there was every evidence Of gen
uine liquidation on a large scale suggesting
forced selling on the part of important
operator operators who had to throw over
board part Of their holdings in order to tighten
their market burden. The collapse of the United
Copper corner in the curb market, one OF the
speedy consequences of which was the failure Of
a house identified with the leaders of the manip-
uidtol' WIS aIIOilS Ine principal unSett!lNS IN
huences IN the Stock Exchange and rurnors Of
other failures to come were widely circulated
Time money rates were firm ruling at the
same figures for several days The call
money market easier, for although the rate
reached per cent most of the days business
was done at per cent There was transferred
to San Francisco 100000 through the Sub
Treasury, but the banks Notwithstanding the
daily drain to interior points, have since Friday
gained $2,029000 on Sub-Treasury operations
The foreign trade figures for September pub
Hshed yesterday, are not startling as were
those Of August. when the imports were 500
100000 greater than in any corresponding
month in the country's history As conse-
quence the excess of exports over imports 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
over September OF last year is only SO 500 600
which Is tr1hing when compared with the heavy
increase recorded for August. A general decline
IN the import trade is shown in the Senternber
statement. This falling off IS doubtless due to
the ughtness in the home money market and
the taIlng or in general trade. There was a
similar decrease in the import trade in the fall
Of 1903 1t seems likely that the high nrIce
which this country bids fair to receive In E1,,,o
pean markets for its surplus wheat and co+tor,
this year will cause large increase soon In tbo
export figures, again paralleling the record or
I9o5' when American cotton brought sucb y
hlgh figure In the markets of Europe The e~,
port balance Of $29.000OO0 is, with the sing1a
exception Of September 1903, the smallest since
1895 7St since