The Washington herald., 1907-10-18
PRICES AT Low MARK
New Records for Year Made
in the First Hour.
COPPER DEALS RESPONSIBLE
Suspension OF Heinze House Comes
as Relief tn the stock Exchange.
from ) TO 4 Per Cent-BanI1ing IN
stitutiOns All sound, Is Report.

New York. Oct 1.-THE enforced sus-
pension to-day By act Of the stock ex-
change Of the Wall street firm responsible
for the cornerins operations in the United
Copper shares. whose collapse demoral-
lied the stock market on the day before,
was accompanied with a feeling of relief
in the entire financial district. But as it
was realized nevertheless that the af-
fair had many indirect turnings and COM
plications. affecting a variety Of individ-
uals and financial interests, the air in
a speculative sense, was still more or less
murky, and the security market was
nervous and unsettled, even if exhibiting
generally a much hrmer undertone.
In the first hour Of business. new low
records for the year in most of the lead
ing stocks were again made Then,
though the decline in prices ceased. the
market was unsteady and erratic during
the remainder Of the day, even if the
buying-in OF contracts for the fan. and a
considerable amount of genuine purchases
for investment, gave an element Of
strength to the trading and placed clos
ing quotations for the standard shares at
considerable net gains over those Of the
day preceding.
Copper Dividend Cut.
a restraining influence upon dealings in
stocks was. of course. the knowledge that
at some time during business hours the
Amalgamated Copper Company directors
would take action upon the company :
quarterly dividend. 1t was very generally
thought yesterday that this distribution
would not be at a rate in excess Of 4 per
cent per annum-that is 10 say, at one
half the rate Of the last dividend
In certain speculative quarters. how
ever, to-day the opinion was held that
a dividend al another rate of per
cent would be declared. and when about
half an hour before the close of busi-
ness il was known that a l per cent
quarterly distribution had been ordered
the Copper shares fell sharply, al
though they did not touch the low
prices made earlier in the day.
The belief commonly expressed in
Wall street was that the course taken
by the Amalgamated directors was
wise. II is altogether probable that
the price of copper is now not far from
the bottom owing to obvious facts re-
lating to the cost Of production Of the
commodity.
Companies Need Funds.
But the necessary readjustment that
must go on in the copper trade will
take considerable time. and during
this period copper producing compa-
MES must necessarily keep themselves
supplied with funds. Aside from this
the natural view taken to-day by
spectators was tIat the question of
dividends on Amalgamated Copper was
removed from the market at least for
the time being, and that no immediate
further reliance could be placed upon
II as "a bear argument.
People in the financial community
were also generally disposed to take
much more optimistic view to-day than
they did yesterday regarding the credit
position at this center 1t was de-
ClaTed authoratatively in the higher
banking circles that the general bank
ing situation here was absolutely
sound. and this statement was made as
the result OF careful investigation and
not OF mere cursOry Impressions.