Los Angeles herald., 1907-10-17
SQUALL HITS
WALL STREET
SERIOUS APPREHENSION CAUSED
BY BREAK
SOME LEADING STOCKS FALL OFF
PERcEPTIBLY
United Copper Gets Blow on Curb
That Sends 1t Down Many
Polnts-Rumors Are
Disturbing
BY Associated Press.

BY Associated Press.
NEW YORK, Oct 16.-There were a number
of quick transfers in the stock market today
which proved exceedingly unsettling to senti1
ment. The squall which struck the market
about o'clock represented complete reversal
of the form of the first hour, when there was
general feeling of relief and growing conf
dence that the market had righted itself, and
placed most of its trouble behind it. When
prices of some OF the leading stocks began to
break point at a time the most serious ap-
prehensions felt.
The letting go Of stocks on such terms pre-
saged no good to the market, and fears that
have been current for several days that some
trouble was overhangng were revived In full
force. The rumors regarding the touble be-
came moe specific and more centered today.
They given direction by the events of
the last few days in the curb market and the
extraordinary performances there with United
Copper stocks. That stock dropped back to 10
today, after having been running up and down
the scale to as high as go for two days
The existence of market pool in the stock,
and published warnings against the transfer
of some specific holdings. opened the way to
the deduction of international disagreement in
the conduct of the pool Beyond these facts
information was vague, but enough was dis
cerned to locate the source of the pressure on
The market with some degree of accuracy.
The subject lost some of its terrors with the
more definite outline, but the contingencies
suggested were sufficiently grave to submerge
the cheerfuness which had been rising early
in the day. Call money was firmer in tone and
the furry in the stock market.
The transfer of 100000 to San Francisco
through the sub-treasury opened fresh de-
mand on bank reserves and served as an Off
set to the weeks contribution to the banks on
sub-treasury operations, which have run to up
wards of 81, 200, 900. Announcement was made
of an offer by banking house to take over
$1,OOOOOO of the Pennsylvania notes maturing
on November /, the total issue amounting to
$50. .000. 900.
Funds are in hand from the sales of Balti-
IN cfn IN tha nj IN
up these notes, but the proceeds have been
out on loans meantime, the operation is ex-
pected to necessitate shifting of loans.
Southern Pacific was among the. first stocks to
break away from the early upward tendency,
and the reiteraton of reports that proof of
relating had been obtained against the COM
pany accounted for its weakness.
ThS weakness of the copper stocks was ag-
gravated by the assurance felt that the divi-
dend Amalgamated Copper would be cut AT
the meeting tomorrow, and expectations over
the cut became more despondent with the
downward course of the stock. The late rally
in the market accompanied by reports that
arrangements had been made to tide over the
troubles of the group of capitalists whose af-
fairs had become involved and whose conten-
tions are believed to be largely responsible fol
the recent operations in the curb market.
Bonds were weak. Total sales, par Naiue
s2,00S 900. United States IS and As registered
declined Il per cent on call.
Excited trading on the curb market today
attended sharp decline in the price of stool,
of the United Copper company, controlling sew
erai Montana properties. The common stock
of that company had declined yesterday from
$50 to s36 per share, following the announce
ment that the transfer agent of the company
would refuse to transfer a block of 16. 800
shares of stock because, he charged, it had
been sold in violation of the rights of per-
sons having interest in 1t.
The common stock opened at $25 per share
the curb today and went off to S15 The
preferred stock was sold down to s2i Buyers
insisted upon having guarantees that the
transfers would be recorded.