Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-10-21
Situation is Not Such, However, as Il
Relieve All Apprehension.
MONEY CONTINUES TO BE T1eH1
Also Some Indications Of Curtailmeni
in Iron Trade.
GRAIN EXPORTS WILL HELP OUT
Renewal OF Cotton shipments on
Large scale Expected TO Also
start Flow of Money
This Way.

NEW YORK, oct 3.-The principal
source OF the fresh disturbance In the stock
market last week was traced finally To the
copper world, but before the conditions
had become sufncientiy well defined the
financial district was kept nervous BY all
kinds of rumors OF the nature Of the
trouble that was threatening. The result
was seen in the range Of quotations estab'
lished, which presented the lowest for sew
eral years in a considerable list OF impor-
tant stocks Foreign money centers were
kept well supplied with all the alarming
rumors current and originated others on
their own account. sending securities for
sale to this market meanwhile. and re-
stricting credits TO New York in many
ways Under these circumstances there
was something like relief felt when the cir
cumstances became known regarding the
market position In United Copper stocks and
a futile attempt TO corner that stock and
to administer ohastisement to the near
party which had been interfering with the
liquidation In the stock The reduction IN
the dividend on Amalgamated Copper for
the quarter from 2 per cent to per cent
naturally aggravated the bad effect Of the
United Copper episode and successive re-
auctions in the price of the metal kept
'open the root cause Of the disturbance.
Inc ItuhCtlou IN NHe prices " tine NteNal
failed to bring in any effective buying and
the possible limits of the fal remained
underlined. Reports were in circulation OF
intended entire shutting down Of produc-
tion in the Montana mines.
Fear Of Contraction.
Fears OF coming business contraction that
might run into depression we're stimulated
by the course of the copper trade and had
some incentive also in the advices from
the iron and steel trade. Notwithstanding
the sustained present activity in the trade
there IL feeling that the falling off in
orders for the future presages coming con-
traction important scale. The rail-
road and steel trade authorities are re-
ported 70 be still at variance over the pat
tern Of the steel rail. with orders held up
in conseauence,, There Is some apprehen-
sion that the tnsistence oct railroad au-
thorities on their contention may ven
disposition to defer expenditures for rails
from motives OF economy
The money market continues tight and
the growth towards ease in the call mar
ket was checked by the disturbance in
the stock market There was evidence of
forced LIQUIDATION at many points there
and this was attributed to growing strict
ness on the part OF the banks to col.
lateral and the throwing out OF some secuT-
tiles held as collateral Tor loans. Foreign
selling of securities here and some matur-
ing Indebtedness to foreign lenders for
which renewals were refused kept up the
change rate and kept alive the discussion
OF possible gold exports. Bankers do not
look for an overflow Of gold while money
rates are sustained as they are now and
while the interior demand keeps up. The
question of treasury relief for the money
| gs faa l,xy hfsrl,r For.
foreign exchange, which carries the init
nation that any marked increase in the
market supplies OF money might initiate
gold exports. The September foreign trade
statement carried some reinsurance as to
the exchange situation. The decrease OF
$S145,65S in value OF exports compared last
was regarded as moderate and the increase
of 475 ia value Of imports compared
with an average for recent months rum
ming $2C, 600 above corresponding months
of last year. The excess OF exports OF
t2s,OS3.5O5 for September although ts.s4S126
below September Of last year, compared
with a balance payable 10 us IN August
) of less than 100000; a showing which
aroused discussion or a possible actual ex-
cess of imports for September. In the pros
pect there is considered TO be an assured
foreign demand for our grain surplus at
the high prices prevailing and the cotton
which is held from the market is expected
TO go out In largo volume to Europe. New
Yorks control Of the International ex.
changes is expected, in that way to in.
crease, with effect In easing the money
market. although the declining tendency II
value of imports which has set In may Be
accepted as another index Of contraction
demand for commodities.