Los Angeles herald., 1907-10-18
EXCHANGE rs
DLSQUIE7ED
COPPER STILL KEEPS CENTER
OF STAGE
CLEARING HOUSE REPORT GIVES
RELIEF
Several Railroad Stocks Go Down with
Metals-Attempt to Corner
United Leads to Sus-
pensions
I5y Associated Press.


NEW YORK, Oct. 1.-THE Irregular move
nent of prices Of stocks today offered con-
fuslng medium through which to try to discern
any defined setting toward the market During
the early part OF the day this feeling was of
more active anxiety while later, with the sub
sidence OF disquet there was still a passive
apprehension that was not yet clear in the
tone.
The collapse In the United Copper stock in
the curb market and the collateral conse-
uuenees from that event were the central in
terests as they were yesterday. With the sus-
pension of the board members Of the firm
concerned with the attempted corner In the
stock and with the acts connected with 1t,
which involved Yesterdays failure OF a stock
exchange firm who had taken orders in that
stock, and with the retirement OF r. Angus
tus Heinze from the Mercantile National bank,
the limits of the trouble which has been loom
ing on the stock market horizon became bet
ter defined and was of far less potent effect
on sentiment.
Feeling in the matter was rather one of re-
lief the removal of a factor that
promised rinischevots results and which has
been teasing problem to control in part Ct
the clearing house authorities for some time
past The announced failure of savings bank
in Butte was associated in the public esti-
nation with the unsettled condition in the
whole copper world
With the dividend meeting of the Amalga-
mated Copper company set for today, the cop
per situation was given an additional hold on
the market and as the divided action was not
all the conditions were supplied for the un-
certainties on which speculation thrives.
Not only was the rate to which the dividend
was to be cut in doubt, the 1 per cent quar-
terly representing the lowest estimate, but
also the effect on the market for the stock OF
any given rate declaration.
Another fall in copper both in London and
in New York supplied additional incentives for
conjecture. The coppers were forced to new
low levels during the day This was true OF
some other stocks of first rate Importance, in.
cluding a number of railroad stocks. The an
nouncement that stock sheets had all passed
successfully through to the stock edge clear
ing house delivered the market from its APP
pearance of greatest depression. Some of the
buying that ensJied was apparently due to the
covering of some heavy short lines of stock
and buying for the long account continued
under much restraint.
The rise in the call money rate was con
rected with the disturbance in the copper
stocks and to calling Of loans prompted by til,
unsettling of that disturbance. Discounst ir
London were inclined to advance and tn;
weekly statement of the Bank of England
ment to strengthen control of the money mar
ket and make it's own rate effective. there
was a talk of probable rise in the discoun
rate of the Imperial Bank of Germany and
failure OF some Importance in Hamburg wa
incident of the day.
rates were unchanged from yesterday, sharl
break in the prices of wheat and wal
looked upon promising increased totals fo
foreign account with probable effect in tn,
foreign exchange rate.
Prices showed ralying tendency even aftel
the announcement OF the reduction In tht
Amalgamated Copper dividend.
Bonds were easy. Total sales par value
50, ,002, 900. Government As registered declined
a per cent and the coupons " per cent.