The Birmingham age-herald., 1907-10-21
FINANCIAL REVIEW
 OF THE PAST WEEK Copper Responsible for Dis-
 turbanCe In Stocks METAL MARKED UNEASY Reports Were in Circulation That Copper Mines in Montana Might Be Closed Down-Money Mar
 ket Uncertain.
1 METAL MARKET UNEASY

New York, October 20.-The principal stock market last week was traced finally to the copper world. but before the eondi- tions had become sufficiently well defined the financial district was kept nervous by all kinds of rumors of the nature of trouble that was threatening The vague ness of the suppositions current regarding the urgent liquidation that was making itself manifest. aggravated their disturb ing effect on sentiment. which was al most hysterical at times.
 The result was seen in the range of quotations established, which were the lowest for several years in a consider able list of stocks. Foreign money centers were kept well supplied with all the alarming rumors current and originated others on their own account. sending se- curities for sale to this market mean while, and restricting 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 stock and futile attempt to corner that stock and to administer reinstatement to the bear party which had been interfering with the liquidation in the stock.
 Reduction of Dividend.
 The reduction in the dividend on Amal- samated Copper for the quarters from per cent to 1 per cent, naturally aggra- of l,o JT,,ft episode and successive reductions in the price of the metal kept open the root cause of the disturbance. The reduction in the price of the metal failed to bring in any effective buying, and the possible lim- its of the fall remained undefned.
 Reports were in circulation of intended entire shutting down of production in the Montana mines. Fears of coming busi- ness contraction that might run into de- pression were stimulated by the course of the copper trade, and had some incentive also in the advices from the iron and steel trade. Notwithstanding the sus- tained present activity in that trade, there is feeling that the falling off in orders fer future business. presages coming con- traction on an important scale.
 The railroad and steel trade authorities are reported to be still at variance on the patterns of steel rails with orders held up in consequence. There is some ap- prehension that the insistence of the rail- road authorities on their contention may veil disposition to defer expenditures for rails from motives of economy.
 Money Market.
 The money market continues light, and the growth towards ease in the call loan market was checked by the disturbance in the stock market. There was evidence of af niYtc and this was attributed to growing strict ness on the part of the banks as to col lateral, and the throwing out of some se- curities held as collateral for loans. For eign selling of securities here and some maturing indebtedness to foreign lenders, for which renewals were refused, kept up the foreign exchange rate, and kept alive the discussion of possible gold exports. Bankers do not look for an outflow of gold while money rates are sustained. as they are now and while the interior demand keeps up. The question of treas : ury relief for the money market is com plicated by the high rate of foreign ex- change which carries the intimation that any marked increase in the market sup- plies of money might initiate gold ex- ports
 In the prospect there is to be consid- cred an assured foreign demand for our grain surplus at the high prices prevail ing, and the cotton which is held from the market is expected to go out uti- mately in large volume to Europe. New York's control of the international ex- changes is expected in that way to in- crease. with effect in casing the money market. although the declining tendency in value of imports whcih has set in may be accepted as another index of con- tracting demand for commodities.