Show COUNTRY ABLE HE JOST TO STUD STAND AND SHOCK Tumbling of Prices of tives So Far Has Not Been Productive of Disaster COPPER MARKET THE CAUSE SALE OF CROPS WILL EASE THE SITUATION 0 N New York Oct The principal source of the tho serious disturbance in the stock market last week was traced to the cop coP per er world but before the conditions condition had hac become sufficiently we well confined con tined th the financial nf al district was kept nervous by all al kind tl ot 5 rumors of the nature of the trou h ble I that at was threatening The result was wa waBe seen n In the range Be of the quotations pub which presented the lowest for sev several several eral years rears in a considerable list of Im Important important nv stocks Foreign money centers were kept well supplied with all aU th the alarming rumors current and originated othe others s on their own account sending se securities securities securities for sale in this market mean meanwhile meanwhile meanwhile while and restricting credits to New York Yort In many man ways Under these circumstances something like relief was felt when the circumstances became known regarding the market position in copper stocks anc anca and anda a futile attempt to corner that stock anc and to administer chastisement to the bear beai party which had nad been Interfering with th the liquidation In the stock Bad Effect Exaggerated The reduction in the dividend on Amal Amalgamated Amalgamated Amalgamated Copper for the quarter from 2 per per f cent to 1 x per cent naturally aggra aggravated aggravated the bad effect of the United Copper episode and successive reductions In the price of the metal meta kept open the root cause of ot the disturbance The reduction in the price of the metal failed to bring any effective buying and the possible lim tim limits limIts its of the fall remained undisturbed Re Reports Reports ports were In circulation of intended en entire entire entire tire shutting down of at production in the Montana mines Fears Fe rs of coming business contraction that might run into depression were stimulated stimulated stimulated by the course of the copper trade and had some incentive also In the ad adVices advices advices Vices from the Iron and steel trade Not Notwithstanding Notwithstanding withstanding the sustained present activity activity ity in the trade there Is a feeling that the falling off in for future presages coming contraction contra tion on an scale The railroad and steel trade authorities are reported to be still at variance over the pattern of the steel rail with orden ordel held up in consequence There Is some som apprehension that the insistence of the railroad authorities on their contention may ma veil veU a disposition to defer expendi expenditures expenditures expenditures tures for rails from motives mothes of economy The money mone market continues tight and the growth groth toward ease In the call loan Joan market was checked by b the disturbance In the stock market There was evidence of forced liquidation at many points here and this was attributed attributed buted to growing strictness on the part of ot the banks as to collateral and the throw throwing throwIng throwing ing out of ot some securities held as collat collateral eras eral for loans Foreign selling of securities securities securities ties here and some maturing Indebtedness to foreign lenders for which renewals were refused kept the foreign exchange rate up and kept alive the discussion of ot pos possible possible sible gold exports Bankers do not look for an outflow of ot gold while money rates are sustained as they are now and while the Interior demand keeps up The question of ot treasury relief for the mone money market Is complicated by b the high rate for foreign exchange which carries the Intimation that any marked mark Id Increase In the market supplies of ot money mone might Initiate Initiate gold exports Trade The September foreign trade statement carried some reassurance as to the exist existing existIng existIng ing situation A decrease of in value of exports compared with last year ear was regarded as moderate and the In Increase Increase increase crease of ot in value of imports compared with an average for current months running to above corre corresponding corresponding corresponding months of last year ear The excess of exports of for September although 6 below September of last year compared with a balance payable to tous tous tous us in August of ot less a showing which aroused discussion of a possible actual excess of imports for Sep September September September In the prospect there Is con considered considered to be an assured foreign demand for Tor our grain surplus at the high prices prevailing and the cotton which is with withheld withheld held from the market is expected to go gout out ut In large volume to Europe New Yorks forks control of ot International exchanges Is s expected in that way to increase with effect In easing the tho money mone market al a although though hough the declining tendency in value of at f imports which has bas set In may be ac accepted accepted as another index of ot contracting demand lemand for commodities |