The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-13
Downward TREND
IN STOCK MARKET
An Early Advance Is Followed
e.. By Loss in Prices
COPPER STOCKS WEAK
and Prices Are Lower at the Close.
Some Fear of Foreign Com
plications Exists

New York, July 12.-Stocks suffered
reaction in the market today after rising
a little in the early dealings to about
the high level of yesterday. The move
ment was not accompanied by any not
able change in conditions, but there was
a distinctive decrease in demand at the
higher levels incident to the reduction
of the short interest and, the disinclina-
ton of buyers of more substantial
kind to follow prices in face of the I'M
certain views held induced support to
falling prices.
Copper stocks were the Vulnerable spot
In the list, Amalgamated Copper taiiihs
to a new low level for the year In con-
ponance with further decline in LONDON
for copper. The special weakness had
a svmnathetic effect on the general list
but the establishment of downward
tendency in the movement revived some
feeling of disquietude over the general
business situation.
The tone of statement said to have
been issued on behalf of the German tor-
eign office regarding diplomatic relations
In Central and South America, was
decisive influence in shaping the later
movement of stock prices
The fall in prices of copper metal to
new low levels for several years past
In London and reports of price conces-
sions in the New York copper market
put a bad face on the situation in the
Industry and on the earning power pros
poets of companies concerned in the min
Ing and sale of the metal
The arguments were used with force
In the speculative movement against
Amalgamated copper, owing to the rela-
lively high level at which the stock Is
selling, in proportion to the dividend re-
turn compared with other securities, even
of the established railroad class. De-
velopment of new copper properties and
the declining rate of the cost of pro-
duction for some of them are used also
to influence speculation in Amalgamated
copper.
The course of the copper market today
gave added effect to the dragging tend
ency of the steel market This enhanced
the feeling that marking down of prices
of steel products might have to be faced
before recuperation set in effectually.
Weakening effects of the liquidation In
the coppers and the hesitation of the
BUYERS due to the extent of the rebound
made the market sensitive to the re-
puted utterance of the German foreign
office.
The report was so circumstantial In
giving official sanction to the statement
and the statement itself was at the same
time so provocative in tone as to throw
some feeling of CONSERVATION into the
market.-zsssfs
Visions of the so-called Venezuelan
panic following the message of President
Cleveland on the boundary question and
of the excited markets of the Spanish
war period sprang before the speculative
imagination and there was some nasty
throwing over of stocks.
The direct contradiction in tone of the
utterance to the conciliatory statement
on the subject from the same source
earlier in the day served to throw sus-
picion on 1t and the lack of reliable con-
flrmation up to the close left the report
discredited and induced the shorts to
cover and rally the market. The earlier
severe declines were only partly recov-
cred, leaving last prices below last night
but with the tone quite steady
Crop news, money market conditions,
the gold import prospects and other
things which have figured In the late
market were supplanted by the techni-
cal position and the German sensation.
The controllers office in Washington was
reported as expressing satisfaction with
the showing of the reserve and central
reserve centers showing In the west and
southwest in the incoming reports of
conditions as of June 30.
Bonds were irregular. Total sales, par
value. s1.A3OO0; United States bonds were
unchanged on call.