The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-07-13
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fn- m ss~,r-''y prtr-- ua- q 'hs--
trd ~ far 80 i-ss Important wa- The
Sect uf,vn associative .-nti'n-ut q th~
aPu~aran-- q r-neu-d pressure - I'LL
Nmai xana'ed Jrpp-r sspcs ms par
'ir4iar i--'i- DID no, br~ak With any vtu-
h.nr. and ih- news q this decline wa-
DHnn~~'-d more than ANYTHING sl-. with
a general feeling that the copper trade
MS IN ar ,lns-ttlsd cunditiun and Saa
moving tYward a drastic Il Temporary
crir'ailiu-nt ~ copper prudnIc,inn which
might ut course he measured IN reduced
dividends Paid by copper mining prop
critics Vet even IN this particular the
change that has curn- over the character
II the market IN recent days w'lS plainly
NisIhl" While pric,s r-c-,is.d somewhat
IN sympathy With AInalgamated Cnpfer
they did So IN stubborn and hesitaiinG
~ay. and II was very plain that a dednc-
tion Was being drawn that Their" was
NO sensible reason why at the present
moment market valuations II SOUND
Industrial and railway securities should
To- sacrificed merely because a needed
adjustment was impending In one spe-
cifC branch ~ the mining industry In
the afternoon, however report was
ere llatsd and appeared upon the slips
1T ne of the news agsncies that the Ger
man Foreign once had issued very
clustering declaration If the policy that
was hereafter To h- adopted by the German
Government regarding the revolution
now going on IN Nicaragua Probably
nine ont Il ten Il the people in the finan-
cisl district know little about political
conditions IN Nicaragua and care less.
and whether Madri2 or Estrada finally
s4cCseds IN holding the Presidency II the
country IL A matter 81 no stock market
hearing whatever. In the present status.
however e the market to-days rumor
Vas naturally mao. the nost of for
time by spectators for the fall and they
sICC""ded through it's assistance IN bring
ms about a further break in prices which
carried the Leading stocks 10 levels from
> - "a points below yesterdays highest
figures. Then an official contradiction
# III" German rumpr appeared The
German Government was not inierVen-
ing IN Nicaraguan affairs nor had any
intention IT doing so; the German I'm
p"rur letter " Congratulation ~ MAdriz
Nas merely the customary formal reply
q" q letter written to him hy MadriZ and
was IN no way an endorsement II MadriZ
or his faction. and the German Govern
ment would continue 20 cultivate the
most friendly relations with the United
States Upon this the market rallied
even n the incident in question was still
not fully understood by Wall ktr,'~t nv
the time the Stock t,chanSe closed.
II seemed 70 he the case. however. from
the full dispatches concerning the affair
,f..l aff hat -
original report which unfavorahly Affected
the security market was a canArd pure and
simple
As 4 matter u fact most Of the actual /
and verified news - the day WAS more
81 a sort ~ justify stock market optimism !
than has h.-en the case at any time for
a week past In London the fortnightlv /
stock Exchange settlement progressed 80 I
far as - disclose large Curtailnent ]
81 the speculative account with arhitrase I
dealers short Of American stocks. Henc.
the carrying charges on American So
Clrites uutil the next settlement were I
reduced from g. TO q per cent. com .
paring " It'll q Per cent az the settlement |
a fortnight since. English discount rates /
a gam declined. Leading to a fall here IN |
sterling exchange and once more EN-
rhasizing the force Of circumstances |
making for exports 81 gold from Europe !
to this side Of the Atlantic. Wheat prices .
rallied on what was generally supposed /
10 be the covering Of short contracts. f.
but the news overnight was IN no way
for the crops. heavy rains
falling over the entire Northwestern /
section and good part 81 the ives, The
director Of the Iowa Bureau - Agricul-
ture issued a bulletin stating that weather
conditions there now were ideal for the
growth 81 corn and for the harvesting
81 winter wheat The most important
development % the day vas however the
publication 81 preliminary data received
Nv the currency bup~,u II the Treasury
department IN Response - the Comp
troler of the Currency recent call for
report q bank conditions as 81 Thursday.
Jun. ~ making ~ ~ ident that m az least
CERTAIN quarters Of the West these con-
ditiun- were decidedly stronger than they
wer. ~ March. when the last formal
~alI for a statement - condition was
I--uad A. many q these Interior points
an Increase IN res"rv" running from two
- -ey.n points was exhibited and that
thI- Improvement % condition ~ general
Vas further atte-ted bv the report Of the
state Nuditor Of Illinois showing that tn"
condition - the chicago banking inst
tur.rn- ~ July az compared with March
~, had h...n exceptionally fortified. the
percentage - reserves held by IN, banks
rjsfuE =" 2sii Beyond this too there
w"r" today Indications. - which AZ
hast di-c"rninC Ueopia m tho financial
community werr not blind that before
''" ws"k - over certain announcements
that Will 10 accepted by nobody ~ dts
".lI'tRIug are likely - he made hy the
lu'Nr-t,i" Comm"rc" Commission NJ
" ,lhrugton