The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-21
IN w Y ork
Stock Market

New York. July 2o.--There was
4iimmer of speculative interest in the
foppers to-day. That was all that re-
deemed the days STOCK IN tnar year if am
anomaly In the dealings was that the
usual iull in the noon hour proceedings
gave place to the. spirit IN activity,
which provided the heaviest hours
business OF the session. The demon
stration in the copper group was not
explained definitely, but gave rise 70
rumors OF the progress IN the eIorts
to bring about @ working agreement
between the leading producers to cur
tail the output. The buying of Anal
gainated Copper for foreign account
was regarded as quite imposing, and
this supplied the vantage point Tor an
uplift In the whole group. Copper
mining shares We're a strong feature
in London and in Paris as Well thus
Indicating a considerable scope oil the
movement, whether Ii is purely specu-
lative or of more substantial nature.
The desire of a number of important
financial interests to effect closer
agreement between the great copper
producers and to restrict the produc-
ton has been avowed on more than
one occasion, and is supposed to have
awaited the supreme Court aeclslon
on the antitrust law for active steps
towards it contamination. The cred
ence given TO the present reports OF an
agreement grows out of the depressed
condition in the copper metal 1raue
which is resulting from the sustained
production. in spite of the maintenance
OF the consumptive demand al rate
which is limiting the further accumu-
lation of surplus stocks to moderate
proportions The prospect OF the re-
ports being we'll grounded was sum.
Cient TO prompt a considerable demand
from outstanding shorts in the copper
securities. The sympathetic effect OF
this movement on the general list
proved to be about the only influence
{ bich received anN notice,
Receipts of gold from Mexico, re-
ported to aggregate S3,000O0O by lone
firm, were said to represent the nat
ural course of the proceeds of mining
operations rather than any peculiar
condition in trade relations. The in
cident was accepted as significant OF
the many resources available to bank
ing reserves of the United States from
new production of gold. which receive
little attention In the ordinary discus
sion of currency conditions
The increased supplies in the Local
money market showed further effect
in the recovery In foreign exchange
rates A hardening of discount rates
Elm London also was feature OF stock
heayiness, gr9wins prire, l,an ,p our
compilation of returns of all the ma
tional banks of the United States
made to the Controller of the Cur
rency under the call of June 80, Is seen
TO be imminent, from the progress OF
the detailed reports. This compilation
is AWAITED with so much interest as tc
laccoun, for the halt in activity until u
is published.
The confidence that an improved
position will be shown and the furthe
tstrengthening of cash reserves now y
tproeress are elements in the tirmnes
of the stock market. The realizin
s,novement usual in a narrow profes
.sional market reversed the early ad
vance in the later trading An ele
ment in the reaction was the decisio
of the Interstate Commerce Commits
sion against the reasonabless of lun,
Fber rates to the Northwest on traffi
Originating in Southwestern territor,
Bonds were frmer. Total sales, pa
value 1891, 900. United States bond
were unchanged on call.
Total sales for the day 207,SO
shares.