Daily press. [volume] (Newport News, Va.) 1896-current, 1910-07-12
Money Situation and Crop Re-
port Sustaining Influence.
SLUMP IN LONDON COPPER
Speculative Tone Develops Some I'm
certainty at Higher Level of Mar
ket, Which is Due TO Sales for Real
ling Profits.



reports that the drOugh in the spring
wheat region had been relieved by
rains There was an engagement OF
S.. 100000 gold In London for shipment
to New York. That and the weekly
New York bank statement, published
after the stock market closed on Sat
urday. indicated abundance of money
supplies in the local market These
were sustaining Influences on the
price of stocks today, and they adj
vanced in response over the closing
level of last week.
The speculative tone developed
some uncertainty at the higher level
OF the market This was partly due
to the sales for the purpose OF realiz-
ing profits from the buyers at last
weeks low levels. The breaking of
the London copper market was a
positive weakening factor.
The stock speculation had gone "A
good way towards dscounting a crop
disaster in the spring wheat states.
Opinion was divided over the avail
ability of the ra rs to effect great
benefit for much Of the sprng wheat
at this belated period.
The better crop news was given
credit for some of the new demand
for stCcks which were reported TO be
in evidence in comm ssion house cir
cles
The slump in the London price OF
copper was taken seriously to heart
by the speculative element in stocks
as threatening reOpening of an adj
mittedly weak point in the industrial
situation. The price touched. was III
itself striking demonstration of
depression. reaching the lowest quo
tation for standard copper touched for
seVe'ai years past.
The news Of the weeks production
in prices of crude steel forms. TO cen
form to the lowered prices of iron.
gave the copper news additional in
fluence "a an industrial symptom. The
weight Of this burden on the general
market proved drag and neutralized
TIE strength of the earlier part Of the
day.
The identity Of the importer of gold
engaged in London could not be learn
ed Some of the large .uternat.on
al banking houses were candid in eX-
pressing criticism Of the movement
and frank in impugn ne its motive as
designed to stimulate the stock mar
ket
The response of the two money mar
kets affected was proof. however. oil
the forces at work TO favor the move
ment. The private discount rate de
clined in London. in spite OF taking
Of gold, lie time money rates tor
periods running over the end OF the
year held strong In New York AT i've
per cent level and above. which Of
fers strcrg return for borrowing
money in London for employment In
New Yo.k. Foreign exchange here
was weak, IN spite Of the gold engage
ments and Tell back TO last weeks
low level
Bonds were firm Total sales par
value. SL52s000
Total sales for the day, 5O4, 400
shares. including: Amalgamated Cop
per. Si,S00; Sugar. 100. Tobacco. 300;
Atchison. 50. is0: Atlantic Coast Line.
500: Chesapeake * Ohio. ; 500: Louis
vile X Nashville 800: Norfolk 4
Western. 500; Reading. 102,500: Sloss
Sheffield. 100: Southern Railway. 900:
pfd.. 800: Tn on Pacific, 77.Io0: Unit
ed State Steel. 1920: Virginia Care
lima Chemical. $500
Closing List.
Aliis rhalmcrs pfd .... 90. go. 5a4
Amalgamated Copper 800. $500. 57ts