New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-09

FINANCIAL MARKET
Stock Trading Shows Little Out.
side Business.

Stock market prices presented moder-
ate strength throughout the best part OF
the five hours of trading in yesterdays
market on a light volume of business
that represented little beyond the opera
+ions of the professional element. In
some circles surprise was expressed be-
ca,,se an important recession did not
follow the publication of the government
crop report, which showed material
dacline in the condition percentage of
corn on July /, as compared with the
figures of the preceding month, but as
+be 1910 return was based upon an acre
age much larger than that of 19o3, Wheh
tho percentage was S4.4, against 49,
this year, the speculative clement louhu
no reason for especial uneasiness over
the probable outcome Of the harvest
The chief falling off in crop yields VIII
no in err-inr wheat. which evidently VIII
show a final gathering in the nelghbor-
hood of 100000 bushels less than the
OF t.Ntt All dllSiiill ~ 4---S
lower quotations in the last hour at
tracted no substantial selling ORDERS
and before the close the general course
of rrices again was in the direction Oh
higher levels. The stocks OF the ROADS
that traverse the spring wheat section
OF the country ended under Saturday
final figures. but the extent of the de-
cline was not at all impressive as an in
dica+ion of anything more than traders
operations.
The general market was dull and mar
row. with no important buying Tor COM
mission house account and practicaHy
no investment business. That the prod
,,ca markets were not alarmed over the
outlook for the final harvestS was re
fiected in a lower closing IN wheat anu
ONLY d fractional gain in corn on the
Chicago Board of Trade. On the local
Produce Exchange both wheat and corn
closed heavy. The indicated yield of
winter wheat suggests the largest crop
since 1906. and the third largest in the
history of the country. With big har-
vest of winter wheat and the promise
Of more than an average return from
corn our most important crop, the poor
position of spring wheat need alarm no
ono over this years agricultural results.
The chief advance among the leadlnS
stocks was recorded by Amalgamsted
Conner. which ended at net gain OF
11k Cotton was strong.
While the report of the Copper Pro
ducers' Association shows that stocks on
1 l,- a
any preceding time in the current year.
the figures make an exhibit encouraging
the belief that the long looked for
change for the better in the copper trade
is slowly developing, the gain IN sup
niles amounting to only Z,Zo4,ooI
nounds for the month of July, which
o,,onares with a gain in the preceding
month of 1860, Oh pounds and gain III
Nav of 1S.441.S14 pounds. Curtailment
of production is reflected IN a decrease
in the July output OF S,o49,lo0 POUNDS.
Domestic deliveries increased 3,444,5i9
ro,,nds against d decrease in export de-
liveries Of 6.4SS, 7S1 pounds In some
quarters the copper shares are being &C
cunoulated on the theory that present
nrjces for the issues more than measure
| the 1,nfavorable position Of the trade in
the first half of the year, at a time when
| a disastrous policy has been abandoned
| in favor of economic principles; also on
the belief that when conditions are ia
yorable a copper merger viii be effected
which will insure greater stability in the
| industry and larger profits at a smaller
! cost. There appears TO be no effort TO
| advance the copper securities materially
/ lust now. Substantial interests boost
nr{ces after they have completed their
| lines.
! Money on call was offered rs low as
! az per cent yesterday. but there was no
! change in time funds or commercial pa
Der. The large difference between call
and time rates reflects the disposition Of
| bankers 10 keep their funds within reach
and suggests firmer quotations as the
season advances, in spite OF the almost
record breaking reserve holdings of the
| local institutions. The banks are pre-
paring for active demands in the autumn
for currency from out-of-town points,
and they are bringing in gold to help
strengthen their resources. although the
| operation IS now more in the nature OF a
loan than 0 regular exchange transac-
| lion New York secured the larger part
Of the South African gold offered yes
| terday in the open kondon market.