The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-22
N eW Y 0rk
Stock Market

New York. July 21.-Until the re;
auction in the dividend on National
Lead was announced. the stock market
to-day was a humdrum affair The
news OF this action created some spec
ulative excitement. and its influence
was reinforced by the wholly unsup-
ported state of the stock IN the iie,
be effected only at rapid concessions
of to 1 IL points between sales.
Closing last night at 60 SIS, the stock
sold as low as o. Such violent an, ana
tion, even of a single security. MAS Was
bound to precipitate some protective
liquidation in other stocks, without
considering the differences to be
drawn regarding trade conditions,
The effect on speculative sentiment
and on the stock market position was
enhanced by the use made FOR two
DAYS of vaguely defined rumors of
steps taken to better the copper trade
position and push UP the price of the
metal industrials. The suspicion on
the part of buyers of these stocks that
they had been duped or that contest
between trade forces was being waged
that threatened the success OF, any et-
fort to secure agreement in the trade
prompted a heavy throwing over OF the
metal materials, and the whole list
was brought into the scope of the
influence. American Smelling showed
the effect of the large financial IN
terests common 10 the two companies
in its close sympathy with WI, - Nat I,.ara
naturally affected quite acutely.
The advance in the price of Ma
tional Lead preferred in face OF the
decentralization in the common stock
was a commentary on the Increased
benefit of conserving earnings for the
senior security. The simple eXplana.
lion offered for the reduced dividend
was that business and earnings did
not warrant the maintenance of the
higher rate. The margin of earnings
over the amount disbursed in divi-
bends by this company was narrow
one by the showing of the last annual
report. The concrete example thus
offered OF the consequences of lessened
trade activity to profits of business
made sharply depressing influence or
already making itself felt, for. the
showing to be made by the United
states Steel Corporation in its quar-
terly statement Of earnings to be pub
lished Tuesday. The regular Amalga.
nounced until after the close of the
market. but last prices showed some
recovery.
market dropped out of sight in the
excitement which followed the National
Lead dividend action. The copper cur
tailment rumors retained some
vitality in the early dealings and gave
the coppers some power OF resistance
of the general dropping. tendency
Foreign markets were disturbed b.
the failure of a brokerage house IL
Vienna, which threw pressure on Sc
curities markets. The action of tn
wheat and cotton markets has re
vived uneasineSs over the crop pros
poets, and the effect of the later easin
of the wheat market was lost In tn
general weakness of stocks.
Government disbursements throug
the subtreasury continue to add larg
amounts to the cash holdings of tf
banks, the gain from that source sine
the last bank statement having rise
to S7505,000. The Bank OF Englan
and the Bank of France both mao
strong returns to-day, but demand
of the English money market al
hardening discounts.
Time money is growing easier. ar
the foreign exchange market was fir
to-day.
Bonds were irregular. Total sale
par value, s1,O0e,0 600 United Stat
bonds were unchanged on call. Tot
sales for the day, 52s.500.
easy. 21-4@2s-4: ruling rate. al
closing bid, 21-4: offered at SIS Tin
loans easier. sixty days, 3 1-493 l
months. 5@5l-s. Prime mercanti
change steady, with actual busine
sixty-day bills. and at s4S565 for d
mand. Commercial bills. SASS
$4.s31-2. Bar silver. "a SIS. Mexico
4