The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-07-12
WALL STREET NEWS
Great improvement Mani.
tested in Stock Market.
HEAVY RAINS FALL IN WEST
Grain Prices Lower rs Result and
Strong Bank Statement Also AID
Favorable Impression-Prices of
Prominent shares Adyance-bon-
don Copper Market in a DeeIiae.

New York, July n.-To-day the security
market exhibited to fully as great an
extent as could have been expected the
manifest improvement In financial SEN
tinnent that has recently taken place and
was so distinctly evident at the close of
last week. This has consisted funda- |
mentally Of some serious consideration
OF the great decline in prices since the
first OF the year. which has carried quo
tations for many prominent stocks down
to points which are within hailing dis
tance Of the panic level of 1867.
Reasons for further fall must neees-
sarily be based upon the idea that the
country's business situation is inherently
in a much worse state than any evidence
! makes likely that has so far been brought
forward That Wall street is In general
inclined 10 take this sensible view Of the
matter was plainly enough shown last
! week. when the market. although It was
depressed upon the poor government crop
report, did not fall lower than its range
earlier in the week
Good Rains in West.
Over Sunday there were good rains, IN
some cases heavy. in the Northwestern
spring wheat territory, and particularly
In North Dakota, where the effects of
the drought and heat had been most pro-
nounced, and therefore to-day wheat
prices ruled weak throughout. and closed
nearly at the lowest
Further, favorable impression was, of
course. made by last weeks Unexpectedly
strong bank statement. No little curl
osity was expressed to-day as to the
. reasons for this very favorable return;
. but the causes thereof seem TO be con-
! neeted with the circumstance that the
bank statement Of week ago came
Just at the time when it exhibited fully
. the drain upon the resources OF the local
institutions caused by the July dis
oursements without also showing, except
In a small way. the redeposlts In the
banks Of the money distributed,
II was also reasonably clear that the
reduction in loans shown was due to
policy adopted by many Institutions Of
renewing with certain degree of hesi-
tation and cutting down a large number
= OF loans maturing on July l. Because
? OF the firmer tendency OF time money
b here and of a lowering Of discounts in
: quarter OF a cent and it was announced
/ that half OF the 100000 Of South Afri-
can gold marketed in London to-day had
been bought for this country
Look for Gold Imports.
This did not assume the form of an
actual gold engagement. although It will
doubtless appear in that shape in due
course The incident again emphasizes
the strong currents that are running in
the direction of gold import movement
that Will in al probability take on large
proportions before It IS over
To-day, therefore in the early part OF
business prices OF stocks were strong.
and the prominent shares. or at least
many of them. advanced a point over
Saturdays close Then the market be-
came dull and later on sagged of, un-
der the sole influence, apparently. of the
development of specific weakness in
Amalgamated Copper. which closed al a
net decline for the day of 22s points
The fall here was presumably due 10 the
sharp decline in the copper metal market
IN Toudou