The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-12
N e w Y 0rk
Stock Market

po Mw t xork sudx rons h h ser Spring
rains. There was an engagement OF
ms GSV-g e New S'' York. nf Tbat and the
weekly New York bank statement ns, NJ
closed on Saturday. indicated abund. .
ance OF money supplies In the local
faehees on Th the p Mere Of toeRs
and they advanced in response over
the closing level OF last week. The
speculative tone developed some I'M
certainty at the higher level of the
market This was partly due to the
eales for the purpose of realizing pro-
fits from the buyers at last weeks low
level. The break in the London copper
factor.
The stock speeulation had gone
good way towards discounting crop
disaster in the spring wheat states
eonSditio q'l leaves room therefore for an
improved point of view toward stocks.
OPINION was diyided oyer the avatlt,
snility Of rains to effect gfeat esn ,his
belated period That further deteriota-
tion has been arrested is in itself cause
for congratulation, and gives freer play
to the compromising advantage of the
great promise of the corn crop. and the
Improving prospects of winter wheat
as Influenced on speculative markets.
The better crop news has given credit
for some of the new demand for stocks
which were reported to be in evidence
in commission house circles. Buying
of this character from outside sources
is taken advantage OF with special Gag
jerness by professional operators to dis
tribute holdings, owing to the oppor-
'tunity to relieve the narrow circle of
congestion In the board room specu-
1ation.
The slump in the London price of
copper was taken seriously to heart
by the speculative element in stocks
as threatening reopening OF an ad-
mittedly weak point in the industrial
situation. The price touched avs. in
itself. striking dem onstration of de-
preston. reaching the lowest quotation
Tor standard copper touched for several
from this country. which made the
bright spot in the June copper pro
ducers statistics. made Door assurance
for relief of the conditions of plethora
receiving markets. The. news OF the
weeks reduction in prices of crude
steel forms to conform to the lowered
additional influence as an Industrial
symptom The weight of this burden
on the general market proved drag
and neutralized the strength of the
The identity OF the importer of the
gold engaged In London could not II
learned. Some OF the large ini,a,S,nntion-
al banking Houses were CdAuia III en-
pressing criticism of the movement
and frank in impugning its motive as
designed to stimulate the stock mar
ket The response of the two money
markets affected was proof, however
;of the forces at work to favor the
movement. The private discount rate
declined in London. in spite of the
taking of gold. while time money rates
for periods running over the end of the
cent level and above. which offers at
traction for borrowing money in Lon
don for employment In New York. TIL,
diminishing control OF the Bank o
England over the London money mar
let is explained by the fact that o,
Saturday the bank paid out s12.eoo.oo
in redemption of maturing treasur,
bills. on Saturday of this week $40.
100000 must be paid for like prupos
and on the 9th of this month anothe
$i2,50o,0 600. Foreign exchange here
was weak, in spite OF the gold en-
gagements and fell back to last week
low level
va HGnds sl, Ts5s urn l0'ai SAFES pa
United States bonds were unchange
on call.
New York, July 11.-Money on cal
steady 1-263 per cent; ruling rat
212; last loan. g.: offered at "a
41-4; Six months. SOS ia
Close. Prime mercantile paper sd
51-2 per cent: sterling exchange veal
with aetH va b ~ in bankers. bill
cial bills 3-434S31-4; bar silver
Ill