The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-21
ACTIVE TRADING IN
THE STOCK MARKET
An Advance Is Made Early on
General Buying.
COPPER IS VERY STRONG
Decision on Lumber Rates BY the In
terstate Commerce Commission
Causes Reaction and All the
Gains Are Lost.

New York, July 20.-There was a glim-
mer of speculative interest in the Cop
pers today. That was all that redeemed
the days stock market from being the
dulest of the year. An anomaly in
the dealings was that the usual hull in
the noon hour proceedings gave place
to squirt in the activity which pro-
vided the heaviest hours business of
the session.
The demonstration in the Coppers
group was not explained definitely, but
gave rumors of the progress in efforts
to bring about working agreement be-
tween the leading producers to curtail
the output
Buying of Amalgamated copper for for
eign account was regarded as quite i'm
posing and this supplied the vantage
point for an uplift in the whole group.
Copper mining shares were strong
feature in London and in Paris as well,
thus indicating considerable scope for
the movement, whether it is purely spec
ulative or of more substantial nature.
Desire on the part of number of
financial interests to effect closer in
terest between the greater copper pro-
ducers and to restrict the production.
as avowed, on more than one occasion.
and Is supposed to have awaited the
supreme courts decision on the antitrust
law for active steps toward it's consum-
nation.
The credence given to the present re-
ports of an agreement grows out of the
depressed condition in the copper metal
trade. The prospects of the reports be-
ing well grounded was sufficient to
prompt a considerable demand from out
standing shorts in the copper securities.
The sympathetic effect of this move
ment on the general list proved to be
about the only influence which received
any notice.
Receipts of gold from Mexico, reported
to aggregate 100000 by one firm, we're
said to represent the natural course of
the proceeds of mining operations rather
than any peculiar condition in trade re-
lation. The incident was accepted as sig
nif1cant of the many resources available
to bring In reserves to the United States
from the new production of gold, which
receive little attention in the ordinary
discussion of currency condition. In
creased supplies in the local money mar
ket showed a further effect of recovery
In foreign exchange rates.
hardening of discount rates In Lon
don also was a feature of stock market
heaviness growing principally out of Ia
Dor troubles in England.
Compilation of returns of all the ma
tional banks of the United States made
to the controller of the currency under
the call of June 80 is seen to be imminent
from. the progress of the detailed re-
ports. The compilation Is awaited with
80 much interest as to account for the
halt in activity until 1t is pushed. The
confidence that an improved position will
be shown and the further strengthening
of cash reserves now in progress are
elements in the frmness of the stock
market. a
The realizing movement usual in a mar
row professional market reversed the
early advance in the later trading.
An element in the reaction was the de-
cision Of the interstate commerce COM
mission against the reasonableness In
lumber rates to the west on traffic origi-
mating in southwestern territory.
Bonds were f1rmer. Total sales, par
value, $991,0O0; United States bonds were
unchanged on call.