The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-13
N w Y ork
Stock Market

New York. July i2.-Stocks suffered
reaction In to-day's market after ris-
Ing In the early dealings TO about the
high level of the rebound, which had
been in progress for several days. The
movement was not accompanied by any
notable change in the news of condi-
tons, but there was a distinct de-
crease in demand at the higher levels.
incident to the reduction OF the short
interest, and the Discrimination of buy
ers of a more substantial kind to fol-
low the rise in prices in face of the
uncertain views OF the conditions indi
Gated by the six months OF railing
prices OF stocks.
able spot in the list, Amalgamated
Copper falling to new low level for
the year. in consonance with further
decline in the price of copper in Lon
don. This special weakness had ID, SYM YIN,
pathetic effect on the general list bui
the establishment OF a downward ten.
dency In the price movement had the
effect OF reviving some feeling OF DIS.
quiet over the general business situa.
ton. The tone of statement said TO
have been issued on behalf OF the Ger
man Foreign Office regarding diplomatic
relations in Central and South Amer
lea, was the decisive influence in shap-
ing the later movement of stock prices.
The fall in prices of copper metal to
new low levels for several years past
in London; and reports of price con-
cessions also in the New York copper
market put a bad face on the sltua-
ton in that industry, and on the earn
ing prospects of companies concerned
in the mining and sale of the metal.
The arguments were used Win lorce
in the speculative movement against
Amalgamated Copper owing to the rel
atively high level at which the stock
is selling in proportion to the dlVi-
dend return compared with other Sc
curities even of the established rail-.
a Ill 1Nt q
copper properties and the declining
rate of the cost of production for some
of them are used also to influence the
speculation in Amalgamated copper
The course of the copper market gave
added effect to the dragging tendency
OF the steel market. and enhanced the
feeling that marking down of prices
of steel products might have TO pc
faced before recuperation set IN ell
fectively. -.
The weakening of the liquidation in
the coppers. and the hesitation of buy
ing on account of the extent OF tne
rebound made the market sensitive 10
the reported utterance OF the 1eriH ma.
Foreign ONCE. The report was so cir
cumstantial in giving official sanction
to the statement and the s'7tement IL.
self was. at the same tine so PROV
ocative in tone as to throw some ieel-
ing of CONSERVATION into tire market,
Visions of the so-called Venezuelan
panic. following the message OF Pfesl-
dent cleveland on the boundary ques-
ton and of the excited markets OF the
Spanish War period sprang before the
speculative Imagination, and there was
some hasty throwing over OF stocks.
The direct contradiction in the tone
of the conciliatory statement on the
subjec from the same. source eariel
in the day served to throw suspicion
on It, and the lack of reliable con
tirmation up TO the close OF business
left the report discredited and In
duced the shorts to cover and rail-,
the market. The earlier severe de
clines were only partly recovered, leav
Ing last prices below last night, blu
with the tone quite steady.
Crop news, money market conditions
the gold import prospect and othe
factors, which have figured in the lat
market We're supplanted by the techni
cal position and the German sensation
The Controllers officer in Washingto
ton with the showing of the reserv
and central reserve centres in the Yves
and Southwest in the incoming report
of condition as of June 30.
Bonds were irregular. Total sale;
par value. s1,413.000.
United States bonds were unchange
2" ro ota1, sales for the day. 5000
shares.
New York. July 12.-Money on cal
steady. 2d3 per cent; ruling, rate
os4. closing bid, 3-4: offered at 2 rs
Time loans firm. sixty days. 1-2: nine
~ days, 4G4l-2; six months, "a Ia
Prime mercantile paper, to IL pc
cent Sterling exchange steady, Wiz
actual business in bankers bills a
s4s34oas4S35o for sixty day bills, an
at s4.s55O for demand. Commercial
bills. s4,s23-46s4.sS IA. Bar silver
l,r oat