New-York tribune., 1910-07-22
FINANCIAL MARKET
Call Money Easy, with Further
Strenqth in Sterling Rates.

Wall Street traders who had been
looking for Developments to stimulate
interest in speculation found something
OF the sort in the announcement ycster-
day of a reduction in the dividend on
the common stock Of the National Lead
Company. Spectators Of the profes-
sjonal variety hammered prices through
out the list when IT became known that
The National Lead directors had decided
that the present relatively unfavorabie
condition or the company's business
would not warrant a dividend Of more
than rfree-fourths Of / per cent, against
II. per cent. the last preceding declara-
ton. but as far as could be learned from
/ banking houses there was nothing in the
nature OF investment liquidation in any
mart Of the list There was no reason
why there should have been sales by
holders Of solid securities. The Ma
/ tionaI Lead Company has made iTregu-
! lar payments on its common stock, and
il is absurd TO accept the reduction made
! Yesterday as the inauguration Of a
period Of generally lower dividends
( Some com npanies have been paying divi-
dends tlat never should have been de-
clared. as in the case Of Chicago
Alton which has just passed the COM
mon stock disbursement. and il is quite
likely that IN the near future there viii
. be a further suspension OF this class Of
payments. Investors in high grade
stocks. however. need feel no apprehen-
sion Their dividends are well secured
National Lead dropped more than i
points in the afternoon operations. and
American Smelling more than . points,
selling OF the latter being based on the
theory that the American Smelling and
Refining Company was q large holder
+ Of National Lead stock. The American
Smelling and Refining Company is not
holder Of National Lead stock, but Ger
tain well known capitalists are identified
with both companies as individual stock
holders. The general market closed
from / 10 points down, including
! AmaIgamated Copper. on which the reg
ular quarterly dividend was declared,
and which Is nov supposed TO be bull
+ specially.
+ Curtailment Of production and then
consolidation Of the larger copper prop
critics is the bull slogan on the copper
stocks at present. There has been no
/ favora bic change in actual copper trade
conditions. but in spite Of the fact that
+ the copper issues often have been
marked up on false reports of pending
/ important developments the Street be
/ Iieves that in the current instance some
thing is actually about 10 happen 10
/ stimulate the trade and TO bring about
a readjustment Of prices for the various
copper shares to g higher level. Con
/ solidation is q long way off, and it need
not be considered just now. Reduction
/ in the output. however. is likely. for the
good reason that-it is the only remedy
/ in sight calculated to cure a most un-
/ healthy situation. Production has been
( heavily in excess of consumption for
many months and the different copper
! interests apparently have been running
! race 10 see who could mine the largest
amount Of the metal irrespective Of the
, consumptive demand. There has been
DO harmony in the trade, while in the
I iron and steel industry the reverse is
! the case The reports, therefore, that
I the big copper interests on both sides OF
the Atlantic at last have come to a
silent agreement 10 curtail the output
necessarily invites greater confidence IN
the future of the business and in the in
trinsic value OF the copper securities A
better inquiry for iron IS noted in the
Pittsburg district and producers appear
to be determined 10 restrict production
L actual requirements in The current
quarter. Both producers and consumers
evidently have made up their minds to
accept prevailing prices as the absolute
minimum The United States Steel Cor
poration is meeting price reductions by
the independents for finished steel prod
ucts. but there is nothing in the price
situation that alarms interests identified
with the trade.
Money rates were easy Yesterday and
sterling exchange was higher. folio7,in ing
the sharp advance os the preceding day.
Long bills no longer are being offered is
z. consequence Of the higher discounts in
London and The lover money rates here.
and unoer present conditions in the
market no pTofit can be obtained on i'm
ports Of gold The Bank Of England
nads. no change in its minimum rate OF
/ discount. and showed in its weekly re-
f1ru "A p-orortion % reserve Ia liability
/ Of -,I.10 per cent. cnlnuared with & ten
year average Of Il. % per cent.