Norwich bulletin., 1910-07-13
FINANCIAL and COMMERCIAL,
REACTION IN STOCK PRICES.
Early Severe Declines Were Only
Partly Recovered.

New York, July 12.-Stocks suffered
reaction today after rising 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 anynotable change
in the news of conditions, but there
was a distinct decrease in demand al
the higher levels incident to the re-
duction of the short interest and the
Discrimination of buyers of a more
substantial kind TO follow the rise in
prices in facs of the uncertain views
of the conditions Indicated by the six
months of falling prices of stocks.
The copper stocks were the vulnera-
BILE spot in the list, Amalgamated Cop
per falling to a new low level for the
year in consonance with further
decline in the price of copper in Lon
don. This affected the general list,
but the establishment of a downward
tendency in the price movement had
the effect of revtving some feeling of
disquiet over the general business sit
uation. The tone of a statement said
to have Been issued on behalf of the
German foreign office regarding dipIo-
matte relations in Central and South
America was the decisive influence in
shaping the later movement of stock
prices
The fall in prices of copper metal to
new low levels for several years pas
in London and reports of price con-
cessions also in the New York copper
market put a bad face on the situa-
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 with force
in the speculative movement against
Amalgamated Copper owing to the rel
atively high level at which the stock
is selling in proportion to the dividend
return compared with other securities
even of the established railroad class.
The development of new copper prop
critics and the declining rate of the
cost of production for some of them
are used also to influence the specula
ton in Amalgamated-
The course of the copper market
gave added effect to the dragging ten
dency of the steel market and en-
HANGED the feeling that q. marking
down of prices of steel products might
have to be faced before recuperation
set in effectively.
The weakening effect of the liquida-
ton in the coppers and the hesitation
of the buying on account of the ax-
tant of the rebound made the market
sensitive to the reported utterance of
the German foreign Office. The alleged
statement was so provocative in tone
as to throw some feeling of conster
nation into the market. Visions of
the So called Venezuelan panic follow
ing the message of President Cleveland
on the boundary question and the ex-
cited 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 utter
ance to the conciliatory statement on
the subject from the same source
earlier in the day served to throw sus-
picion on il and the lack of reliable
confirma ton up to the close of bust
ness left the report discredited and in
duced the shorts to cover and rally
the market. The earlier severe de-
olines were only partly recovered, 1eav-
ing last prices below last night, but
with the tone quite steady.
Bonds were irregular. Total sales.
par value. $1.413.000. United States
bonds were unchanged on call.