The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-11
STREET NOT NERVOUS
OVER GERMAN NOTE
Has Not Yet Reached Conclusion %
TO Ultimate Eject OF
Reply.
EToCKs ENJOY SOME RECOVERY
Weeks Trade Adviccs Extremely Sat
isfactory. while Crop Reports In
dictate Bumper wheat Yield ana
Almost Record Corn supply.


New York. July 1o.~The stock
market was still highly professional
affair. III there Ia to be any pubhc
response in the stock market one way
or another TO the German note or
the steel Corporations monthly state
ment. it has yer TO come. Dealings
were too small to represent much
more nan an evening up process By
that mart of the professional and
semi.professional element, which ha-
bitually closes out its commitments
before the weekend holiday. A spec
ulative position Of some size has ac-
cumuIated on the short side during
the past week Of declining prices and
the steadiness Of the market under
IRE and the failure of stock to come
out in quantity has been disappoint-
ing. Therefore. when a hasty read
ing of the German note failed to re-
veal any new and sensational fea-
lures, some Of this stock was taken
back. There was no especial feature
10 the market All the leading stocks
shared In the recovery. A few spe-
ciaities moved up again sharply, no.
tably American Coal Products, which
has been marked up rapidly
No GucSs on German Notes Eject.
Wall Street was not able to arrive
In the short Saturday session at any
very definite conclusion as TO the
Marketwise bearing of the countrys
controversy with Germany In the
stage to which II was brought by the
new German note. The hrst super
1iciai impression which was expressed
in the opening bulge of prices for
stocks very evidently did not meet
the general opinion. and such sec
oud thought as the financial comnu-
nifty gave to the note suggested APP
prehennlon that II might prove to be
m unsettling influence. For weeks
PAST financial conviction has been
that the country would endorse and
support any policy of the adminis-
tration which would honorably avoid
. breach of relations with Germany.
but ideas Of the effect which the note
would have on public opinion were de-
cidediy confused today.
British influence Disturbing.
Aside from the important event at
the end of the week. the publication
Of the latest German reply TO Wash
inEton's communication. the prinei-
pai occurrences of the week could not
be regarded as otherwise than encour-
aging a maintenance OF conservative
Atkitud6 kOWATu totuEpES anu fatNFr
Stock declines all the week under
pressure. which included. frst larger
fors.gnSofferings of our railroad shares
chiefiy. and then domestic speculative
liquidation excited bearish operations.
There Mas no question that the share
list mad become somewhat vulnerable
10 attack more on account of some
what stale long interest than because
Of the size of the margin position
for the rise A material influence was
exerted by the disturbance resulting
from British liquidation following the
pronunciation of the new war loan,
and Wall Street found IL necessary 20
60 through some shifts OF commit
usents ami reaatustment of prices TO
the new measure of capital.
In other respects there was material
enough in the weeks budget of news
to support optimism had the specula-
-fi~e mood not been sa depressed TIKI
drastic plan of reorsanixing Missouri
Pacific finances was. under the cir
cumstances hailed as q token of the
Universities OF the railroad problem,
but as matter of fact it was of good
omen In the purpose evinced TO put
corporate rehabilitation on a perma-
nent and not on a temporary basis.
Trade Advtccs Satisfactory.
Trade advices were especially sat
isfactory In their reviews OF the i'm
dustriai situation. This is especially
true Of the steel business which Is
on an expanding scale OF activity, both
in production and forward ordering.
The commercial agencies report a
steady spread. Of industrial operations
denoted by the decreasing weekly pro-
ceedine of idle equipment ami labor.
and striking contrast is offered with
the lulu which 10 customary at this
season.
Nothing would detract from the
general excellence of the government
crop report ~ of June l, 1t showed
that prospect OF ss3. 600. 00e bushels
OF wheat against lest years actual
harvest Of ss1, 0o0. 600 bushels. AL
most record crop OF corn il prom
Used. even though corn has had late
start. Oats and barley may make
harvests OF record size, and a record
hay crop h assured.
In the foreign exchange market
there wore no important changes. The
most slgnincant International fina nciai
development was the negotiation to
arrange . French commercial loan
between bankers on the collateral Sc
curtty OF French treasury notes.