The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-07-13
CROP REPORTS AID
THE STOCK MARKET
Profit Taking Movement Stops
for a Time
WHEAT IS SPECIAL FACTOR
hardening of Money Market Attracted
Offerings of Foreigners in New
York Market, Weakening
Foreign Exchange.
WHEAT IS SPECIAL FACTOR

New York. July 12.-The report of the
agricultural department on the condition
Of cereal crops as of July 1, was an
directive sustaining influence on prices of
stocks today and served to protect the
market against the effect of the continu-
alton OF yesterdays profit taking move
merit. On the opening rise in prices the
selling Vt this character was conspicuous
with the persistence of the firmer tone
In the market the pressure became less
urgent.
The stocks chosen for the leadership OF
the recovery were indicative Of the part
played by the crop report on the move
ment. The volume of the buying was
very moderate and the decline In the
total of the days sales from the recent
iy prevailing average. was perhaps the
most significant feature of the market.
The movement in the wheat market was
the corroboration of the Importance at
tached to the government report in the
stock market and for the first time IN
many days the price movement was
consistent in the stock and commodities
markets, wheat declining when stocks
advanced.
The influence of the government report
upon the markets belied much OF the pro-
fessed distrust since the cotton leak scan
daI came into active discussion and TINS
had some soothing effect on the fears
that the whole basis of the market oper-
atoms was in a way to become unstable
with a threat of consequent disorder in
the market.
- l.,It ,4s.A r1rhnn
100000 bushelg and the possibility of a
bumper corn crop were accepted as CIV
ing full promise of profitable trafnc LOT
the granger railroads. Some or the hlgh
priced closely held stocks in that group
made wide advances on light absorption.
The favorable weather in the spring
wheat region helped the northern gran
gers The failure yesterday to secure
quorum of Union Pacific directors was
regarded from a revised standpoint as
leaving open the possibility of later ac-
ton for increasing the dividend ana us
cussion of this probability was an actiVe
factor In the market. Inc deinaho iol
time loans for the longer periods was
still a feature of the money market, and
she demand was said to come for re-
newal from other than stock excnanse
circles.
The hardening of the money market
a ttracted offerings of foreigners in TINS
market and the selling OF exchange pllls
on this account weakened the foreign ex-
change market The immediate closing
of subscriptions to the new Japanese
loan annortionment was testimony to the
largo volume of the applications, and 1t
Is expected that the allotments will be
Followed by release of borrowings for
over subscriptions as there is no discount
allowed for payments made in advance
before August 3. The local banks are
making preparations. however, for the
call upon government deposits for Satur.
e,,cb requirements by drawing on the
New York accounts. The late rise in
Northern Pacific, 2O11s, the highest price
r,nce the corner In the stock was ac-
rompanied by rumors of an intended ex-
ira dividend and just before the close the
action increasing the Baltimore ana ono
semi-annual dividend to 21s per cent was