The Birmingham age-herald., 1905-07-23
SELLING PRESSURE MORE AGGRAVATED Large Volume of Sales During
 First Hour RUST DAMAGE IS GREAT Market for Securities Has Been Apa- thetIc During the Past Week.
 Heat In Large Measure
 Responsible.
RUST DAMAGE IS GREAT

New York, July 22.-The selling pressure in the stock market was aggravated sharply today, and a large volume of sales came out on the market during the short session resulting in some wide de- clines with the closing weak and actiVe and near the lowest The movement was attributed to the cumulative effect or growing uneasiness ovsr the widespread reports of damage from rust in the spring wheat region, the discussion opened py the head of the United Mine Workers or fine coming struggle over the renewal O. agreement with operatives which expires next spring. and the Encouragement Of advocates of higher prices over the failure of the weeks favorable events to sumu- late another demand for stocks Reading bore the brunt of the attack as was nat ural on account of its long leadership ol the speculation for the advance and the consequent accumulation of a vulnerable long interest in the stock.
 But the weakness of the list was not local. and the list of the days losses shows a. general distribution in all parts of the market. Union Pacirc showed some
 
 of Amalgamated Copper, but these stocks ultimately yielded with the rest of the list. The weakness in the early wheat market failed to reassure holders or stocks and they continued to sell large selling orders being reported from the west. The large loan increase was the Item of most interest in the bank statement and was attributed to the efforts of banks holding the proceeds of the Japanese loan on deposit to get them placed In the money market during the week. The clos ing was decidedly weak. Total sales oi bonds par value. s75O0oo.
 The market for securities has been an apathetic one this week. and has borne the impress of it's limitation to pro- fessional operations of the smaller class Some part of this is undoubtedly attrib- utable to the excessive heat which made all degrees of human activity burdensome but it Is doubtful whether this would have prevented the execution or orders in the market with any strong motive in force for buying or selling. Foreign markets have shared the letharagy of our own, and a growing ease in money rates has not availed to stimulate any absorption of securities.
 Developments of the week have been in favor of values and confidence in the soundness of conditions and in future inn provement has been widespread. but the attitude in the stock market has been one of waiting for these conditions to awaken a demand for securities to take over the large holdings which had been bought in the expectation of the improvements in condition The investment demand grow Hng out of the July disbursements has been disappointing. and has been especial ly light for the usual investment fa- vorites.
 1rr-+ oi,s. rottroad mort ero oae aapd r,re- ferred stocks on which the rate on divi- dends is fixed have reflected none of the customary seasonable demands The high level of prices at which ordinary share capital was selling prompted the large stress laid on prospects of dividend increases The fu1fllment this week of some of those expectations in the cases of important representative stocks has revealed the facts that the coming in