The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-07-12
WIDE DECLINE IN
PRICES OF STOCKS
Recent Vigorous Support is No
Longer Manifest
'HUM0R IN THE SITUATION
Time Money Worked Flrmer In Spite
of the Stock Market Liquidation
In Connection With Japan
csc Loan Subscriptions.

New York, July 11.-There was a rush
to sell stocks today, and the strong I'M
DERIVING demand. and the vigorous sup
port which have been in evidence for
some time past were no longer manifest.
The consequence was a wide decline In
prices The volume of dealings was not
In excess of that for many single days
recently, so that the task of supporting
prices should not have been more bur-
densome than before, but the disposition
to do SO was evidently lacking. The sell
Ing which had the most effect on specu-
Iative sentiment was rather ostentatious
by brokers' credited with representing the
organized parties supposed TO have con-
Quoted the leadership of the recent signal
rise in the market Some of the unof-
fcial explanations of this selling pointed
to various causes, some OF them with
deep-lying suggestion of dry humor.
Profits had become so attractive as
result of the advance, 1t was explained,
mat the successful holders were DESTROYS
of reducing the holdings and getting away
from the intense heat. Reports varied
as to whether the coming departures
were to be for Europe or simply for
fishing excursion The frankness and
candor of these explanations and the
open manner of the realizing of their
profits were taken to argue lack Of
astuteness in the methods Of operators
of such successful experience, and led
to suspicious that the real process OF
profit taking had been already completed
= New doubts were heard Of the reliable
ity of many OF the recent rumors of In
tended dividend increases, and it was
pointed out that many stocks had been
advanced already to a level fully COM
nensurate with the expected dividend
Increases. The relaxation of confidence In
the future on the part of recent specula-
tive leaders and their spirit of resignation
to the falling course of prices had a
markedly depressing effect on the miscel-
laneous following Of smaller operators
and they showed Willingness to make
sacrifices to get out of their holdings. and
limit their losses. There was really no
news of effect in the market. unless 1t
might be the revived agitation of the
Equitable Life affair, and the suspicious
aroused by the Gotten report scandal to-
ward the grain condition report due after
the close of the stock market.
Time money worked firmer in spite of
tne SUCK Hdrhet iquiudtlon III connec-
ton with the Japanese loan subscrlp-
tons. and the London market was af-
fected by the same cause. The rise in
sterling at Paris may have been due to
remttances from that center to share
In the allotment of the Japanese loan.
The weekly crop bulletin was regarded
as promising for the various crops. The
compilation OF listings at the stock ex-
change for the first six months of the
year shows the largest aggregate of
bonds for any six months, and of stocks
nine times the amount listed in the first
half of 1904 The bonds representing the
new capital exceed by 20 per cent those
for the first half of 1904, ana more than
twice the amounts shown In the first half
of any previous year. Some special pre-
disposing causes are recognized espe-
eially the advent of foreign government
issues to this market. But the great vol