The Birmingham age-herald., 1909-07-10
LITTLE ACTIVITY
 IN STOCK MARKET Bears Have Best of Argument
 In the Trading DEMAND IS VERY SCANTY Money Market Remains Extremely Easy and Offers Opportunity for Speculation to the Oper-
 ator in Stocks.
DEMAND IS VERY SCANTY

New York, July 9-The professional contingent in the speculation took it's cue today from the failure of yester- days market to respond to the favorable showing of the government crop report. There was no difference of opinion as to the prosperous promise of that showing in Its yield of crops in excess of any pre- yious years valuation. The wheat mar ket showed some disposition today to take more accurate account of the deteriora- ton in spring wheat reported by the ag- ricultural department than was done yes- terday. Even in the corn market the rise in prices of that cereal seemed to belle in part the governments estimate of more than 1000 O00, 900 bushels of that grain. There was no great misgiving admitted, however, over the great promise of the grain harvests. The wish to realize profits, nevertheless, overbore the force of the new demand for stocks which was very scanty Suspicion of the level of prices for a buying basis seemed to be more potent than the great progress in the country's affairs which Is reported.
 The money market remained extremely easy and offered no Encouragement to the operator in stocks on margin. While in tereSt rates continued LOW, IL ulu HOl tS- cape notice that the heavy accretion of banking cash estimated this week came from other sources than the interior movement the operations of the sub treasury contributing a fair proportion. The large government disbursements which contributed to this result included some special payments on account of the Philippine government which do not fig ure in ordinary government accounting.
 inflow from interior while reaching the considerable estimated total of over $4,O00,000, Is somewhat less than half that of last week. With New York exchange at Chicago ruling at discount for most of the week this show ing Is no cause for surprise. It Is expect ed that interior banks will draw on their New York balances largely to effect re- payment of government deposits next week under the recall of S9,000, ,000 on July 15 Some disturbing effect was pro- duced by the heavy shrinkage which has been going on In the price of some of the railroads which failed to weather the storm of last years depression, and which are now undergoing reorganization. The drastic assessments threatened In some of these cases serves to dismay the holders and sales at sacrifice have followed. An example in point today was Western Maryland, which sold as low as "A. The Mercantile Marine securities reflected the poor showing of the annual report al- though that was published some time since.
 The group of transit lines on Manhat- tan Is further indication of the stormy path they had to follow. The monthly statement of the Copper Producers as- ssociation were read with interest, and while superficially favorable gave no help to the market for the copper industrials, The months reduction of surplus Stocks fn, in May, but the present demand for refined copper is pronounced torpid and prices have sagged in the last few days. The average daily production in June rose