The Birmingham age-herald., 1909-07-12
PRICES OF STOCKS
 WELL SUSTAINED Despite of Declines Undertone
 of Market Is Good CROP PR SPECTS ARE GOOD Money Market Met July Settlements Without Effort-Genera Trade
 Is Improving and Industries
 Are on Full Time.
CROP PR SPECTS ARE GOOD

New Y k, July 11.-Last week de- veloped con, tons financial, industrial and agricuh al of assurance and irregular movem@ of prices in the security market a. not obscure the importance of the weeks news, but tes- titled to the extent to which the im- provement in affairs had been antici- pated by previous operations in the stock market Evidences of the ex- tent to which the process of antcipa- tion has gone by the advance in prices already achieved may be traced in the fact that high prices for the week in such stocks as Union Pacific, Southern Pacific and Atchison were the highest ever touched since those stocks came into existence while United States Steel hovered within a fraction of It's record price on several occasions. The immediate effect on the market of strikingly favorable news was to cause a recession in prices, this action demon strating the eagnerness of the profess sonal element, which is most prompt to act, to realize profits. Outside de- mand, meantime was slower to come forward and its further growth was left undecided.
 Most importance was accorded to the promise of bountiful harvests. The hopeful feeling which had been growing up from the information obtainable from official state reports and from private estimates was amply confirmed by the figures of the government crop report. The promise of bumper corn crop and an oats crop only slightly below record are regarded as espe- cially important from the standpoint of the railroads. owing to the enormous tonnage, and the profitable freight movement thus assured.
 The estimate of total wheat crop of 1900 .000 bushels, while well below bumper crop figures, is considered in connection with the extraordinary low reserves of last years crops in farm ers' hands and reports of damage to crops in oth CT count es, which are bound to enhance the value of this country's output,
 The cottoh .-Ss psoapect is less sat- isfactory and anxiety will be felt over its final outcome, owing to its prime importance in the export trade, and its large influences on the total valuation of the country's agricultural product.
 On the industrial side the great basic iron and steel trade yields gratifying proof of prosperous expansion In the en- larged production, extensive orders on hand and firm price maintenance. The excellent condition of the iron and steel trade is accepted as a key to the whole industrial situation. The copper trade prospects continue somewhat out of line with this showing, and renewed fall in prices of the metal in London and in New York is evidence of this condition. The railroads are reporting net earnings for May, and the comparison with last years figures Is more favorable than early months.
 The unruff1ed ease with which the money market met and passed the July settlements relieves all present appre- hension on that score. The downward course of the interior exchanges last week shows the waning of the movement to- ward New York of currency. Interior banks are more than usually well sup piled with cash reserves this year, and 1t is expected that demands on New York to move crops will be less than usual It Is expected that interior banks will draw on their New York balances largely to make repayments of government de- posits under the call for July 15 and Aug 15
 Gold continues to go out for Argen- tine, but exportation of further export to France was not fulfilled New bond issues continue to appear and important flotations are yet to come.
 Foreign participation in some of these are expected, and this may have an inn portant bearing on the international ex- change situation. which Is complicated at present by heavy borrowings by New Workers in foreign money markets.
 The progress of the tariff bill toward enactment. the inclusion of.the corpora ton earnings tax and an income tax amendment In the programme and the signs of the direction of the energies of the department of justice against the holding company device employed by great corporations made the political field of special interest to financial inter- ests.
 Colonel PointerJs Funeral