The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-25
DOWNWARD TREND
IN STOCK MARKET
Advance in Grain Depresses
All Stock Issues
DEALERS ARE GLOOMY
Attorney General Wickersham's Speech
Attorney General Wfckersham's Speech
Persnges More Government Ac-
tiyity Toward Railroads and
Corporations

New York, June 24.-The stock market
fell into depression again today under the
combined influence of renewed reports
of crop damage and OF the publication
,iof Attorney General Wickersham
speech in Chicago. The close correspond
ence in the speculative movements IN
grain and stocks was seen IN the course
of the early fluctuations in the Market
Stocks started higher and wheat started
lower. The rains in the spring wheat
belt were the dominant influence In IN
yestments When wheat commenced to
advance stocks began to decline. AT 'he
same time reports OF extensive damage
not only to spring wheat but corn pc
gan to come into Wall street in nood.
The private experts in the employ OF
commission houses active both IN grain
and stocks were the authors or many OF
these reports, and a parallel speculation
seemed to be going on in the two markets
for higher prices for grain and the prices
for stocks, a combination or actiVi'y not
Z at all unusual in the critical period lor
the CROPS This phase of the speculation
Y was inclined to make much of weather
z forecasts for clear weather in the north
west for the chance of a growth or ap-
prehension over the situation during the
coming Sunday interval.
q The manner in which government con-
( troll of capitalization was treated by Al
torney General Wickersham In MS chi
caeo address seemed to appeal with new
force TO operators in stocks. Circulation
of advance copies of the address, subject
to publication only upon release, and the
reiteration of many arguments ana con-
Z tentions heard before in connection with
the agitation did not detract from the
grave Importance attached to the paper.
q Apparently the determination voiced by
President Taft in Yesterdays statement
and indicated in the Attorney Generals
5 argument to make aggressive efforts TO-
ward securing the desired new legislation
& in the coming session of Congress offered
< new phase of the subject. Mr. wicker.
sham's advocacy of use of the national
power to correct every evil or public
character which experience demon
strates TO be susceptible of correction
only by national legislation, was seized
upon to indicate a broadening scope of
government pursuit of corporations.
There was a supposition that the pres
, sure on stocks believed to come largely
from professional sources has in it a
provocative purpose to bring out support
from the financial party credited with
desire to see stocks advance.
The arrival at his office of J. P. Nor
gan for the first time after his annual trip
abroad was coincident with the most ac-
tive selling movement of the day Pre-
imnary estimates of the weeks currency
movement indicated a further large influx
of cash tonight from outside sources. the
margin over the absorption from the mar
ket by the sub-treasury running to sey-
eral million dollars.
Sterling exchange bills declined at one
time several points below the low point of
yesterday, although some irregularity de-
veloped in that market at this further de
cline. The imminence of half yearly set
Elements steadied the London money mar
ket to some extent, but the expectation
holds of a period of extreme easy timer
for money at that center for the half
year end.
Bonds were irregular. Total sales. par
value s1s5S,0oo. United States bonds I'M
changed on call.