The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-10
!, GENERAL ADVANCE
I IN STOCK MARKET
Strong Resistance Is Shown to
y Bear Movement
ALL NEWS FAVORABLE
, Report oip the Grain Crops Is Not SO
Bad When Brokers AnaIyze 1t
and Buyers Send Prices
Up Readily

New York, August 9.-The development
of positive strength in stocks was the
outgrowth largely of the power of resist
arce to unfavorabfe factors which was
demonstrated The news of the attempt
upon the life of Mayor Gaynor confront
ed the market when ii opened.
Tho new element was brought about by
sovernment reports of grain crops which
iufuene I'd the market at the close yester-
day The depression of the early prices
was so premonitory as to serve as warn
ing in frightening the bears in their I'M
covered short contracts and a substantial
demand sprang up from-that source.
The advance in prices was largely due
to that cause. The dealings were In
large degree professional and Reading,
Union Pacific and United States Steel
absorbed upwards of half of the total
transactions.
There was some disposition to revise
yesterdays appraisement following the
crop report and to take more hopeful
view of its prospects. The grain markets
|. having adjourned yesterday before the
publication of the bulletin on the report
the stock market had been without the
guidance of the action of those mar
kets upon which reliance is largely placed
always in shaping stock market action.
The quiet tone of the corn market today
4 and a downward tendency In wheat left
no room for sensational differences of
harm to these crops.
The weather news of the day was good,
and the tone of the weekly bulletin of
the weather bureau strengthened the as
sumption that improvement had been go
ing on since the date of the monthly gov
eminent report.
Cotton was affected even more sharply
by the weather news, especially the pros
pect of rains in Texas being cited.
In the field of dividend activities there
was the increase in the Canadian Pa
cific dividend and the maintenance of the
Sloss- Sheffield Steel dividend
The Canadian railroad stock made
strong response and the sympathetic eff
feet was particularly marked on the
stocks of the transcontinental lines.
The declaration of the dividend on Sloss-
Sheffield Steel disposed of rumors that
have been very nsistent that 1t was in
tended to reduce or pass the dividend.
The rebound in the price was corre-
spondingly sharp. The better feeling over
the crop prospects was of far-reaching
effect The manner of it's working out
was illustrated in the assertion made by
President Brown of the New York Cen
trail that ne was Influenced In placing
. large orders for new equipment by the
conviction that good harvests were now
assured.
The influence of this sentiment was seen
. In the iron and steel industrials, including
that of United States Steel.
Persistent reports that cut had been
made to $26 50 on an order for 10000 tons
of steel rails by the Illinois Steel COM
many to the western railroads in order to
save the order from going to foreign COM
petitors met with fresh denials. 1t was
discussed with great interest In the finan-
cisl districts.
Secondary consideration of the July sta
tistics of the Copper Producers assoca-
F ton seemed to give greater satisfaction
than the first impression would convey.
and the copper stocks were all strength
ened.
Bonds were firm except for the depres
sion of New York city stocks. Total
sales, par value, $l,1S7,0oO. United States
bonds, rs registered regular, advanced y,
and the coupon u per cent In the price on
call.