The Birmingham age-herald., 1910-07-22
DECLINES OCCUR IN
 THE STOCK MARKET National Lead Is the Leader in
 Downward Turn OTHER STOCKS WEAK
nuxers Arc Afraid of Trick in Cop per Trading and Throw Over the Metal stocks Very Freely
 on the Decline

New York. July 21-Until the reduction in the dividend on National Leao "ae announced the stock market today Was a humdrum affair. The news of. the ac- tion created some speculative excitement and it's influence was reinforced by the wholly unsupported state of the stocN market.
 Sales of 100 share lots could be effect ed only at rapid cSncessions or to i7s points between sales. Closing last hish' at s9 National Lead today sold as 10" as 52. Such aviolent and abrupt shrlnh- age in market valuation even or SIT s1a Saturday was boSnd to precipitate some heavy liquidAtion in other s'oeN' without considering the lnferehces 'o be drawn regarding trade, oio 'iiiei' declared. It's effect on speculative sen- timerft and on, the stock market posi- tion was enhanced by the use ii'aoe Ao, +wo days of vaguely defined rumors or steps taken to better prop trade posi- tfons in. support of the metal inous- trials,
 The suspicion on the part of buyers of these stocks that they had been dup ed or that a contest between copper trade forces was being waged in mid week that threatened the success of any a,fort to secure agreement out, of the regular trade promoted a heavy throwing over of the metal industrials and the whole list was brought into the scope of influences.
 American Smelting showed the effect of the large financial interests common to the two companies in close sympathy with National Lead and copper securl- ties were naturally affected quite acute- ly.
 Advances in the price of National Lead nreferred in face of the demoralization in the common stock were commentary on the increased benefit of conserving earnings for the senior security used today.
 The exclamation offered for the reduc- ed dividend was that business and earn ings did not warrant the maintenance of the higher rate. The margin of . earnings over the amount disbursed in dividends by the company was a narrow one by the show ing of the last annual report. The con- crete example thus offered of the con- seouences of lessened trade activity to secure profits in a small way made more pronounced the depressing effect soicitude was already making itself felt for the showing to be made by the u s. Steel corporation in it's quarterly statement of earnings to be published next Tuesday when the news was re- cefved. The regular Analgamated di- vidend was not announced until after the close of the market. Last prices showed some recovery.
 The early feeble influences in the mar ket dropped out of sight in the excite ment which followed the National Lead dividend action
 The copper. curtailment rumors re- tained some vitality in the early dealings anh gave the coppers some power of re- sislance to the general dropping ten- cency Foreign markets were disturbed by the failure of brokerage house in Vienna which threw pressure on securi- ties
 The action of the wheat and cotton markets revived uneasiness over the crop prospects and the effect of the later easing of the wheat market was lost sight of in the general weakness of stocks.
 Government disbursements through the sub-treasury scontinue to add large amounts to the cash holdings of the banks the gain from that source since the last bank statement having given $7.505,000 additional funds.
 The Bank of England and the Bank of France both made strong returns today but demands on the English mar ket are hardening discounts. Time mon ey here is growing easier and the foreign exchange market was firm.
 Bonds were irregular. Total sales par value $l.Oos,OOo; United States bonds were unchanged on call.