The Birmingham age-herald., 1910-07-09
STRENGTH SHOWN IN
 THE STOCK MARKET Slump Follows Bureau Report
 on Spring Wheat SOME RECOVERY MADE |, Stocks Make Good Advances in Early Trading and After Sharp Decline
 Nearly All of the Losses
 Are Regnined
SOME RECOVERY MADE

New York, July S.-The news budget today contained several items of large Importance from general financial stand point. First in choice as to importance, although last in order of occurrence, was the government grain crop report. The percentage of 61.6 for spring wheat seemed to disconcert speculative senti- ment on the appearance of the flash. bull letin, and there was an abrupt relapse In prices. The northwestern grangers suffered most, but the whole list was affected, transforming earlier gains into general losses.
 Allowance is to be made in regard to the action of the stock market for the effect of rebound in prices and the sud- denness with which 1t had occurred At the high levels of the morning prices showed recoveries running to points from the low prices in the case of some of the active leading stocks.
 Atchson dividend was of considerable direct effect of strengthening stocks fol- lowing the St. Paul dividend action yes- terday.
 The maintenance of these dividends at the previously existing rates confirmed the predictions of party in the specu- lation which had been inslstent that they were to come down. The air of discour- agement over the treatment accorded the railroads by the government authorities, especially in the efforts to raise freight rates, which has been assumed with some ostentation by authorities in the two com panies, was used to. strengthen the claims of those who expected marking down of the dividend rates
 The large inroads on the roads earn ings of two systems, in themselves large ly in excess of previous years, made by the growth in operating costs. showing heavy shrinkage in the net return as a consequence, colored the unfavorable suppositions regarding the dividends. The prices in the market, especially in the case of Atchison were taken to indicate strong likelihood of dividend reduc- tion. The fact of a large speculation for the decline. based on this assump- tion, could not admit of doubt under the circumstances. demand from un- 7 covered shorts with the disclosures of the intention to maintain the dividend was the logical result.
 This disclosure was allowed to become known in unofficial but significant ways before the actual declaration of the divi- dend and the intention has been an in- f1uence in the two days recovery of the stock market. That influence was sup- plemented by rumors that some action of the interstate commerce was pending which would further the claims of rail- roads for rate advances. at.lA.~ .....-.
 The monthly report of the copper pro- ducers offered problem that stock mar ket sentiment hesitated to attempt to interpret.
 The June production proved the largest . since the records have been kept and to this was due the fact that nearly s,000,O00 pounds was added to stocks of the metal during the month notwithstanding the heavy expansion of the deliveries into consumption
 The money market attracted but lan- , guid interest. The banks have received large sums from the interior as par tial effect of the payments to the sub treasury on account of the corporation in- come tax. Foreign exchange held above the level of profit on further engage ments of gold for import but confidence is unimpaired that relief should be had in the event of any real requirement..
 Bonds were stronger; total sales, par value, s1s1S.0oo United States bonds were unchanged on call