The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-29
PRICES OF STOCKS
,--
!. CHANGE LITTLE
Z
The Market Continues Bearlsh
With Small Decline
! WATCHING THE CROPS
Effect of Wheat Crop Condi'io"s opo"
stocks Is Most Marked While Lit
tie Incentive Is shown for
an Advance

-. vo.l, Tune oS-Parallel speculation
In stocks and wheat showed eVioehee
day of a realizing movement IN tue senee
of buying stocks to cover SHUTS "'ie
profit-taking sales in wheat
Tho hesitation developed on the reac-
t,onarv nrice movement resulting from
~. oot,on WAS an index of the state of
aoubt whether the wider speculative ad-
.ustment had eliminated or only passed.
There was no material change In the
conditions which had prompted the move
ment.
The large influence in the course OF the
markets played by the crop SITUATION III
the northwest does not admit of DOUBT
The immediate relief to the market OF
the sewers weather was proven by Official
terms of the weekly bulletins of the nu-
reau which reported improvements
through timely rains in the more southern
portions of the spring wheat regions.
There was, however. the qualifyingl
statement that rain in abundance Is
needed in nearly all parts of the district.
There was much attention paid IN the
financial districts to the constant and
current reports as to the amount OF dam
age already done to spring wheat and
the consequence expected to railroad traf-
flc.
Officials of the railroads admit the fact
of the damage done by the drouth, but
pronounce the reports of it exaggerated
for speculative effect Crop reports aside
Il from the spring wheat damage are fav-
orable as a whole, and especially for the
corn and winter wheat belt The effect
was seen in a degree of positive strength
of somesof the corn grangers in the days
stock market.
OF the more abstruse causes in the break
In the market was conjectures working
out. The force of events gave weight
to the supposition that the adjournment
of Congress and the return to New York
of j. P. Morgan had failed to bring out
a demand for stocks which had been
counted on by a party in the speculation.
The paucity of the urgency or the def
milton of recent selling were beyond dis
pute in the facts set forth. There per-
sisted a feeling that rectifcation was in
progress and steps not approved by tho
home coming chief of party in the
market had its effect Reports from tho
between the railroads and meat packers
were cited as calculated to invite re-
newed agitation against the proposed ad-
vances in freight rates.
The complaints against the agreement
take the form of accusations of COM
munity of interest by mutual ownership
In the railroad companies and the central
lied packing industries whose assent Is
being sought TO secure higher rates
against competitors. "A common profit at
the expense of the smaller shippers is
alleged as grounds for proceeding before
the interstate commerce commission for
interference,
Money rates showed little change. The
tone was somewhat f1rmer despite heavy
liquidation going on in the stock market.
One of the surmses over the cause of
weakness of stocks is that some long
standing speculative accounts have peen
forced out by tenders of money on col
lateral by those who are DESTROYS of
keeping sliquidated assessments for fall
requirements near at hand
The small changes were due to the COW
ering movement among bears and the sup
porting orders brought out, and through
which the early losses We're retrieved.
Gains were indicated In a few cases. The
early downward plunge established new
low records for the year In some of the
market leaders
Bonds were irregular. Total sales. par
value, s1,S53,000. United States bonds we're
unchanged on call.