The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-07
STRENGTH SHOWN
IN STOCK MARKET
>
Some Of the Leading Issues Are
Active and Higher
WATCHING THE CROPS
Market Appears to BE Ready for a
Movement Up or Down AVID Is
Merely Waiting for Develop
ments In the Crops
BY H. p. MILLER

New York, August 6.-(Special. )-While
trading was exceedingly light today
throughout today's brief session, the floor
of the stock exchange presented semi
deserted appearance, due to SO many
brokers being out of town for the week
end, the market displayed pronounced
strength, some of the leading issues NOV
ing up brslSly in the late dealings and
showing gains for the day of more than
point.
Whether the more favorable condition
of the market will be continued is profile
NAUTICAL. The government crop report on
corn due Monday is expected to be the
pivot on which the market will turn. In
fact, for several weeks to come the crops
will be the controlling factor in both bust
ness and financial circles. The market
seems to be preparing for movement IN
one direction or the other, the indications
being that the next change in values VIII
be upward rather than downward. III as
is generally anticipated, the crop report Is
of a favorable character the market
should show a firmer tone.
According to present indications the
farm value of cereal crops. based upon the
about 50, 100000, figure slightly In ex-
cess of that of last year. due almost en-
trely to the promising outlook for corn
Bankers generally feel more encouraged
regarding the money situation than for
some time past. In the cleaning-up pro-
cess through which Wall street has re-
Gently been passing the banks have called
in number of loans on collateral which
could hardly be termed gilt-edged. The
necessity of keeping down loans Is fully
realized. The recent forced liquidation of
over-extended cliques has also had ben
eficial effect upon the situation.
Reading was the stock most actively
traded in today. 1t opened at 13s1s. as
compared with 1874 the closing price on
Friday, and advanced to 1885. 1t closed
at 1885. a fractional gain.
Amalgamated Copper, Influenced by the
optimistic statement of John D. Ryan,
following his return from Europe, adj
vanced q at the opening and closed at
$685., an advance of IL points. Shelters
advanced in sympathy and scored net
gain of III points.
LaClede Gas which closed at the top
on Friday with gain of IN points.
opened with an advance of an additional
point, sold up to 102 and then down to
1919, the closing figure. Its net gain was
2ss The strength displayed by this Sc
curity is attributable to rumors of an in
crease in the dividend rate in the near
future.
Southern Pacific gained ~ points, clos
ing at 112. Union Pacific and Northern
Pacific each advanced fractionally.
United States Steel was up a full point
upon emphatic denials from the manage-
ment that neither the United States cor
poration nor any of its subsidiaries had
the slightest intention of cutting the price
of rails $3.50 a ton, as had been reported.
The corporation announces its intention
of maintaining the price of rails at SIS,
the figure which has prevailed since the
formation of the company.
Number of shares sold today, 105,553,
against 593,671 a year ago. Par value of
bonds sold today, $685., O00 against 81, 7S1 900
year ago.
Government bonds were unchanged to-
day. Railway and other bonds were firm.