The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-03
STRENGTH SHOWN
IN STOCK MARKET
Early Movement Is Downward
But Reaction Follows
WATCHING CROP NEWS
Effect of Weather Upon Grain and
Cotton Crops Ii Also Being Keen
~ Felt in Stocks which
Reflect Conditions

New York, August 1.-The bear party
IN stocks was again at work today In
specialties The suspicious which It
engendered exerted as much influence
on the days market as any news bear
ing on conditions affecting actual values.
There Is no one subject at present to
which SO much Importance is attached
as the harvest, and the market showed
q neal response to the more hopeful turn
of the days news in that respect.
Early depression was transformed into
a buoyant and active closing. The gov
eminent cotton report, as of July %,
was the foremost influence In shaping
judgment of the agricultural outlook.
The condition figures showed a heavy
deterioration during the month and a
poor comparison with the average in a
number of years does not offer great in
spiration to enthusiasm when consid-
cred absolutely by itself.
The speculative element considered it
from different viewpoints. Relatively it
wasn't any worse than was estimated.
The estimate of the National Ginners'
association had it's weight. The action
Of the cotton market itself since large
speculative realizing was called for on
even a poor showing in the government
report was of doubtful quantity in value
or as an index Of the immediate stua-
lion.
The influence of tke monthly report
was supplemented by the language of
reau report, saying much needed
adds on the whole the week was favor
able.
In the eastern portion of the cotton
belt, which Is in the portion most seri-
ously affected by the unfavorable show
ing of the government report, cloudy
weather has prevailed. Texas has ex-
perienced trouble with drouth rather
than excessive moisture.
The drouth stricken portions of the
corn belt were reported to have been
visited by abundant and soaking rains.
There was heavy selling of that COM
modify on the exchanges to bear out the
reports.
The cheerful tenor of these advices
strengthened the resistance which stocks
had begun to show after the depression
of the early part of the day. Thes de-
{, preston centered on the Hawley group
to the accompaniment OF predictions that
the dividend on Chesapeake and Ohio
could not be maintained. and that the
ambitious projects of combination CEN
tering around that property had be-
come involved in endorsements SINH
lar to those which overcame the Pear
son syndicate. s
There appeared some demand for the
stock which was not felt yesterday dur
ing its sharp fall, and the bears found
the supply small when they begun to
bid for 1t to cover their shorts. This
put new face on the matter. Tho
strong rally In Chesapeake and Ohio and
q similar rebound In Sloss- Sheffield steel
served as a warning that protective
measures against bear raids were In
force.
A sharp reduction IN the London WIS.,
ible supply of copper, reports of ipnprov-
ing demand for that metal and feitera-
ton of assertions that, a policy of cur
( tailed output had been entered upon by
the principal producers served to
strengthen the copper industrials.
New orders for steel products and
specifications on contracts were said to
satisfy the ideas of authorities in that
trade. The over-extended bears In the
market were put fairly to rout before
the end of the day and the active list
showed gains all the way from 1 to
points,
Bonds were irregular. Total sales, par
ItIiue, $130o,000 United States bonds
were unchanged on call.