The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-22
THE STOCK MARKET
CONTINUES QUIET
Hot Weather and Wheat Crop
Reports Affect Prices
RECOVERY AT THE CLOSE
No Great Alarm Is Manifested Over the
Reports of Damage to Wheat But
This Affects Some of the
Railroad Stocks

New York June 2.-Apathy overcame
the stock market again today and the
dealings dropped back to near the point
of idleness.
There was a diversion of speculative
activity to the wheat markets and the re-
ports circulated in that market sof dam
age to the spring wheat crop were not
heard without solicitude in the stock
market. -
The oppression of the weather in New
York with the summer solstice inclined
the brokers to pay heed to- hot weather
reports from Dakota and Minnesota and
had part also in discouraging any ac-
tive operation in stock. The considerable
rise in prices at the close yesterday. after
the almost inert market for a long time
past, prompted some profit-taking sales
on the part of the professional element.
The results summed up were dull and
dropping market.
Abundant harvests will supply COM
prehensve means for solution of the
problems which confront the financial
markets for which no full substitute can
be found Speculative sentiment, there
fore, is peculiarly sensitive to even
suggestion of danger Of impairment of
the full returns of agricultural products
which have been counted on.
The refusal of the stock market to take
great alarm over the spring wheat stu
alton was due partly to the moderation
with which the subject was touched in
the weekly bulletin of the government
weather bureau, which announced that
1.-THE hot, dry weather of the week was
very trying to vegetation already def
Gent in vitality on account Of previous
adverse weather conditions in Wisconsin,
Minnesota and the eastern portion of the
Dakotas and northern Iowa"
The specialization followed the opening
summary of the bulletin. holding that
for the country as a whole the weather
of the past week was the most favorable
for the agriculturalist of the season TO
date"
The fact that the wheat market ignored
this official review and sent prices up
ward in response to returns Of sustained
high temperatures in the threatened re-
gions did not prevent show of resist
ance to depression in the stock market
and tendency toward recovery from
such declines as were suffered. These
were only slightly mere pronounced In
the spring wheat graingers than in the
general list. A sustaining influence in
the stock market is the easing tendency
of money markets, Discount rates re-
coded in London and in Berlin, today
and Increased ease Is looked forward to
after the July settlements are out Of the
way.
foreign exchange market In New York
also is declining.
This has given rise to the supposition
that bankers are securing resources to
draw on through the placing of securities
abroad. The s22,5oo,ooo equipment trusts of
the New York Central lines, which were
offered in New York today, are to be
offered in foreign markets at the same
time. The bond department of the tock
exchange remains fiat. but tone of
slight encouragement over the prospect
may be heard amongst some of the out
side bond dealers.
Attention was attracted by an an
nouncement that cut in prices by the
leading New England cotton mill inter-
ests was to be followed on July by an
advance In the same. products thus in
timating a period of the cen sessions. The
cotton market reported some buying for
foreign accounts and this may have been
an influence in the foreign exchange
market.
Bonds were irregular. Total sales. par
value. s1.14s,o00. United States IS coupon
advanced 4 per cent in the bid price on
raJl