The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-24
UNEASY FEELING
IN STOCK MARKET
Apprehension Over Crop Pros
pect Is Responsible
RAIN NOT FORTHCOMING
Lack of Showers Leaves Dubious Feel
ing-Retension of Bank Of Eng
land Discount Rates Occa-
sion Disappointment
RAIN NOT FORTHCOMING

New York, June 23.-The feeling OF APP
! prehension over the crop prospect proved
I its dominant influence on stocks again
today and forced into the background
! the more cheerful sentiment Of yesterday
growing out of the frightening prospect
! for railroad rate increases and the I'M
proved investment demand for new cap
ital offerings.
! The amount of rainfall officially re-
ported left dubious feeling regarding
/ the reports OF abundant rains which
helped to send stocks upward yester-
day and stocks started with a hesitating
and uncertain move to correspond.
/ It was not until the wheat market
opened that the reactionary movement
became pronounced. With the price OF
! wheat ruling cents bushel higher
4 than yesterday and the advance sus-
I tanned during the morning the STOCK
market misgivings over the state or
spring wheat in several of the north
western states were revived. The agree
nsene OF the Price Current and the
Northwestern Miller in their almost
Identical reference to the situation there
as critical for the spring wheat crop
appealed with force to the prevalent I'M
-easiness. The weather bureaus forecasts
Of probable rains kept the feeling in
, restraint, but with the obvious sugges-
stion that failure of the predicted rains
would strengthen anxiety.
. The Importance attached to the crop
nnews obscured such happenings as the
g<return OF ]. P. Morgan and the GUS
tomary use made by professional opera
tors of that recurrent event to advance
prices on the stocks most closely asso-
sciated with that flnanciers name.
A story from Paris that Mr.. Morgan
was bringing home plan for restriction
OF copper production by joint agreement
with European producers failed of eff
feet on copper metals, which were fully
! abreast of the general dropping tend
ency of prices.
/ The additional items cleared up by Con-
.gress and the promise thus held out
of an early adjournment were equally
ignored by the market which was looked
forward to some symptoms of relief from
speculation apprehension to follow that
event.
The retention Of the Bank of England
discount rate occasioned some profess
sions Of disappointment from London
aources. The weekly statement disclosed
I rowers on the central institution. but
the in-gathering of tax money has not
11kbiy abated. rs
& The conviction Is still held that the
shank rate will come down following the
tSmeeting before the half year settlements
lion July /, and there will be a period of
notable ease of money. This is promised
to follow. Foreign exchange rates here
continue to swing In consonance with
the ease of London money markets. The
\ placing of finance bills with London bank
ers is reported to be going on again.
The easing of the money market in
New York is restricted as yet to the
\ Shorter period rates carrying over the end
/ of the year showing a sitter tone. The
effect on the investment demand for
securities is only moderate, partly ow-
ing to the question how far the easing
money situation is due to economies in
Expenditure, which may be reflected in
l the earning power of business enter
j prises.
While the spring wheat outlook was
u the influencing factor the spring wheat
grangers were not alone in, feeling the
| effect
The dropping tendency was fairly uni
Worm, and was accompanied by a shrink
age in volume of business from that
done on the advance yesterday. The
Upassing of the half yearly dividend on
Minneapolis and st. Louis preferred
Weakened the Hawley group and hurt
be general list in the late trading.
Bonds were arm. Total sales par value
H. $4,000. $3.50 ID
United States IS declined a quarter per
lent In the bid price on call. A-t.4.