The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-26
SHARP DECLINE IN
THE STOCK MARKET.
Damage to Corn Crop Has Bad
Effect Upon Stocks
MONEY MARKET IS EASY
United States Steel and Conner stocks
Appear to BE the Leading Suf-
ferers In the Slump but
Some support is Given.

New York, July 25.-Reports of dam
age to the corn crop injected the prin-
eir'al new element into the speculation
ever the financial outlook today. Great
reliance has been placed on the success
Of the corn crop to make up the defcien-
ey in spring wheat and to redeem the
agricultural return for the year.
The violent advance in the price of
corn today was calculated therefore. to
create special uneasiness.
Importance of profitable harvests is con-
sidered greateiS since the publication last
week of the report of the comptroller
as to the profitsN of agriculture for the
year and that it will be required to re-
pay the extensive banking credits
throughout the country, away from the
banking reserve centers Reports afoat
today regarding the effect upon the corn
crop of the weather. of the past two
Gays and the unpromising weather fore
casts for tomorrow in that region caused
anxiety. This was heightened by the
recollection of the quick deterioration of
the spring wheat crop during June from
the high promise from the first of that
month. prospect that the hoped-for
bumper yield of corn might be in jeop-
ardy would put new face on the finan-
cial prospects, even from the point of
extensive anticipation of bad results to
which the stock market has come. Weak
ness with the closing was the reasser-
ton of this influence of depression.
1t was evident that speculative holders
of United States Steel were adopting pre-
cautionary measures against possible I'M
favorable effect on speculative sentiment
from the quarterly report of earnings
to be published after the meeting of di-
rectors tomorrow. Estimates from Pitts
burg sources were in circulation of a
material decline to be shown in earn
ings themselves. Trade reports today
and from week to week of declining price,
decreasing orders and diminishing conf
dence in immediate revival of demand
have prepared sentiment to accept such
forecasts. United States Steel was UNI
der active selling pressure and was one
of several prominent stocks to sell at
new low levels for the present year. The
weakness was not confined to the COM
mon stock, the preferred stock also be-
ing sharply depressed. Common stocks
furnished large proportion of the to-
tai dealings and when to them were add
ed the transactions in Reading the rest
of the market proved dull by COMPARE
son.
Copper securities showed effective re-
sistance to the prevailing depression and
were attentively regarded for evidence of
the course of the stock market cam
velopments in the control of the princ-
pal copper producers and in the direction
of the output might be marked under
the general movement of stocks had a
part In the attention paid to the group.
Today's money market in New York
showed growing ease, not only for call
but for time loans, opinion over the bank
outlook being distinctly improved Dis
counts declined in London in spite of the
division between New York and Berlin
of the weeks arrivals of South African
gold and a degree of anxiety over the
market settlement there tomorrow. Re-
demption of British treasury bills will
release So, 100000 to the London money
market in a month, The London Statist
affirms: I'VE have made careful inquiries
and are informed that Americas indebt-
edness to Europe has been fully satisfied
by the sale of permanent securities and
that it is in a position to draw the pro-
ceeds of its large shipments of produce,
which will soon be made"
The London market is unperturbed by
the prospect of this reduisition from New
York
Bonds were easy total sales, par value,
$1.699,o0o United States bonds were I'M
changed ON call