The Birmingham age-herald., 1910-07-23
GENERAL DECLINE
 IN STOCK MARKET Bears Have Their Own Way in Days Trading
LATE RECOVERY MADE
and Fears of Poor Report By the Steel Corporation Cause
 the Weakness

New York, July 22-The bears were not much molested today in the stock market Price concessions applied to the whole list. active and inactive.
 Sales effected in the active stocks and the proportions of the declines obviously represent important progress toward the liquidation and the adjustment to condi- tons which arc sought in like movements.
 Bear covering caused the sharp re- ccvery late in the day
 The cut in the National Lead dividend yesterday was the motive for sentiment of Encouragement in the speculation which .ostensibly overwhelmed the mar ket
 The incident was thought scarcely ade- quate to explain the extreme depression of speculative sentiment and other causes were sought.
 Naiona; banks showing in the compila- tion of returns to the comptroller and fears of. a poor quarterly statement by the United States Steel corporation at the meeting next Tuesday of the directors were cited as possible future grounds for the e.of the market.
 The National Lead incident itself was much more influential for. the differences drawn from it than for the importance of the action itself. As the company is comparatively small engaged in an indus try subject to individual influences and moreover with varying dividend record owing to the custom of disbursement up to near the limit of earning power the ,f tha icht cn- nlent might pass ordinarily with little mo- tice.
 ssrhe lersonality of the capitalists cred ited with the control of the company made the action influential as possible index sof financial and speculative policy.
 Parallel interests In coppers production fn 'their efforts to settle upon all agree ment for curtalment begot the suspicion that there might be stock market con test which would be damaging 10 partlc- ipants and not the onlookers.
 The consideration of the condition of the national banks of the country was more limited to bankers. It may have not-lac.ed influence on stocks.
 The nominal decrease in loans since March reported on June 30. when consid- cred ifi connection with the greater loan contraction by the New York banks for the same period on other comparison. tiisclosesi outside infiuensce.
 Tho increase in loans of S39i ,276.00O in the year has to be taken account of in the decrease for the same time in New York itself which is not included in the total This would indicate that outside of New York there has been an expan- sion oi s496. GOO In the time of one year
 The lean iii percentage of legal reserve in three months amounts to one-hun- dredth of l per cent. and for the year there has been a decrease of 1:15 per cent, .a..e ,.. Is 1-s5-
 Tie percentage of deposits of cash on hnnd used az redemption fund. and due from reserve agencies, stands at only 24. A rer cent. a decrease in three months of so per cent and in a year of 2.52 per cent.
 Tine last item is affected with the heavy decrease of sSS, ,1o2,900 for three months in the item due from other banks and re- serve agencies. showing how the interior banks have been drawing their balances from the reserve centers.
 The future power of these institutions to draw out funds is correspondingly un- impaired and throw the reserve cen ters tie obligations of credit for moving the crops.
 The prevailing note of warning in the banking world was amply explained by the showing and also the active prenara- ticas to strengthen the reserve condition of the banks was manifest.
 In pursuance of the outlined objects there has been another heavy inflow in cash to New York this week bv receipts from outside points including gold exports and through disbursements fror, the sub treasury
 Estimates of the total gain of the week ran to nearly s20.0000 900.
 Bonds were irregular Total sales. par value. s1 s1.os30o0; United States bonds were unchanged on call.