The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-12
SOME STRENGTH IS
SHOWN IN STOCKS
Crop Reports Have Sustaining
Effect Upon Prices
LATE PRICES LOWER
After An Early Advance Several Fac
tors Enter Into the Trading and
Most of the Gains are
Lost

ports that the drouth in the spring wheat
region and had been relieved by rains.
There was an engagement of $,eoo,0u
gold in London for shipment to New
York.
That and the weekly New York bank
statement published after the stock
market closed Saturday indicated album
dance of money supplies in the local
market. There were sustaining influ-
ences on the price of stocks today and
they advanced in response over the
closing level of last week.
The speculative tone developed some
uncertainty at the higher level Of the
market.
This was due partly to the sales for
realizing profits for the buyers at last
weeks low level.
The break in London crop was more
positive weakening factor. Stock specu-
lation had gone good way towards
discounting a crop disaster In the spring
wheat states.
ANY promise of amelioration of that
condition leaves room therefore for an
improved point of view towards stocks.
Opinion WIS divided over the avail
tit for much of the spring wheat at
this belated period.
That further deterioration has been
arrested is in itself cause for congratu-
lation and gives free play to the COM
pensating advantage of the great prom
Use of the corn crop and the improving
prospects of winter as wheat influences
on speculative markets.
The better crop news was given credit
for some of the new demand for stocks
which was reported to be in evidence
In commission house circles.
Buying, of this character from out
side sources is taken advantage of with
special eagerness by professional trad
ers to distribute holdings owing to the
opportunity to relieve the narrow cirdle
of congestion in the board room specula-
ton.
The slump in the London price of cop
per was taken seriously to heart by the
speculative element in stocks as threat
ening an re-opening of an admittedly
weak point in the industrial situation.
The price touched was, in itself, a
striking demonstration of depression,
reaching the lowest quotation for stand
ard copper touched for several years
past
The recent heavy exports from this
country which made the bright spot in
the June copper producers statistics.
made poor assurance for relief of the
PLETHORA of stocks with such an effect
on the receiving markets.
The news of the weeks reductions IN
prices of crude steel falling to conform
,f faa
copper news additional influence as an
Industrial symptom.
This weight of this burden on the gen.
eral market proved a drag and neu-
tralized the strength Of the earlier part
of the day.
The identity of the importer of the
gold engaged in London coc;d not be
learned.
Some of the large international bank
ing houses were candid in criticzng
the movement and frank In impugning
its motive as designed to stimulate the
stock market.
The response of the two money markets
forces at work to favor the movement.
The privilege discount rate declined in
London in spite of taking of gold, while
time money rates for periods running
over the end of the year held strong In
New York at 5 per cent level and above
which offers strong attraction for bor-
rowing i, ,ney in London Tor employment
in New York. The diminishing control
of the bank of England over the Lon
don market is explained by the fact that
on Saturday the bank paid out 81, $780,
900 in redemption of maturing treasury
bills; on Saturday Of this week $4,000, coo
must be paid for like purpose, and on
the 9th of this month another 1880 900
Foreign exchange here was weak in
spite Of the gold engagement and fell
back to last weeks low level.
Bonds were firm; total sales par value,
s1,529.O00.
United States binds were unchanged.