The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-26
GENERAL DECLINE
SHOWN IN STOCKS
Reports of Crop Damage Have
Effect Upon Prices
SHORTS COVER FREELY
Political Outlook Is Confused BY Rea-
son of Proposed Tariff Revision
and Labor News Is
Bearish Factor

New York, August 25.-Stocks opened
with smart gains in the stock market
today, responding in full measure to the
higher level for Americans in London,
but before the end of the first hour the
list suddenly turned, the active issues SELL
ing off The reversal was concurrent
with the reports telling of serious dam
age by frost to the corn crop in Ne
braska and surrounding territory.
Apart from this no specific reason was
advanced to account for the break. The
short interest which at the outset felt
impelled to cover its contracts found
that this could be easily done and with
the first signs of weakening renewed its
attacks on the decline. In addition TO
the crop developments the days news
was a tumble of finance, politics and
trade conditions.
Weekly returns from the leading imam
cial institutions of Europe were favor
able The Bank of England maintained
Its minimum discount rate and its total
reserves were larger by s2,500,00O than
the previous week, even though its pro-
portion of reserves to liabilities was low
err Bank clearings for the week at Brit
fish metropolis increased some $S5,0oO,O00
compared with the same week last year.
Indicating a keen demand for money at
that center The German bank showed
further large gains in gold. an even
larger gain in cash on hand and sub
stantial reduction in loans. The Bank
of France reported very large in
crease in circulation, and a moderate in
crease in it's gold holdings. Europe was
something of factor here throughout.
reports crediting London, Paris and AM
sterdam with moderate sales.
Politically the outlook had become more
confused. according to the Wall street
viewpoint, by reason of the proposed tar
If revision and forecasts of the early
elections in New England which are be-
leved to be generally unfavorable to
the dominant party Declination by the
Illinois coal operators of the wage scale
offered by the miners was the only dis
cordant note sounded in the field of labor.
The grain markets were strong, follow
ing the rise in corn and the reports of
unsettled weather in England and France.
Foreign exchange showed no change
from the previous day, but the under
tone was firm, with a small supply of
bills offered. Local banks report a fur
Their loss of cash to interior points, the
gain by the sub-treasury since last Fri
day aggregating $1316,O00 Time money
worked harder for medium periods and
no importance was attached to this de-
velopment but for the uncertainty over
the political situation.
OF the days railroad returns that of
Atchison for July was most satisfac-
tory, for while operating expenses in
creased $226000 the net gain was almost
$4,000.
Gross returns from almost two-score
roads for the second week of this month
show an increase of about 1-3 per cent.
For the week seven roads have already
reported gains indicating a gross increase
of fully II per cent.
Chesapeake and Ohio directors declared
1, the regular quarterly dividend, thereby
dispelling certain misgivings in that
quarter and authorized a denial of ru-
mors of a merger" with the Gould roads.
The bond market was heavy in SYM
pathy with stocks. Total sales, par value,
aggregated 81, 266, 900.