The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-09
STOCKS DECLINE
ON CROP REPORTS
Poor Condition Leads To Sell
ing By the Longs
RALLY OCCURS LATE
Report of Copper Producers Assocfa-
ton Is More Favorable Than Ex-
pected and Prices Recover In
the Late Trading

New York August S.-1he government
report on conditions of the grain crops
on August / and the July statistics of
the Copper Producers association were
two items of news which attracted the
greatest amount of attention in the finan-
cia1 district today. The effect was more
of a depression than of stimulation on
speculative activity, as the appearance
Of two reports did not occur until the
session of the stock exchange was well
advanced The first effect of the govern
nnent crop was to depress prices sharply,
but a rally followed.
The Copper Producers report was we'll
s~eceived, more from Its contrast with
predictions of its contents than from
positive betterment in trade conditions
to be inferred from its showing. The
impression had got abroad that a sub
stantial increase in the surplus stocks on
hand would be shown by the report. AN
increase of only 2,254661 pounds was ac-
cepted therefore as an agreeable disap-
'pointment. reduction in the months
production of S,S49,1e5 pounds compared
with June indicated an extremely mod
crate restriction of output. The rise in
the copper stocks In response to the
port was belated. following a long pause
after the statistics were first published.
The stocks broke again later in common
with the whole market, but showed Wig
orous resistance.
The disappointment manifested over the
complexion of the crop report showed
some part, at least. to the fact that in
oil 10 Tod
claiming on authoritative origin that the
government report would prove pleas
ant surprise to those who had feared the
damaging effects of the dry, hot weather
in the corn belt.
: These limitations had been made use of
since Friday to advance stocks. The pro-
fessional element in the speculation was
prepared, in view of these circumstances,
to see a movement to take profits in
stocks, even In the event of the favorable
predictions being brought out by the gov
eminent report The confusion over the
actual situation in the stock market on
sentiment in view of the involved tech
meal considerations was accurately re-
Elected in the feverish fluctuations which
followed the appearance of the crop re-
port in the last half hour of the stock
market. :,
Support was accorded the market and
the rallying power of the o%ppers helped
in sustaining the general list at the last.
The more favorable weather condition
which have existed since the date of the
report both in the corn belt and in the
spring wheat region neutralized the effect
TO some extent
The engagement of addition gold in Lon
don today was in accordance with expec-
tations. The British foreign trade state
ment for July, with considerable falling
off in values of imports, does not prom
ise well for the July statement of exports
from this country which have been ex-
pected to show the June Improvement in
that item continued or extended.
Bonds were irregular. Total sales, par
value, s906,00 U. S. bonds were I'M
changed on call.