The Birmingham age-herald., 1911-08-14
FORCED PRICES
 BRING TROUBLE Market Fails To Show Relief Ordinarily Manifested H. c. PRICK RETIRES Decline in Condition of Corn and Wheat More Severe Than Was
 Expected From Reports.
 Copper Goes Lower
H. c. PRICK RETIRES

New York, August 13.-The reverses
 which continued to overtake the stock market last week were the outcome of several factors. especially an ill-iudged at tempt of a speculative party to force prices up last month and the fact of some helpful influences relied upon by that party to carry it's ventures to success. Instead of success it was overcome by diversity and forced into liquidation or Ito appeal for assistance from stronger | financial hands
 There was sufficient basis for reports that accounts had to be taken over by private arrangements, much as was the case in July of last year. The market 1 failed to show the relief which ordinarily results from such salvage operations and 1 further impetus was given to the retro gative movement when it became known that H. c. Prick had retired from the Hartman boards
 Miscalculations of the money market
 was main element in the trouble that
 has overcome the speculative position.
 Early in the season there was pre-
 sumption that extremely easy money con-
 dltions would prevail throughout the
 country or until a decisive business re-
 vival should make additional demands.
 The excess of the countrys exports over
 imports also was relied on to establish
 command of banking credits in for eign markets.
 The Speculative campaign seems to have ignored the effects to be expected from the government Panama canal bond js- sues, apparently counting on the re-de- posit of the proceeds in the national banks Instead of that over S50,0o000O flowed out of bank reserves into the United States treasury The Moroccan crisis and the political upheaval in Great Britain came along when prices of securi- ties were nvitingly hgh and foreign hold irgs of stocks and bonds were sent to market in New York to balance New York
 banking credits abroad.
 The New York money market, as a consequence, came to the threshold of the crop-moving requirements with the small est reserve surplus of the decade, with the exception of 1907. The wheat crop
 began to move much earlier than usual. and the prospect of a record cotton crop prompted extraordinary preparations by southern bankers. This position is re- sponsibe for the pressure by the banks upon speculative borrowers, which was the main influence in the movement Of | liquidation.
 That the early prospects this year for the crops. except cotton, is materially altered was demonstrated by the gov ernment grain report of last Tuesday. | Decline in condition of corn and spring wheat was more severe than was indi- cated by what had been regarded as fexaggerated reports. A formidable erect l on sentiment was produced also by re- | ported demands upon western railroads 1 for higher wages, with rumors or iaoor 1 troubles elsewhere.
 1 Published utterances during the week
 bv influential capitalists showed degree
 of sollcitude over conditions growing out
 of the supreme court antitrust decisions | which has not been admitted before, ana 1 which has been, in fact, seduiousiy ols-
 sembled.
 Conviction has gained force that great 1 industrial aggregatons must be exten- | sivelv readiusted, and there Is dread oi inc confusion which would result, 1T noth- 1 ing else by the computation or Vaiues l of segregated fractions of existing cor | porations This feeling was not aiiayeu 1 Inv the public assertion of Secretary of | Commerce and Labor Nagle that some | measures of protection of the good as | welIs as of prosecution of the bad were 1 iny,erative Is approaching If the commerce l of the United States was to be kept at the position it has reached.
 l Good effect was produced by the cop. ner producers report and the United | State steel statement of thrilled orders as of August F. Copper stocks are | brought down to lower hgure sihce last December and the steel thrilled or der tonnage has risen higher than since August of last year. These promising in- dustrial conditions keep up hope of forces of recuperation to be met In the hnan- cial markets.