The Birmingham age-herald., 1911-06-09
REPORTS HOLD
 STOCKS DOWN
High Expectations of Bull ish Exhibits on Wall ',
 Street Not Realized

New York, June S.-Movements oi stocks were governed largely today by influence apart from the usual stock mar ket routine, chief among which were the governments crop report and the month- ly statement of the Copper producers. High expectations were held of bullish exhibits in both cases and In neither in- instance were these expectations entirely fulfilled The market, which had been decidedly strong early in the day, be- came heavy upon publication of the re- ports and closed with material losses among the active stocks
 The deterioration of the condition of winter wheat from S6.1 a month ago to S0.4, placed the figures below the 10-year average, which in Wall street was re- garded as unfavorable news. although 1t was recognized that decline during the month of May was normal and that weather conditions last month plainly foreshadowed a setback. This report served to blight the hopes of optimistic traders, who had bought stocks in the belief that the showing would be a more bullish one. It was pointed out, how ever, that the report reflected the condi- Htion on June 1 and that the conditions since that time had been in many ways more favorable for the growing crops.
 The unusually good report on spring wheat counteraoted to some degree the effect of the winter wheat exhibit and me statement as a whole did not ma terially alter conservative expectations of a prosperous year. Bear traders, how ever, seized. upon it as an opportunity for raid and in their efforts were as- sisted by disappointed bulls. The selling during the last half hour, following pub lications of the report. was the easiest of the day and prices fell off to the low est point of the session.
 Many reports of pronounced improve ment in the copper trade. had led to such confident expectations of a favor able showing in the producers monthly statement that some disappointment was shown when an increase of 44000O pounds in stocks on hand was reported Amal- gamated Copper rallied for brief inter val, but later fell away in common with other metal stocks. The encouraging fea- ture of the report was increase of more than 13,0oOO0O pounds in domestic consumption. Despite reports of live iy demand from abroad, however. for eign consumption was slightly below April and production increased S,877,000 pounds.
 Trading on the stock exchange was ac- live with considerable confusion of sen- timent and irregularity in prices as a result of the various influences to which the market was subjected. In the first hour prices were carried up rapidly, gains of from 1 to 2 points being made by many of the important issues. The un- certainty as to the character of the cop per and crop reports, however halted the buying and the market became dull. Prices ebbed away slowly until the heavy selling of the late session was begun.
 United States Steel showed evidence of the pressure which had been observed almost continuously during the week. Persistent buying of the Hill stocks was continued.
 Denver and Rio Grande preferred dropped points,
 Bonds were firm few active issues were lower on profit taking. Total sales, par value, $4,S07, 900.
 United States bonds unchanged on call.