The Birmingham age-herald., 1911-07-06
SELLING RESULTS
 IN NEW WEAKNESS
All European Exchanges Weak Due to Moroccan
 Situation

New York, July 5.--The selling move- ment of Monday was renewed in stocks on q. larger scale today and pronounced weakness developed, the action of the market suggesting that 1t was suffering from the effects of crop scare. News from various agricultural districts was not altogether unfavorable and 1t is sup posed that selling was based not only on reports of damage but on expectations or harm to come from the intense heat.
 Bear traders assaulted the list vigor- ousiy at the opening. Prices fell from i 10 2 points in a majority of the active issues, with break of 3%c in Canadian Pacific The movement failed to lead to selling from any professional sources ana trading grew dull, with slow recovery. Late In the day, however, the pressure was renewed and prices fell off again to the low point of the morning. Excited dealings in grains, especially in cofn' also aided bearish operations In stocks.
 All the European exchanges were weak owing to the tense situation which mas grown out of the Moroccan imbroGilo. American. stocks did not decline In Lon don as sharply before the opening here as was the case on Monday, but the weakness of the foreign markets eXer- oised a depressing effect upon the local exchange.
 Official denial that the Erie road was to be, affiliated with Canadian Pacific caused sharp setback in the Fries as well as in the stock of the Canadian road and the selling of these issues, pre- sumably of speculative character, was among the days prominent features. Both the I,Eu and Hartman stocks were unusually weak. The Fries, the Harri- mans and United States Steel were sold rather heavily from abroad. United States Steel displayed the same power or stuo- born resistance to pressure which has characterized It's movements recently and lost only a fraction.
 The stocks may have been influenced by advices in regard to the steel and iron trade, which were somewhat more cheer full. New orders of the United States Steel corporation last month were placed at 40o0 to 5000 tons above the preceding month. The forthcoming statement of un- filled orders at the end of last month is expected to show a small decrease owing to the fact that shipments have been larger. Indications for the coming half year are much brighter than was the case six months ago.
 Although there was decrease in the production of pig iron, the volume of finished products is increasing and reports from various markets are more optimistic than has been the case for some time A lack of action inethe rubber stocks in- dicated disregard of trade conditions. which are now at low ebb, judging from the fact that one of Che largest plants In the New England district has announced a suspension of operations for month Attention was again called to the dis aging conditions in the textile indus try by dispatches from South Carolina stating that all the cotton mills of the state had entered upon drastic policy of retrenchment.
 There were numerous railroad reports for May, that of the Great Northern being most conspicuous with its loss in net of over $317000.
 Bonds were easier. Total sales, par value, $2SOO,00O.
 United States As declined Ac on call.