The Birmingham age-herald., 1911-07-04
ABRUPT DECLINE
 IN STOCK PRICES Interstate Commerce Decis- ion on Anthracite Freight | Was Chief Cause

New York, July s.-The long expected ruling of the interstate commerce com mission on anthracite freight rates was chief of the depressing influences which brought about an abrupt decline in prices on the stock exchange. The outcome was especially disappointing to the railroads most affected since they had expressed themselves as quite certain of decision in their favor. It was said that the order for a reduction of Lehigh Valleys rate might be followed by corresponding re Auctions by other anthracite carrying lines Stocks of all the coal roads were depressed, although Erie showed the ef- feet of the support which has been given consistently for several weeks and yield ed only a small amount. The weakness of the coalers spread to the remainder Of the list and most of the leading stocks lost from 1 to points.
 Traders show some genuine concern as to crop prospects today on account Of re- ports from many agricultural districts which told of damage to grain from the intense heat. The greatest damage was reported from the west, and the charae- ter of the~reports was factor of impor- tance in shaping speculative opinion, ai- though the weather advices from Wash- ington showed more hopeful conditions Ill the near future. Bear traders declined 10 yield their ground and instead of making the customary reduction in commitments on the eve of holiday. in some cases increased their obligations, believing that further crop news would result in another decline in prices on Wednesday.
 The stock market did not heed the gov ernment report on cotton in spite of its highly favorable character and stocks of the cotton railroads did not move on its appearance.
 Another direct influence that could be hardly accounted as encoura ging Is the latest phase in the so-called Moroccan affairs All the European exchanges were depressed by this situation, London S prices for our shares refiecting absolute weakness For the first time in many weeks, practically all American shares were lower there with declines of a point or more in Canadian, Northern and Union Pacific and Erie first preferred
 Paris reported a decided break in rents and the Berlin bourse was quite unset tied London sales in this market were estimated at 20,000 shares and pressure from this source was to some extent re- sponsible for the heavy opening in the New York market. Germany again pur- chased the bulk of the South American gold delivered at London, taking $3,5OO o00 of the total of $4,O0000o.
 The decliness in stocks was largely the result of professional operations. There was no indication of enforced liquidation, and after the first break the market was narrow and dull. Weakness of the Harr1- man stocks was ascribed to the decrease in the earnings of the roads for the year just closed as compared with the previous period. It is not disputed, however, that both ~ronds have earned their dividends with considerable to spare. In the indus trial group there was pressure against United States Steel, but that stock suf- fered less than other speculative favor- ites. There were no signs of improve ment in the bond market as result or July disbursements of about S235,0o0 eco. Prices were easier. Total sales. par val ue,f S1, ,915, ,O00. United tSates bonds were unchanged on call.