The Birmingham age-herald., 1911-08-11
VALUES DECLINE IN
 THE STOCK MARKET
Government Crop Report Used As Weapon for
 Attack

.ron renort issued yesterday, and which is admittedly poor, taking it's figures at their value, was used as a weapon for an- oiber attack on the stock market values today. Prices fell two or more points in the active list. with materially greater losses elsewhere. The decline, while often precipitate and clearly betokenng further liquidation, was not of the de- moralizing character of several recent movements Quoted prices simply fell away, according to the pressure of of- fering5. each successive rally of a point or so being the signal for another selling movement, which left the list lower than
 As matter of fact, persons who are held to be judges of conditions agree that the government report presents condl- tIoa much worse than actually exists, that the damage, save in certain commodl- ties. is far less than yesterdays esti- mates; that practically all foodstuffs corn excepted, are better now than on August 1. on which date the government report was compiled.
 That being the case, some traders say, agricultural conditions was the cause of the markers severe reversal. Prices have yieided with more or less steadiness for almost a fortnight, with losses in some standard stocks during that period ex- tending tu lo points.
 It is jusi as unreasonable to ascribe the decline to the misfortunes of some over extended biis.
 The caGsts probably lie deeper, and the politit al cltuation, as represented in the activities Of the federal government, coupled with financial and political condi- tions abroad, may properly be regarded IS the more potent factors in the case.
 Ic is becoming increasingly evident that large quantities of securities have been disposed of by the so-called substantial interests out of mere disappointment with the course of public interests. The atti- tude of t,tsc interests at this time ap- pears to Dc one of indifference to the fate Of the stock market. On the other hand, . continuance of the present movement, 1t is argred, will ere long result in level which must attract outside business of a pab!c cha,act
 One Of tht interesting items of the day was contributed in the July report of un- filled lonnage of the United States Steel corporation. The figures show an increase of 212,o00 tons over June, with a much larger geip over May, and accounted in part fer the comparative steadness of Steel during the greater part of the day, despite the enormous offerings of that stock, which amounted to 215,000 shares out of grand total of 1,0500O0.
 Other news included dispatches from the middle west in which traffic officials were quoted as expressing alarm over the rapid growth of the railroad department of prominent labor organization and re- ported unrest in other branches of labor affiliated with the transportation com panies. t
 In the last hour the list made very gen. eral recoveries from the low point on what appeared to be steady absorption, together with extensive short covering.
 The buying showed more deliberation than any recent similar movement and in- dicated that the market had reached point of equilibrium.
 Rallies ran from a full point to net gains, with especial firmness in United States Steel, Great Northern preferred, Northern Pacific Union Pacific preferred, Pacific and Reading. The greater part of the gain was held at the close, which was steady ~
 London bought about 10000 shares on balance here, chiefly Union Pacific and United States Steel
 The statement of the Bank of England disclosed no new condition in that inst,- tutlon The Bank of France reported a loss, of about $900Oo0 in gold and dis patches from Paris stated that the bank will probably take measures to prevent a further decline if the Moroccan situation is not speedily adjusted.
 The bond list was weak throughout Total sales, par value, amounted to B. 9460o0.
 United States government bonds un- changed on call.