The Birmingham age-herald., 1910-08-05
STOCK MARKET IS
 SLIGHTLY LOWER Speculation Is Now Taking a
 Waiting Attitude OUTLOOK IS STILL GOOD While It Is Believed That Prices May Work still Lower 1t Is the Gen. eral Opinion That Future
 Holds Promise
OUTLOOK IS STILL GOOD

New York. August 4.--The speculative attitude toward the stock market re- mains one of watching and waiting, as was shown in the ha1ting and irregu- lar movements of prices today and the extreme dullnes of trading. In the larger view the doubts are whether the long decline in prices has met the de- terioration in business as it has oc- cured and as it Is foreseen. In the answer to that question would depend whether the stock market would stand an additional falling off in business ac- tivity by maintaining prices.
 In the more immediate view the questions to be solved have to do with conditions peculiar to the stock mar ket itself. The belief that bankers had been called upon again to relieve some over-extended accounts of large capitalists, and that some of the liqui- dation yesterday and early today was in that connection had disturbing ef- feet on sentiment.
 The relief afforded removes the threatening influences so far, but does not relieve the apprehension that fur ther work of the same kind Is to be done.
 The avoidance of enforced liquida- ton at a sacrifice in such cases leaves the possibility also of recurrent liqui- dation of accounts thus protected as favorable opportunity offers in the market. While the market might be protected from disturbance in that wise 1t Is not calculated to add strength to the tone.
 Suppositions touching such a state of affairs were current in stock mar ket circles and weighed on the sentt- ment felt toward the prospects.
 The bear party, on the other hand, upon attempting to depress prices by offers and sales at concessions in short account, encountered evidence of buy ing power that made them cautious. The supply of stocks also showed a tendency to decrease when bids were made to secure them to cover shorts. The joint effect was the narrow, hesl- tating drift of prices.
 The course of the crops holds the largest share of speculative attention. The making of the harvest for wheat as it proceeds northward seems to bear out the earlier estimates or to ex- ceed them both as to yield and as to quality.
 The evidence of improvement in con- ditions affecting the corn crop does not preclude anxiety over the critical period still to be met by that crop.
 The cotton market today was taken also to indicate more hopeful prospects, the predictions of rain in the south western portion of the belt making m element in that feeling.
 The reported denial by the president of the United States Steel corporation that the prices of steel products were being cut did not set at rest entire- ly the belief that the market in that industry was tending lower.
 The special efforts to bring about pro- duction's reduction was advanced by some opera tors as groun1 for selling stocks in the view that the movements to alter the tariff and renewed agita- tion of anti-corporation sentiment would detract from the demand of cor poration securities The favorable views of the crop outlook and sevei al good reports of car loading by the railroads were factors in turning the downward movement of prices upward.
 The net changes proved trivial. The in United States Steel, Union Pacific and Reading was proof positive, many stated, of the highly professional char acter of the market.
 Bonds were irregular Total sales. par value, $1,471.o00; United States bonds were unchanged on call.