The Birmingham age-herald., 1910-08-11
TONE STILL FIRM IN
 THE STOCK MARKET After Continued Rise Brokers
 Become Cautious BUYERS TAKE PROFITS Report of the Steel Corporation shows Decrease in Orders and This Is Cause of Hesitation Among
 the Brokers
BUYERS TAKE PROFITS

New York, August 10.-A spirit of cau- tion on the part of those who have been operating in the stock market for an ad- vance in prices began to manifest itself in the action of the market today. The feeling was based as much on the dura- tion and extent of the recovery as on any positive developments bearing on values
 The low prices for the year were touched two weeks ago and no important interruption to the recovery has occurred since that time. The average prices of the stocks usually selected as most rep resentative of the whole markets move ment sold this morning rather more than points higher than two weeks ago. In the active market leaders the advance has been greater, reaching from about 10 points to 13 in a number of eases.
 As the recovery has proceeded the de- mandr to borrow stocks for delivery has diminished, and today there was reported in the loan department the return of blocks of stocks which have been so bor- srowed for delivery. The borrowing for delivery is a part of the carrying out
 
 market. and it's subsistence accompanies a reduction of the uncovered short inter- est and of the potential demand for stocks. Not only did the demand from - the shorts show these signs of going down but signs appeared of an increased dispo- sihon to sell stocks which were taken to mean that buyers at the lower prices were desirous to convert their profits into cash The professional traders on the floor of the stock exchange were alert to detect these shadngs in the tone of the market, and were inclined to take the selling rather than the buying side in ac- cordance with the response of prices to testing operations.
 Events which were not regarded as un- favorable in themselves did not check the disposition to sell. Such was the report j by the United States Steel corporation of the tonnage of thrilled orders on hand on August 1. which was given out today in accordance with the new policy adopt ed at the last quarterly meeting of the directors.
 There was shown a decrease for the month in that item of 2S6S63 tons. The June 80 figures showed shrinkage of 1,14i,719 tons for the quarter preceding a monthly rate of 3S1 ,570 tons. The rate or contraction for July on that compari- son was therefore some 100000 tons less than in the three preceding months. AS matter of fact reduction in the rate f of production Tor the month which other v reports indicated was going on would modify the effect of the falling off of new'oTders on the thrilled tonnage at the end of the period.
 The bare statement of untitled tonnage was regarded for that reason an un- 2 trustworthy index of the actual state of trade. q 8ctivity. forthe month. 4 aA sfIIl1eF tone was repartedy for the mar. ket for copper, both in London and in New York in response to the improve rnent in the statistical position of that metal. The policy of reduced output by the leading producers is accepted as a fact al present. There remains the fear that the consumptive demand hitherto sustained at high figures will be affected now by the tendency toward recession which shows in other industries.
 Another item in the metal statistics of the day was the statement of the July output of gold at the Rand, showing 6SS,- < 714 ounces, valued a S13 3565, 415.
 Except for the 66O,64 fine ounces of De- cember, 1908, which was affected by the adjustment of the previous years unac- counted residue the July production con- stitutes a record month.
 f The fact is not without bearing on the prospect for continued replenishment of - bank reserves through the gold supplies In the Lcndon market.
 Time loan rates were shaded in New York today, six months money being placed at "A per cent.
 Bonds were irregular. Total sales, par value, S1, ,422, GOO; United States bonds were unchanged on call.