The Birmingham age-herald., 1911-08-04
LOW LEVEL IS AGAIN REACHED IN STOCKS Several Attempts to RecOv- CT Heaviness of Pre-
 ceding Session

Now York, August 3.-The stock mar let today made several attempts to re- cover from its heaviness of the preced- ing session and some ground was gain ed in the course of the day but the weight of the selling movement in the final hour drove prices to- the lowest level of the present movement. In the Initial trading the list sustained further declines despite the better tone of our securities in London.
 There was marked weakness fn the coppers, Southern railway, Southern Pa cific and a number of industrials of minor importance. The decline was ar rested for a time in the early session when buying of the standard stocks and speculative leaders mpelled extensive short covering and prices were soon well above yesterdays final quotations. on the rise. however the market became very dull, a fact that was not regarded az hopeful augury for the pun ae- count.
 During the frequent periods of stagna- ton on the exchange today, gossip was busy with the cause or reasons which have brought about the reversal or the market. Rumor assigned the short sell ing to the operations of western grain trader, while the liquidation was attri- buted in part to the precipitated offer ings of local operator who is eur- rently reported to have suffered severely on the bull side of the cotton market. Neither rumor was confirmable, although beth possessed the elements of plausi- biity.
 Among the incidents of the day which tended to exercise a restraining Influence on bulish activity was the further weak ness of Standard oil on the curb the storlx making a net decline of 2l19 points O, unusually heavy offerings. News from Washington that the attorney general is soon to submit to the treasury depart ment his report dealing with an inquiry into the formation of a Securities com rapyn recently organized as an adjunct to one of the largest National banks in the country also furnished food for re- fIectlon. Yet another deterrent was found in dispatches from New England telling of the indefinite shutting down of perhaps the largest cotton mill in the Fall River district, while further cur tailment was reported by the textile con- cerns operating in North Carolina.
 Heaviness in the copper shares was partly explained by the reports present. ed by several leading companies. Much of the days crop news was of an un- favorable character.
 An offset to these adverse factors was found in cables from London which stat ed that a possible basis of agreement in the Moroceon situation had been reaeh- ed This news evoked no response at the British capital, however, where some uneasness appeared to be felt respect ing home banking affairs. The weekly abatement of the Bank of England was practicalIy unchanged as to its liability reserves, but its total reserves fell over si0,oO0,00O with loss of s5,o0O000 in bull lion, The statement of the Bank of France was interesting chiefly for it's in- crease of almost $3O,oOo,0o0 in loans and discounts.
 The bond market again followed the stock market in its irregularity; total sales par value, s2, ,O95, ,0o0.
 United States government bonds were unchanged