The Birmingham age-herald., 1911-08-05
NEW LOW RECORD IS
 REACHED IN STOCKS
All Classes of Stocks Par ticipated in the
 Decline

Nev York, August 1.-The stock mar ket continued it's retrograding tendency today by establishing a number of new lev. records for the present movement. Al, classes of stocks participated in the. decline which for the first time bore the marks of precipitate liquidation from various sources, together with a very lb eral admixture of short selling. The bear party was more or less aggressive throughout, directing its energies no less upon the standard shares than upon those of more speculative value. Trad ing was most active when the market sold off and on the few ftful rallies became very dull.
 In the early hours of the session the list manifested some disposition towards recovery being aided in this direction by the better demand for our shares In Lon don where international stocks made gen. eral gains, but the absence of anything like hearty support gave renewed en- couragement to the short account which maintained it's advantage to the close. On the political side of the account the H. narcial community endeavored to derive some comfort from the announcement that Congress is likely soon to adjourn, but this was nulified by the activities of the federal government in various channels affecting capital and corpora tions in general. The inquiry into the purchase of Tennessee Coal and Iron by the United States Steel corporation gives promise of taking on wider scope and from Washington during the day came
 Af .o,.t- ment of justice to proceed against some of the bituminous coal roads, including Chesapeake & Ohio and Hooking Valley. Standard Oil's continued weakness in the outside market, it's net loss today being 16 points, was again a factor and a sen sational upward move in cotton options, to which stocks are always more or less susceptible, was viewed with some con- cern.
 Offerings of United States Steel were on a larger scale today than for some time past, aggregating more than 100000 shares. That stock was the weakest of the active group making a net decline Of 27s points. Other issues that showed pronounced heaviness and made havoc losses include the electrical stocks, Amer ican Smelling, Copper, the Hartman and Hill shares. Reading. Lehigh Valley, Texas company, Inter-Metropoltan pre- fcrred, Brooklyn Union gas and LaClede gas, declines ranging from to 413 points. Final prices were at the days low level, the whole list reflectng a state of de- moralization. Following the close of the market it was reported that much of the selling resulted from the closing of ac- counts, because of impaired margins.
 In the general excitement of the day, little attention was paid to the money market. the feature of which was an ad- vance in four months funds to 3h per cent; the highest rate for that period oroted this year. A higher rate for six months money also was quoted Accord ing to forecasts tomorrow bank state- ment will prove rather inocuous, the known general movement pointing to a Bn all cash gain
 Bonds were weak in sympathy with the decline in stocks: total sales par value E. 3S0,00O; United States government bonds were unchanged on call.