The Birmingham age-herald., 1911-07-27
BEARS AGGRESSIVE
 IN STOCK MARKET
Setback Was Accelerated by Liquidation By Investors
 After Moroccan Alarm

New York July 2e.-The most forceful i hear movement of several weeks was un- dertaken on the Stock Exchange today and price gave way before the onslaught. Foreign and domestic complications gave an opportunity which was seized by an aggressive bear faction that has shown a considerable degree of confidence and activity since the early part of the week. It is not improbable, also, that todays setback, coming on top of yesterdays decline was accelerated by moderate liquidation by investors who may have taken alarm over the latest developments, in the Moroccan situation. The gravity of this complication and the prospect of a long delay before the Canadian reel procity agreement is adopted by the Do- mnion were the chief factors made use of by the bear party.
 feature of the market during recent weeks has been the activity of stocks on the upward movement and their dullness on declines. During the recession today, however the market was active and 1t IS assumed that the short interest increased largely as a result of the days activities. The force of the attack was spent in the forepart of the day and during the ait
 
 ward the close the improvement became more rapid, and most of the losses were recovered with some net gains.
 Two groups of stocks were conspicuous throughout the day. They were the coal shares and the issues of the railroads affected most directly by Canadian reel procity The latter stocks, which have heen advanced on the strength of bene- fits expected from reciprocity, broke sharply.
 Canadian Pacific and it's affiliated roads and the Hill and Hartman stocks fell from to points. Reading, Lehish Val lev and Pittsburg Coal common and pre- ferred were the chief benefciaries of the continuation of yesterdays buying movement in the coal stocks. Ihe strength of Reading and Lehigh valley was accompanied by reports that devei- opments favorable to shareholders Of those properties were under way. Pitts . b,Irc Coal was bought on the report that some distribution of assets may soon be forthcoming on account of the recent sale of land to the United States Steel corporation.
 f-1 In the industrial group United States z Steel was relatively firm, at no time de- | cliping more than a fraction. Information ; al Harvester was one of the weakest or : the industrials, receding 1l4 points on Y ;ntimation that the federal government P might proceed against the company. The 2. stock displayed marked strength toward 2 the close however, ending the day with "a loss of less than a point.
 z London selling was a contributing 1ac- for In the markets weakness. The un- seasiness over the Moroccan dispute was reflected, not only in London where con sols touched a new low record, but at all the European financial centers. Sales :. in this market for London account were . followed by some buying. The total of Y transactions was not large, probably not exceeding 10000 shares, with balance or :. sales. e4
 Colorado and Southern, one or the hrst ~oods to renort it's earnings for June. showed a falling off of nearly S3Oo,Ooo in gross receipts. This was almost offset sbowever. by a cut in operating expenses. r The bond market was steady. Total sssales, par value s3,5aS ,ooo- lmteu States . bonds were unchanged on call.