The evening times., 1911-08-16
BULLS CONTROL
STOCK MARKET
Conflict in Interests Indicative
by Fluctuating Quotations
Of Day.

course OF tO0aye operatlons, the ll6I
showing q heavy or irregular ten
dency throughout.
It was hardly to be expected that
the outbrust which characterized the
preceding days buying movement
would continue without some renew
al Of activity for the short account
as we'll as by further liquidation on
the part Of shareholders, who for one
reason or another, see fit to regard
the immediate future with some mis-
givings.
In the alternate declines and rallies
which marked the day it was clear
that some sort of q conflict was in
process that the market had become
what is technically known as two
sided."
1t seemed to have developed into q
purely professional affair. in which
an upward or downward movement
was equally probable, according to
the viewpoint of the operator.
One Of the most disconcerting fea-
lures Of the existing situation is that
it has produced very little new busi-
ness.
This is not altogether surprising,
however, inasmuch as some of the
more conservative commission houses
have openly discouraged investment
buying at this time, on the ground
that conditions continue unsatisfac-
tory where they are not absolutely
uncertain. Even the speculative
brokerage firms declare that very
slight marginal trading from outside
sources has followed the decline.
which is cited that additional proof
that not only was the professional!
element almost entirely concerned in
the recent reaction, but In the partial
recovery as we'll.
The dullness which settled over to-
days market after the first few hours
was strongly reminiscent of the
earlier summer period, when COM
plete stagnation ruled for days ut q
time and net results were utterly
negligible. There was this difference,
however, that each succeeding spell
OF inaction today was followed by a
moderate selling movement in which
early gains were invariably lost.
Union Pacific was again the focus
around which interest largely con-
verged. and its erratic movements in
dicated that it was still under the in
fluence Of liquidation was well as
bear pressure with United States
steel which was relatively firm, 1t
comprised the great bulk Of the days
business. Reading was heavy. part
ly as a result Of the decline in Le-
high Valley which made several in
effectual efforts to advance.
The one marked feature of the final
hour was an abrupt drop Of more
than three points in Texas company,
and sudden weakness in the copper
shares. The closing was heavy with
a preponderance Of net losses. includ-
ing Union Pacific which again sold al
most at its low price of the day.
An incident Of sentimental value
was the declaration Of the usual divi-
dend by Standard Oil. This is worthy
Of mention only because Of the recent
furry in that stock and American To-
bacco on the curb. when the directors
Of the latter concern deemed 1t ad-
visable to defer dividend action on
the common stock.
Other news Of the day embraced q
meeting Of the Union Pacific. direc-
tors at which no action IN the matter
OF electing Mr.. Fricks successor waa
taken: the shading Of rates Of time
money, due to recent stock ltquida-
ton, another advance, in cotton and
weakness In the grain markets.
The bond market was steady. save
for sharp decline Of 3 1-2 points In