The Birmingham age-herald., 1911-08-16
ALL ACTIVITIES IN
 STOCKS TWO SIDED
Improvement of the Day Before Is Partially
 Lost

~ew York August 15.-Some of the i'm orovement manifested by the stock mar ket yesterday was lost in the course of today's operations, the list showing a heavy or irregular tendency throughout.
 It was hardly to be expected that the outburst which characterized the preced- ing days buying movement would con- tinue without some renewal of activity for the short account as well as by fur ther liquidation on the part of share holders who for one reason or another see 6t to regard the immediate future with eome msaivlngs.
 In the alternate declines and rallies which marked the day it was clear that some sort of a conflict was in progress; that the market had become what is tech- njcally known as ''two-sded."
 It seemed to have developed into pure 1y professional affairsin which -an upward or downward movement was equally probable, according to the viewpoint or the operator.
 One of the most discerning features or the existing situation Is that 1t produced livery little new business. This IS not al Together surprising, however, inasmuch as some of the more conservative commits sion houses have openly discouraged in- yestment buying at this time on the ground that conditions continue unsatis- factory where they are not absolutely un- certain. Even the speculative broker age firms declare that very slight mar ginal trading from outside sources has followed the decline which is cited as additional proof that not only was the professional element almost entirely con- cerned 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 complete stagnation ruled for days at time and net re- suits were utterly negligible.
 There was this difference. however, that each succeeding spell of inacton today was followed by a moderate movement in which early gains were invariably lost.
 Union Pacific was again the focus around which interest largely converged, ana its cratic movements indicated that it was still under the influence of liquida- ton as well as bear pressure. With United States Steel relatively firm, it com prised the bulk of the days business. Reading was heavy, partly as a result of the decline in Lehigh Valley, which made several intellectual efforts to ad- vance. The one marked feature of the final hour was an abrupt drop of more than points in Texas company and sud den weakness in the copper shares The ! closing was heavy with a preponderance of net losses, including Union Pacific, which again sold almost at its low price os the day
 An incident of sentimental value was the declaration of the usual dividend by the Standard Oil company. This is worthy of narration only because of the recent furry in that stock and American To- bacco on the "curb" when the directors of sthe latter concern deemed it advisable to defer dividend action on the common stock
 Other news of the day embraced a meet ing of the Union Pacific directors, at which no action in the matter of electing MT. Tricks successor was taken; the shading of rates on time money, due to recent liquidation, another advance in cot ton and weakness in the grain markets.
 Canadian Pacifcs annual statement shows an increase of s4,aO,OO0 in total in- come, despite an increase of $6,30O000 in operating expenses. Louisville and Nash : vile for the year reported asloss of 3D. O00,0e0 in net revenues, which is fully ac- counted for by an increase of almost s. 100000 in operating expenses. ,.
 The bond market was steady, save for a sharp decline of .2h points in New York, New Haven and Hartford convertible s's. Total sales, par value, $1,645. .O0O
 United States government bonds were unchanged on call.f