The Birmingham age-herald., 1911-07-28
STOCKS ARE UPSET BY HEAVY SELLING ! For While Severe Pressure Gave Market Feverish
 Appearance

New York, July 27.--After peaceful
 morning session. with slightly higher
 prices, the stock market was badly up-
 set today by a heavy selling movement
 Declines were more rapid and extensive than had been the case in several weeks
 ranging from 1 to nearly points .mong the standard stocks. The pres
 sure was severe enough for a time to
 give the market feverish appearance,
 but before the end of the day it grew
 calmer and some issues rose fraction-
 ally above the low point Net losses
 were general, consolidated gas being al-
 most the only stock of any prominence ito score an advance.
 London selling and a continuance of
 yesterdays bear raid seemed to be
 chiefly responsible for today's further
 setback. The pressure from abroad
 was simultaneous with reports of the
 British premiers speech on the Moroc- can entanglement and was continued F late enough to indicate that business ] was not suspended In London until well
 into evening. The movement was ~ heavier than any previous one during
 the present period of uneasiness over
 the Moroccan situation. Estimates of
 the selling for London account ran from 5O,O00 to 75,o00 shares.
 The increased uneasiness abroad in- dicated by the heavy foreign selling af-
 forded an opportunity which was put
 to effective use by the bear party
 whose activities during the present
 week have been conspicuous. It's attack
 xoi1 d
 shares which gave way quickly.
 Canadian Pacific, which fell back : nearly points. was the heaviest loser < among the standard issues, although the : Hartman stocks declined nearly as
 much. While the losses were most gen E eral among the railroad stocks, mum
 ber of industrials including United States Steel, Westinghouse Electric,
 American Beet Sugar, International
 Harvester and Interborough Metropoli- tan preferred were distinctly heavy.
 Buying of the coal stocks was con-
 tinued on a large scale for the third is successive day. Trading in Reading
 during the first hour of the session con- \ stituted more than one-third of the F whole. Gossip of the board room con- .nected the name of a prominent trader, k who is reported to have lost heavily in the cotton market, with the recent a activity in the coalers. Reading touch ed 160A, its highest point for more than
 two months, but fell back with the gen. eral market. It was learned today that
 steps toward recreation" of the Amer t ican Tobacco company in conformity with the decision of the United States
 supreme court are under way. The
 movement probably will take tie form
 of one or more protective committees for the bonds and preferred stock. Tho
 feverish speculation in American To- bacco securities which followed the de- cision against the company has sub sided.
 Declaration of the usual dividend on St. Paul was showed by some buying or the stock, although its recovery was not large. While no reduction in dividend was generally expected, enough had been said regarding the roads recent earnings and the possibility of a change in the rate lent more than usual i'm terest to today's meeting of the board. The official crop report of the St. Paul shows generally favorable conditions in it's territory with an especially good gain in South Dakota where descructien of the spring wheat by drought was \. feared for time.
 The bond market was easy. Total |.sales par value $3,6s5,O0 United States bonds were unchanged on call.