The Birmingham age-herald., 1911-08-30
STOCKS CONTINUE UPWARD MOVEMENT  Reaction Temporarily Puts End to Advance Be
 gun Monday

New York, August 29.-Further prog ress was made today In the forward movement In stocks which began yes which, for the time at least, put an end to the advance.
 In the early part of the day the standard issues were in steady demand. Yesterdays gains were increased sub stantially, although the three specula- tive leaders. Reading United States Steel and Union Pacific, were less con- spicuous, gaining only fractions The Hill issues were the features of the railroad list, while Canadian Pacific, St Paul, Erie, first preferred; Lehigh Valley, and a number of industrlals gained point or more.
 Before noon, however reaction set ,n. Prices reeeded slowly until the .ains were cancelled. In the last hour ceiling became active and losses were extended Southern Pacific, Missouri Pacific, Rock Island, Lehigh Valley and interna tional Harvester sank to the low points of the year, while number of other shares ended the day only frac- tionally above the bottom prices reached in the extended downward movement of the month.
 No new development occurred to in fuence speculation and the recession appeared to be in the nature of profit taking by traders the effect of which was heightened by a renewal of short selling later in the session.
 Although the slump resulted in some sales of long stock, there were no in- dications of a renewal of the heavy liquidation which characterized trading earlier in the month. It was said in some quarters that stocks were being purchased on fairly large scale by in terests which believed the recent de- cline of 10 to 20 points to have dis counted unfavorable factors, such as crop disappointments, chances of la = bor disturbances on the railroads and hesitation in trade owing to uncertain- ty regarding the political outlook. The lower prices, however have not led to any considerable degree about a reversal later in the day.
 The appearance of Canadian Pacific's s report for the fiscal year ended June 30 was followed by a temporary gain of nearly points in that stock The re- port showed an increase of S917S,O0O in gross earnings, and s2,S59,000 in net Favorable July reports were made by several 4ailroads.
 The chief of a large steel company was quoted as saying that while orders for structural material were being received in larger volume, business in other branches was tagging and the outlook was not altogether promising. The trade as whole was described as marking time. Orders now being received by the United States. Steel corporation were re- ported as more than 1000 tons daily in ex- cess of the amount of new business at this time of last year.
 Animation was lent to trading on the curb by a rise of 46 points in Standard oil to 6i5 The rise was accompanied by va tious reports of the progress of dissol'I- ><tion of the corporation, but no further official information was obtalnable.
 London trading, amounting to about 15,- 900 shares was divided between buying or railroad shares and selling of steel issues
 Bons were steady. Total sales, par value S1,005,O00.
 United States bonds were unchanged on call.