The Birmingham age-herald., 1911-08-15
BUYING BETTER IN
 THE WHEAT MARKET
London Buying Instills a Greater Degree of
 Confidence

New York August 4.-Taking tho ses- .on as a whole, todays stock market gave a better account of itself than any day of the past week London was again its guide, sending over list of gains which ran from 1 to over 2 points in United States Steel United Pacific and Canadian Pacific and later continuing its operations in this market. The buying from that quarter occasioned some com nnent, however, there being ground for the belief that it had it's inception OH this side of the water. At all events 1t mad the effect of instilling a degree of conf dence and buying, both of which essen- fials had been sadly lacking for almost fortnight Likewise, 1t is believed to have caused extensive short covering. although In this particular opinions differ radi- cally.
 Some of the shrewdest students of the movement are convinced that the short interest had not been very large at any time since the decline began.
 n fact every passing day strengthens the belief that the recent selling was of pronounced liquidation character not necessarily on the part of weakened hold CTS but rather from those well able to safeguard their interests, but weary and dsgruntled with general conditions.
 Discussion of fundamentals today ranged from the purely academical to the possi- tility of reduced dividends in the course of the next few months by some of the prominent roads as well as industrial companies. Respecting the former, it was noted that St. Paul's earnings the past two years have been such as to leave room for doubt that the company would be able to maintain the per cent rate on the common. It is well known that other roads of less importance are dis bursng larger dividends than are deemed compatible with safety or conservatism and this applies to industrials as well.
 United States Steel led the list In point of activity, sales aggregatng 20O,0 ,0o0 shares out of a grand total of 7S2,O00. The buying of this stock was at times on very larg. scale and gave color to the theory that the demands came from inside sources.
 The fact that the Stanley congressional committee had adjourned for two months
 
 other advances bearing upon the steel and iron industry were even more favorable, including the news of increased activity in the Pittsburg district.
 This was partly nullihed, however, by reports that the new business resulted from other shades of prices in finished products. .A
 significant item touching upon the Hartman properties was the announce ment that decreased traffic had caused the withdrawal by the Southern Pacific of four ships from it's coastwise trade.
 The market was at best in the last hour when Union Pacific advanced to 174ss. a |, gain of points, with simultaneous move, elsewhere in the active group. Consider oble stock came out on this rise, but the advantage was well maintained, subject to slight recessions. c
 The closing was strong and had all the marks of belated rally. logical out come of events of the past fortnight. Gains in stocks other than Union Pacific ran from to points.
 On the "curb'' sale of 200 shares of Standard oil at eO0 its recent low price,, was the only feature
 The bond market was steady with a sharp advance in some Issues shortly be- fore the close Total shares, par value, $2ss6,00o.
 United sttaes government bonds un- changed on call