The Birmingham age-herald., 1911-08-09
LOW LEVEL AGAIN
 REACHED IN STOCKS
Improved Tone of Opening Short Lived When Sell
 in Precipitates Decline

New York, August s.-Taking the course of todays stock market as a cri- terion it Is manifest that the liquidation in securities which began over a week ago has yet to exhaust itself. The mar ket opened most auspiciously, London, af- ter it's triple holiday, sending over list of prices for American stocks that ranged from half point to 11s above parity. The improved tone was short lived, how ever, selling of a number of the minor grade railers at marked declines precipi- tating further selling, which at first >ex- tended to the Canadian group, but fi- nally overlook the entire list, and rec orded the lowest level attained In some months.
 There were no known developments in account for the further liquidation but the street. has a well-defined idea that relief has had to be given to number Of over-extended operators on the long side of the market. The theory finds credence in banking circles and already has had the effect of strengthening the technical situation at the expense, of course, of a number of formidable bull accounts.
 While monetary conditions continue comparatively easy, financial institutions realize that the annual drain incidental to crop moving will soon set In from various interior points and this contin- gency doubtless has been utilized by To- cal institutions to contract credit. Call ing of loans has by no means been con fined to home banks, however, if re- ports are to be credited.
 Much of the bulish. speculation of the past six months was made possible by the use of foreign accomodations and 1t is fair assumption that large part of . these credits is no longer available. The selling became most urgent in the early afternoon following another period of stagnaton. On the decline prices fell sharply as to indicate that many stop loss orders were uncovered and all sur face conditions implied that exhausted margins were among the collateral causes of the movent. In the last hour prices recovered from fractions to a point or more in Union Pacific, United States Steel, Reading and some less active is- sues, while Canadian Pacific regained points of it's extreme decline The tone of the market at the close was heavy and hesitatng.
 News of the day inclined the monthly statement of the copper producers for July which was favorable in the sense that production was much under that of the previous month, even though demand was smaller. Declaration of the usual 1 semi-annual dividend of Chicago and Al ! ton prior lien stock after some delay was another incident, and conjecture was rife with regard to the showing which the United States Steel figures of "unfilled tonnage" to be issued on Thursday will 7-1Enake. small increase over Junes Abatement of 3,s61 .00O' tons is expected ,o That weakness of. the hard coal shares gathered from the fact that shipments for July were 600,000 tons over the same month last year, while for the fiscal year they exceeded 1909-10 by over 100000 tons
 Merchandise exports from this port fol the current week fell over a,4000O0 com pared with the same last year but the movement for the calendar year is al. most s70,O00,0O0 over 1910. The Bank ot England took over practically all the 8, 100000 South African gold received here today.
 The bond market was naturally suscep, tible to conditions in the stock marl1e and prices were generally easier. Tota sales par value were $2,0660o%
 United States government bonds were unchanged on call.