The Birmingham age-herald., 1911-08-31
HAYWARD DRIVE ON
 NCES IN STOCKS
Regard As Bear Move meni Rather Than
 quidation

New York4gust 30.-A sharp drive at
 stocks at tlH,ening of the days trad
 ing carried Us of several issues to the
 low prices oile year. The movement
 which was re1ed as a bear raid rather
 than renewhf liquidation was check
 ed by buyinglich quickly forced back
 prices to yeslay's closing level and
 during the rdof the day fluctuations
 were of small snsequence Another at tempt to weak the market by attacks on Lehigh yas caused that stock to decline nearly points late In the day, but had only sit effect elsewhere, and the session ent with only small net changes amongk active issues Among the railroad stoe Union Pacific, South ern Pacific, Leh Valley, Missouri Pa cif1c and ChesanSe and Ohio fell be- low the bottom fires of the present de- pression, as did lernational Harvester and several otheHss prominent indus- trials. The opinidwas held in some quarters that thesives at the market were chiefly intent to facilitate short covering. The shornterest is generally believed to have rshed extensive pro portions and an in{tiye to cover con tracts at the preseflevel has been of fered by the fact th the operations of the bears have avail little for the last two weeks
 Some influence waskerted unon senti- ment by better cropews and by the July railroad returnslhieh as A. whole have been unexpected favorable. The reports of the Harrim lines. however, revealed declines in neharnings of s3s2,- GOO for Union Pacific hnd s44S, 900 for Southern Pacific Thteffect of these returns and of furthertAcertainty as to the outcome of labor dfculties was seen in the continued wealltss Of the Harri- man stocks. Reportslf a threatened strike upon a large eacrn railroad in- creased uneasiness as tthe general la bor situation.
 Bankers stated todayh1at the banks were sustaining steady lees on account of the drawing down of ierior balances. A considerable amount of,ese calls upon New York are in connsion with the cotton crop movement. Ahey is in good supply throughout the cottry, however, and the general demand fl accommoda- tion remains so light tha,the outward movement of funds fron this center doubtless will be relativelyight through the autumn. Although 1t is skpected that fall money rates will rulehigher than those now reported. there aoears to be little likelihood of stiff loai quotations at any time during the cortng months. Call money in this market l5s not ruled above 21a per cent sine ldt January. Interest and dividend dsbufements by railroad industrials and ractbn corpora tions next month are plased It se5. eco coo as compared with $94,042,Op iri September of 1910. Payments to stockholders of in dustrial corporations will secfease while there will be a slight increBe in the divi- dends paid out by rallroaI and traction companies. Optimistic stasments in re- gard 10 the cotton trade wee made today by several large producers Who said Ali- gust had been one of thdbest months, that the trade has exper'%ced this year. EuropePn aonsumerk havdbought mod erately and the ,don1estitkdefnaf,d rba been on a satisfactory scala On the curb StanaSrd oil lost two-thiff of yester- days jump of nearly 5o bd}ds.
 The bond market was irrelalar Total sales par value s1, 350000
 U. s. bonds were unchar3 led on call.