The Birmingham age-herald., 1902-10-14
RECOVERY FOLLOWS
 A VIOLENT BREAK
Closing Prices in Stock Market
 Showed Net Gains
EARLY LINES WERE RAGGED
Sentiment Was Badly Mixed Over the Reports That a Settlement of the Coal Strike Has Been
 Arranged.

New York, October 13-The violent and Jllmost uncontested break in prices of stocks this morning and practically Homplete. recovery this afternoon Is the history of todays market. The closing prices showed a sprinkling of net gains amongst some of the most important stocks on the list, reaching a point in Reading and Ontario. At one period be- lore noon, there were ragged lines in- Ticated all the way from l to F points From Saturdays level, many of the lead Ing speculative stocks having lost to { points in the two hours of trading. The sentiment in the street seemed mixed before the opening between the contend Ing influences of the reports that set clement of the coal strike had been ar ranged and the admonition contained in the Saturday bank statement that there must be further contractions of loans placed in the stock market, The latter Influences swept away all other consid- erauons and with the exception of a momentary rally after the opening, due to the taking of bear profits by Satur- days short sellers, the market pursued a steady downward course under con tinuous stream of liquidation.
 It was evident that further selling on the part of some of the large speculative pools was going on, presumably under pressure of the demand from money lenders for repayment of loans The Gould southwesterns and some of the stocks in which the so-called western contingent have operated largely, were notably affected. The recent tendency of high-priced investment stocks which had been pushed to an extraordinary level to break violently on small sales, continued In evidence in the cases of American Ex- press, United States Express, Lackawan- na, Delaware and Hudson, Crl eat North ern preferred, General Electric and simi- lar stocks
 When the liquidation first showed signs of decreasing, the bears caused a sharp rally by covering of shorts after which the market lay sluggish and neg lected for an hour. The speculative sen timent then yielded to the influence of the hopeful feeling that the consultings and activities of the financial and oper- ating powers of the great anthracite companies would lead to substantial re- suits in the sentiment of the coal strike. Any admission of change in the dead lock was impossible to obtain and the unvarying assertion on the part of oper- ators dealt only with the possibility or improving the output of the mines under protection of the military by seceders from the strikers. But the action of the market reflected the faith that develop ments were forthcoming looking to set tlement Reports received over Sunday of the receipt of several parcels of gold from Europe and of expected arrivals within two weeks at San Francisco of $1, 100000 additional Australian gold, were powerless to offset the depressing influ- ence of the bank statement. Money went to IS percent soon after the opening. Sterling exchange broke sharply but dis counts in London responded with an ad- vance. The coming weeks syndicate re- uuirements, which foot up some S50,00OO OO0, were considered formidable in view of the money situation. This includes another sl7OOO,OOO payment on the purchase of control of Louisville and Nashville, 2l moo 900 on account of new Baltimore ahd Ohio stocks and $12,O0O,000 on account of Pennsylvania's Sh per cent convertible warrants The market closed with the rally in full force and prices at the top level.
 Bonds weakened and recovered in sym nathy with stocks. Total sales par value S4,5450 0OO. Knitted States new and old As declined 4 per cent each on the last call.