The Birmingham age-herald., 1903-07-18
PRICE RECOVERY
 AGAIN RESUMED  Stock Market is Lifted Between
 2 and 3 Points ACTIVE LINES TAKE BRACE  Downward Tendency of Leading se- eurItIss Is counteracted and the
 Market Improves--Money Is Easier.
ACTIVE LINES TAKE BRACE

New York, July 17-The recovery in prices of securities which was interrupted yesterday by the late slump in Amalga- mated Copper was resumed today. It showed some hesitation at various times owing to the unsettling effect of sudden breaks in special stocks. But it gathered force as the day progressed. and at the final hour the level of the whole market was lifted between and 8 points over last night. New York Central and St. Paul led the advance. but gains of 2 points or oyer were secured by Penn aylvania, Reading, Erie first preferred Kansas and Texas preferred, Union Pa cific Atchison, Amalgamated and smelt- ing. Among the inactive stocks there were some larger gains which reported recover les from recent correspondingly violent declines.
 The opening advance In the market was 1irst checked by a renewed attack on Amalgamated copper, which carried 1t back to yesterdays low record level but the stock showed determined resistance and became strong, notwithstanding report of an additional cut in the price of the metal. Another backset was caused by the drop in sugar to 1% below last nights level which followed the an- nouneerent of a rise in the price of re- fined sugar. and was without other ex- plantation. Colorado Fuel then made violent slump of 6A points to the low price of the year and this was followed by break in Toledo. St. Louis and Western securities, which cost the common stock b5k points, the preferred 71k, and the 4 per cent bonds 21z Rock Island was the last stock to show notable weakness, and its decline of 1ss ended the resistance to the advance in the general market.
 The market was not notably affected by any of these breaks, and this caused an impression that covering movements on large scale were going on under cover of the depression in spots. This gave color to the supposition that, the occasional breaks were due to raiding tactics, although there were indications of the closing out of some accounts by forced liquidation. The general feeling over the money outlook was brighter and rumors were circulated withogt as- signed authority that many proposed loans by railroad corporations had been postponed.
 Estimates of the weeks currency move ments pointed to net gain by the banks of over SSO0O,O0O. The rise in interest rates here seems to have induced a large inflow of currency from interior points The sub-treasury made heavy disburse- ments yesterday and today for special accounts thus largely reducing the weeks early loss by the banks to that institution. The offerings of foreign funds in this market have also relieved the situation. Sterling exchange, how ever, made some recovery today from yesterdays sensational break Discounts hardened in London and Berlin and sterl- ing weakened at Paris. London also turn ed seller of securities in this market on balance the upturn of prices, which was more rapid here than in London, offering advantages for selling on arbitrage stocks which were purchased at the low CT level in London.
 The large increase In wheat exports for the week, which rose 1,2T2,374 bushels over those of last week, was a satisfac- tory development in the exchange situa- tion. The principal interest in tomor- rows bank statement will turn on the item of loans It Is supposed that the Pennsylvania company has commenced the repayment of It's maturing notes It Is a question on the other hand how far the large borrowings by railroad corpor- ations will be reflected in the statement. as a considerable portion of these loans has gone abroad. Today's movement in stocks, however, reflected the feeling of confidence that the banking situation Is materially improved. The market closed active and steady at about the top level.
 Bonds were inclined to rally in sym pathy with stocks but there were some weak spots which made the tone irregu- lar. Total sales, par value, s2,S9500O. United States bonds were all unchanged on the last call.