The Birmingham age-herald., 1903-10-18
STOCK MARKET
 HAS MORE LIFE Sharp Recovery Brought in
 Many Buying Orders BEARS LESS S0LlClToUS
Towards the End It Became Evident From Narrow Movement of Prices That Demand Was Being
 Fed to Take Profits.

New York, October F.--A sharp recovery in prices brought in a large number of buying orders this morning, and the stock market was very active during the first hour By the end of that time 1t be- came very evident from the narrow move ment of prices that the demand was being freely fed to take profits on yesterdays rise. The bears thereupon became less so- fictitious to cover their short contracts and ceased to buy. The sellers allowed prices to slip back to about last nights close, at which point there was a marked de- crease in the volume of business with the movement of the market brought practically to standstill. The market for the rest of the day was somewhat hesi- tating and irregular. An advance of about a point in Amalgamated Copper, United States Steel preferred and Union Pacific had a reassuring effect and steadied the market, but failed to life it to a materially higher level. A number of the industrials which had suffered violent losses during the week made sharp recovery and the high-priced coalers were marked up sew
  fidence that accumulations of steam sizes of anthracite are being worked off. The bank statement was regarded as favorable The further contraction in loans is a satisfactory development, and the small decline in cash reserves in face of the apparent gain by the banks on the weeks currency movement, is attr1b- uted to possible withdrawals by the trust companies. The market did not hold and closed easy but dull. The weeks decrease in bank clearings again centers Tn New York, Philadelphia and Boston, due ap- parently to the decline in speculation, while the average for the rest of the coun- try shows an increase over last year. lm- ports of merchandise at New York Tor the week show a decrease of 1892, 900 from last week. and of sl624,OOO from the corre- spending week of last year. As bearing on the exchange situation this showing marks an increase of our power to draw on foreign centers for money needs.
 The stock market has been unsettled during the week by number or dlsturp- ing factors and continuance of liquldatlon nspots The trouble has centered Tn the industrials, as for some time past, and the dividing line between that class and the railroad stocks has grown distinct. This has led to some effort on the part of pro- fessional operators to inaugurate an up- ward movement in the railroad list in face of the continued depression in the industrials.
 The prospect of the passing of dividends on the Crucible Steel preferred stock, caused by the falling through of the in- tended purchase of the Clairton Steel company by the U. s. Steel corporation has thrown burden of liquidation of more readily marketable stocks upon the New York market, especially of U. 5. Steel stocks, which have figured conspic- uously in the weeks disturbance. Liqui- dation has come from Canadian sources and from Boston, of which the causes are not clear from any public knowledge of facts A group of Canadian specula- tive favorites were most affected by this selling, but the sympathetic effect on the general list was considerable and gave rise to persistent rumors of financial trou- bles.
 The London stock market has passed through a troublesome settlement during the week which proved severe strain and reflected some influence upon the out side financial world. At the same time, the market has not been exempt from de- pressing influence drawn from industrial developments.
 It is recognized thatA the shipbuilding episode has focused public attention upon the typical abuses of recent promotion and unQerWr1Il0B lO d QeBTte never DclOie reached and the financial world Is In dread of the effect of this public instruc- tion upon the demand of this class of securities, both present and future. Pros- poets for future promotions are consider ed of the poorest. The very unready mar ket for this class of securities which has resulted from this state of mind, makes them unacceptable as collateral for loans, and no small part of the stock market in ytc ,11Gi ha dIa fO tha throwing out of industrials from collat- erals for loans, and the selling out of this collateral for what it would bring on the exchange.
 The railroad bond market has not been active, but prices were fairly maintained, and banks report a better business over the country, with some evidence of a growing investment demand.
 United States bonds on call have been unchanged.
 NeM Xork cfarka