The Birmingham age-herald., 1903-10-19
STOCK MARKET
 HAS MORE LIFE Sharp Recovery Brought in Many Buying Orders BEARS LESS SOLICITOUS Towards the End It Became Evident From Narrow Movement of Prices
 That Demand Was Being
 Fed to Take Profits.
BEARS LESS SoLICIToUS

New York October 17.-A sharp recovery In prices brought in 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 5 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 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 hesl- tating and irregular. An advance of about a point in Amalgamated Copper United States Steel preferred and Union Pacihc had a reassuring effect and steadied the market, but failed to life 1t to 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 seY- eral points at time on the professed con- fidence that accumulations of steam sizes of anthracite are being worked orr. The bank statement was regarded as favorable The further contraction In loans is a satisfactory development, and the small decline in cash reserves in faee of the apparent gain by the banks on the weeks currency movement, is attrlp7 uted to possible withdrawals by the trust companies. The market did not hold and closed easy but dull. The weeks decrease in bank clearngs 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 for the week show a decrease of 1892 900 from last week, and of $l624,000 from the corre- sponding 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 a number of disturb ing factors and continuance Of liquldaton i nspots The trouble has centered in 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 a burden of liquidation or more readily marketable stocks upon the New York market. especially of U- 5. Steel stocks, which have figured consplc- 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 a 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 that the shipbuilding episode has focused public attention upon the typical abuses of recent promotion and underwriting to a degree never before reached, and the financial world is in dread of the effect of this public nstruc- ton 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 the weeks business has been due to the throwing out of industrals from collat- erals for loans, and the selling out of this collateral for what it would bring on the exchange.
 United States bonds on call have been unchanged. N