The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-10-29
SHARP RECOVERY
MADE IN STOCKS
Feature of Market Was Lapse
Into Actual Dizziness
LEAST MARKET OF WEEK
Union Pacific Maintains Well Its Re-
cent Prominence-Late Speeula-
tion Shifts to coalers and
other Quarters of List.

New York. October 2S-With the fears
of a rupture between Russia and Great
Britain relieved, stocks scored a sharp
recovery today. There was an assertion OF
the recovered bull control of the market,
and ineursions we're made into the trust
to develop new points of strength. These
efforts met with success. The striking
feature of the market, however, was the
decline In interest at the higher levels, and
the lapse into actual dullness at times.
The market was the smallest of the
week.
The consequence was a supposition that
beIated shorts were largely responsible
for the rush to buy at the opening, and
the squirt in prices at that time. The in
ference Is drawn that yesterdays bump
has had the effect of inclining large spec
ulative forces to refrain from further
heavy operations for time. In the early
dealings Union Pacific maintained well
ats recent prominence in the market, the
dmpel1ing factor being the decision on the
part of Oregon Short Line directors to
avail themselves of the opportunity to
retire the participating bonds at 1925.
In spite of all the disclaimers the spec
ulative element sees in this certain indica-
lions that the Northern Securities settle
ment is being worked out to extend the
community Of interest in the transconti-
mental railroad field. Official disclaimers
of the reported absorption for control by
Union Pacific, of Chicago Great Western
stock, were treated with the same scep-
ticism.
The speculation shifted later to the coal
ers and other quarters of the list. The
story of bid by the Erie for the control
of the Cincinnati, Hamilton and Dayton
persisted and was the only apparent
ground for the heavy buying and selling
of Erie. The sympathetic movement in
the other coalers was supposed to point to
some common benefit to be derived by the
group. Lackawanna was especially con-
spicuous, soaring to new record levels on
small transactions, and by jumps of sew
eral points between sales to 1920. The re-
newed strength of United States Steel pre-
ferred was as effective as anything in
the days market in restoring speculative
confidence as the heaviness of the steel
securities may be said almost to have
shared with the scare as cause of the
weeks break in the market The rise in
Amalgamated Copper and in Sugar was
associated with the favorable trade re-
ports from the industries with which those
companies are concerned. The Canadian
Pacific group was notably buoyant but
no news was disclosed to account for 1t.
The situation in the money market was
nontributory to the facility with which
stocks recovered. The considerable re-
reipts on balances from the interior on the
regular express movement was gratifying
10 the speculative element. Chicago adj
vices pointed to this as lull in the in
terror demand, rather than an end of the
movement. The loss by the sub-treasury
operations and Thursdays gold export
was thus reduced to small proportions.
The decrease in the foreign tension af-
forded some relief here to the exchange