The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-11-02
STOCK TENDENCY
TOWARD RECOVERY
Buyers Not Disposed to Follow
Advance
GlBRAL TAR NEWS A FACTOR
Difficulty About interpreting the For
eign Situation Was Reflected In the
Substantial Rally Setting
In Before the Close.
GlBRAL TAR NEWS A FACTOR

New York, November 1.-Wall street
found itself with renewal Of the new
international crisis on it's hands today,
and was somewhat at loss to know just
how to handle the situation. London and
Paris, centers of diplomatic information,
had both adjourned their stock market
sessions over the All Saints holiday. and
the interest in the market had SO far
lapsed that 1t was not thought even neces-
sary to exchange the usual cable mes
sages with the foreign arbitrage houses
here.
1t was probably for this reason that no
effect was produced in the local stock
market by the ominous events at Gibra1-
tar until long after the newspaper extra
editions containing the dispatches from
that point had appeared on the street.
During the morning the market showed
distinct tendency of recovery from yes
terday's violent strain. The principal
ground for lack of faith in the market
was the decided decrease in activity at
the advances; that is, it was clear that
buyers were not disposed to follow the
advance, but there seemed to be little
pressure to sell at the recovered level.
For the second hour of the morning the
market was duller than for several weeks.
1t was inferred from this that the prin-
cipal buyers was to cover shorts and take
profits.
The result of the morning buying was 10
establish gains of about a point in Union
Pacific Reading, Ontario and Western
and Chicago Great Western, and of q
in Sugar and Amalgamated Copper, be-
sides comparative gains of lesser range
throughout the list The fact that no adj
ditiona1 gold was engaged for export as
was thought possible yesterday was in
favor of the market London discounts
were easier although that market as we'll
as for sterling exchange was largely
nominal on account of the holiday in Lon
don. There was a receipt of 100000 Aus
tralian gold at San Francisco, available
for transfer by telegraph to New York
and New York exchange at Chicago rose
TO par for the first time this season.
Further advance in the price of refined
sugar, the very large October exports
of copper and the approval of the Septem-
Der net earning showings of the Erie and
louisville and Nashville were considered
II favorable factor BY midday, however,
the market had taken alarm at the bel
ligerent look of the naval and military
preparations reported from Gibraltar, and
early IN the afternoon had forced declines
of to 35s from last night, the latter st.
Paul
The difficulty about interpreting the for
hign situation was reflected again in the
substantial rally which set before the
close. 1t must be said that lack of clear
understanding of the happenings at Glib
raltar displayed in New York seemed to
be shared to a large extent in London,
and the depracatory tone adopted by the
authorities toward any sentiment of alarm
over the outlook was a factor in inducing
the covering of shorts, which caused the
rally here. The three great industrial
stocks United States Steel preferred,
Sugar and Amalgamated Copper. were
rushed up l to 8 points over last night in
The late rally, and the recovery elsewhere
was practically complete with a very
strong closing.
Bonds were irregular; total sales, par
value, s5,615,000. United States bonds were
unchanged on call