The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-12-11
MARKET is STILL
REPAIRING ITSELF.
Good Progress is Made in Re-
storing Values
READING WAS PROMINENT
Whole Market Became Very Strong In
the Late Trading and Closed
Firm Near the
Best ia
READING WAS PROMINENT

New York. December 10.-Further prog
ress was made in today's two hour SEES
sion toward restoring the impairment of
values In the stock market caused by
the weeks heavy liquidation. In the case
of a few of the coal carriers both in the
anthracite and the soft groups today's
closing prices are slightly higher than
those at tho closing last Saturday. The
largest declines have been very much
reduced
Reading was q prominent figure in to-
days trading and very encouraging re-
ports of coal traffic helped stocks of all
railroads with large percentage of that
class Of freight. There was some evil
denoe OF renewed liquidation in some
spot at times, but the whole market
became very strong In the late trading
and closed firm, near the best Covering
of short contracts by a retreating bear
party apparently played a considerable
part In the rise and the demand was
rather urgent at some points, notably
amalgamated copper. Rumors were re-
vived of property consultations, coming
dividend surprises, capital readjustments
and other symptoms which characterized
and the speculation took on much the
same appearance as before that event.
Northern securities touched new high
record on the curb, md the settlement
rumors regarding that corporation re-
newed their potent effect on speculative
sentiment. The bank statement conform
ed to calculations In the cash item ana
the stock market liquidation was re-
Elected In the loan contraction of 49,
5l35O0, resulting in an addition to the
surplus reserve of SS26,72 Foreign ex-
change turned firm and Berlin's renewed
demand on London for gold attracted
attention. Total sal OF bonds, par value
81 635.000
Heavy liquidation has occurred this
week In the stock market and the in
creasing momentum Of the downward
movement resulted In crash on Thurs
day which took on the proportions on
panio during an hour. No failures re-
suited, and the market quickly showed
the relief caused by the closing out of
weak accounts and recovered violently.
One of the causes of the drop was the
jepectacular campaign conducted against
lAmaIgamated Copper. The success which
ATTENDED this attack had strong sym
pathetic effect on the whole market on
account OF its relation of unstable con-
dftions In a stock which had been IA
lvorite In the speculation and from which
'analogies could be drawn that would
apply to many other securities. Stress
was laid on the passages of the Presi-
dents message recommending authority
for the Interstate commerce commission
NO fix freight rates and pointing to fed
leral Intervention in other matters of COM
lsneroe and industry. On every occasion
when proceedings have been had about
railroad corporations affecting their cor
- of ant md
bnation amongst themselves. the stock
market has shown itself extremely SEN
eltive to every stage in the progress of
these cases. 1t was argued that II the
new question were to be made an active
optical issue, 1t must be expected to
have an unsettling effect on securities.
The unexpected resumption Of gold ex-
portation in face of the apparently ad-
verse conditions in the exchange market,
had a disquieting effect on the conf
dence which had been noticed in the
money resources to sustain the specula-
ton in the stock market and the needs
of the fruit crop in California and Of
the renewed activity in the cotton mar
ket Withdrew some large sums to San
Francisco and New Orleans. These
movements had but slight effect on the
actual rates for money but this prob
of tenders toward borrowers from spec
tiative purposes.
Bonds were affected In sympathy with
rs and the old Is have advanced X ana
she new As registered n per cent on cali
curing the week