The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-12-10
NERVOUS BREAK IN
PRICES OF STOCKS
Recovery SET in Early in the
Morning
MONEY SEEMED PLENTIFUL
Speculative Element Took Confidence
and Prices Were Pushed Up Aa-
eressIvely In Spite of
Thursdays Lesson.
MONEY SEEMED PLENTIFUL

New York. December 9-Succeeding the
rommotion in the stock market yesterday
the course of prices today followed ac-
rording to rule with a score Of. lessen
bng fluctuations. After the violent rally
of yesterday afternoon it was expected
there would be a renewed dip this morn
ing. There were several normal cases
10 be looked for to produce this result.
They were the holdings of room traders,
secured in the decline yesterday, on
(which quick profits would inevitably be
sought on the first rally. There were
Bome sales to be expected of holdings
ahat had been accumulated simply with
fhe purpose of supporting the market in
Its period of greatest weakness. AS Lon
don was a keen buyer here on the break,
there was some notable proht-taling
from that center on the higher level,
which helped to put back prices this
morning. In a demoralized market like
that of yesterday, there are speculative
holders strong enough to save their hold
sngs from undue sacrifice at the moment
Of greatest weakness, who are still I'M
ker pressure to tighten their load on the
first rally, after so violent a break. The
recovery In prices has the effect also of
driving out of the market the hard
headed bargain hunters" who appear
On Wall street only In periods of panic
time to buy stocks, or perhaps In pc
rfods of boom imitation to sell.
There was the natural uneasiness as to
the depth of the wounds inflicted yester-
day and their consequences. All of these
were contributing causes to the nervous
break in prices In toda VS. early market
In which the losses ran from 1 to IA
points In an extended list of important
properties. The recovery promptly set
I'm as soon as 1t was announced that all
sheets had gone through the stock ex-
change clearing house successfully, that
being equivalent to an announcement
that all financial embarrassments had
been avoided.
There was a hesitation and dulness
when the recovery had reached about
last nights closing level again. But the
light pressure to sell at the recovered
level of prices encouraged speculative
sentiment and induced so much confi-
dence that prices were pushed upward
again aggressively, with some evidences
of a resumption of operations by specu-
lative pools, in spite Of yesterdays severe
lesson.
Money proved to be in plentiful sup
ply and the rate for call loans fell back
easily. Severe discrimination against
some securities, such as collateral, which
was factor in breaking the market yes
terday was somewhat relaxed. The an
nouncement of the engagement of 100000
gold in Paris for Importation, had an eff
feet on sentiment although the curious
cross currents of the present gold move
ment are seen to be quite apart from
the condition of the exchange markets.
The ease of the call money market was
accepted as a better index of the extent
of the liquidation effected yesterday, than
will be given by the United States bank
statement which probably will reflect
the loss of cash due to gold exports
and transfers to the interior through
the sub-treasury, and only slightly the
loan contraction owing to the operation
of the average system of communication
The Missouri Pacific bond sale, and the
establishment of diviaends on Southern
Pacific preferred were helps toward re-
viving speculative spirits. Before the
end of the day these declines had been
transformed into gains of one to two and
a half for the principal active stocks?
The gains were not fully held and the
closing was rather easy.
Bonds turned firm after some declines.
Total sales, par value, $5995,0O0.
United States bonds were unchanged on
call