The Birmingham age-herald., 1905-10-25
ENTIRE LACK IF
 ANY STOCK CHANGE Followed Wholly Professional
 Lines of Past Week BONDS ARE UNCHANGED Demand for Many Stocks In the Loan Department Indicates the Large Reduction in the outstand- ing Short Interest.
BONDS ARE UNCHANGED

New York October A.-Probably the
 thief importance to be attached to to-
 nay's stock market is the light 1t throws upon the preceding markets. The day s
 reaction with entire lack of any change
 In news made pretty conclusive evidence
 of the wholly professional character of
 the upward movement. The demand for
 stocks in the loan department Of the
 stock exchange was not more than nomi-
 nal today, indicating the learge reduction In the outstanding short interest. The conclusion was accepted as reasonable therefore that yesterdays share market was due to the combined effects of the retreat of considerable interest driven to cover by last weeks advance in prices,
 and to the taking of profits by the party of professional spectators which had conducted the operations for the advance. The hesitating disposition today as to the direction to be taken by the new commit ments was responsible for the wavering of prices and the shrinkage in the volume of business. The check to the advance In view of the further easing of the money rate was a disappointment to that specu- lative sentiment which has held the con viction firmly that money strigency was the only thing that would restrain a rise in prices of stocks as result of the great activity and prosperity in all branches of business affairs. The fact that yesterdays early advance had car ried the average level of prices to the highest of the year and in fact to the highest record prices as whole was subject of comment and doubtless an oc- casion for pause. The low grade of some of the securities which were being rush ed forward into prominence was also a subject for grave questioning and the re- suits of the profit taking today in some of the recent active stocks was fairly ludricious. They have been bought indis- criminately for several days on the bare chance that speculative favor would turn to them. Any appreciable movement of
 fers handsome proportion of profits where the entire purchase price is so
 small. An example Is Standard Rope and
 Irvine for which a sudden demand yes- terday carried the price up to $2 a share
 on par value of s100. On a movement to
 take profits today, the shares fell to S1.
 There were small changes in the money
 market but considerable importance was
 attached to the published statement from
 the president of the Imperial Bank of
 Germany expressing satisfaction with the
 International money situation. This may
 mean the correction of the unsatisfactory
 speculative situation at Berlin which, ac-
 cording to the same authority, promised
 the advance in the German banks dis
 count rate, and to the completion of nec-
 essary preparations for the Russian loan.
 If such results have been achieved. 1t
 would mean much concerning the further
 requirements on the New York money
 market But there was no cessation to-
 day in the frmness of the foreign ex-
 change market here, and banking author
 ities allowed themselves an intimatfon