The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-26
PRICES OF STOCKS
MAKE A RECOVERY
Fright of Spectators Showed
Considerable Subsistence
METAL STOCKS ARE S TRONG
Banking Scandal in Milwaukee Was
Important Factor In the Days
DeaIings-Railroad Situa-
ton Is Easier.
METAL STOCKS ARE S STRONG

New York, April 26.-The fright of spec
ulators in stocks showed evidence of SUBJ
science today and was to be expected,
after the violence of the recent downward
plunge there was recovery in the prices.
Il was to be expected also that the stocks
which had led the decline should be es-
peeially affected by the demand OF uncov-
cred shorts which constituted the prin-
cipal factor in the recovery. Union Pacific,
St. Paul and New York Central were
the principal examples in the railroad
list
In the industrial list an aggressive tone
was taken on the recovery in some of the
stocks which have offered comparatively
good resistance to the decline notably in
the metal group. There was very dis
tinct falling off in interest in the market,
however, and traces of nervousness and
feverishness were still very perceptible.
This was especially the case early in the
day before the relaxation of the selling
pressure from outside sources was clearly
perceived. London resumed operations af-
ter a four-day interval of idleness and
took our securities with such freedom
as to make material aid in support
ing the market.
A number of international stocks were
between one and two points higher dur
ing the first hour Beside the practical
effect of this buying on our stocks, the
tone of the London market dissipated any
remaining fears of a critical nature of
European policies. The weight of the SELL
ing brought by this opening bulge in
prices had a decidedly chilling effect on
sentiment and hating movement fol-
lowed An anxious eye was kept on devel-
opments growing out of the Milwaukee
banking scandal and there were some
fears that still further losses would be
involved More Importance was attached
to the possible effect of the episode in
shaking the existing state of confidence
in the outstanding credits. which is of inn
portance to the present prosperous condi-
tions of the country. The days events
served to quiet apprehension to some ex-
tent regarding the Milwaukee incident.
The quieter tone of the wheat market
was also an effective influence in turning
the stock market.
With the downward tendency arrested
and the upward turn established, less
was heard of yesterdays rumors of hos
tilties in the railroad world, which point
prompted a contest for control of Union
Pacific itself A notable feature of the
market on the recovery was the lessened
volume of activity, the total transactions
for the day falling considerably below
those of yesterday. The speculation dur
ing the afternoon began to anticipate the
action of the meeting of directors of the
United States Steel corporation, which
was to assemble later in the day and
give out statement of earnings for
the quarter. Expectation was high that
this would prove remarkable and record
figures were talked of during the late
buying of the United States Steel stocks.
Other metal stocks shared fully, and even
exceeded the strength of the iron and
steel issues, in spite of the weakness or
the market for crude copper. The advance
II prices did not become general for some
time, and was interrupted by number
OF reactions before 1t was established
and carried to the strong closing. Call
loans were easier, but sterling exchange