The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-13
PRICES RECOVER IN
STOCK MARKET
The Movement Gathers Force
as 1t Progresses
SOME STOCKS RESOLD
Easing of the Money Market Was
s More Decisive In Yesterdays
Operations Than the
Day Before.

New York, September 12.-Prices Of
stocks recovered in today's market, the
movement gathering force as it pro-
.gressed. In the early part of the day
there was a further selling of the kind
that carried prices downward yesterday.
This was rather obviously a re-selling of
stocks bought on Saturday for the pur-
pose of sustaining the market in face Of
disconcertins bank statement, and it was
not pursued today to any considerable
decline. There was good absorption
manifest in fact from the outset
The recovery halted at about last
nights level of prices and there was a
long pause which accounted mostly for
the falling off in the days average of ac-
tivity. The recovered level of prices did
not induce any renewal of selling in
spite of the dullness which interviewed
Operators for the advance took their cue
from this technical indication of recov-
cred strength in the market and resumed
their operations on the long side of the
market.
The easing of the money situation was
more decisive today than yesterday. and
confidence was correspondingly re-es-
L.
clearly the influence of the replenshment
OF banking resources by the import move
nient of gold. and per cent was the
highest rate for the day, with the ex-
ception of temporary rise to 6ia per
cent Another $2.0O0OOO in gold was secured
In London for New York That center also
showed itself somewhat less disturbed
over the heavy demands of New York for
gold which have aroused much criticism
in London financial circles. and have
prompted the suggestion voiced in the
London Times this morning to discrimin-
ate in interest charges for loans on Amer
lean collateral.
London's calmer attitude today did not
preclude the assumption that the Bank
of England would advance its official rate
tomorrow, possibly full l per cent. as Is
sometimes done when the object is to
check gold movement. 1t is believed In
London, however, that this action by the
bank will have the effect of diverting New
Yorlk's demand for gold on Paris and
London, even had report that the Bank
of Paris authorities had determined to re-
lease a certain amount of gold to supply
the New York demand.
Nothing developed here to confirm this
report. The. time money market also
showed a greater effect of the replenish-
ment of money supplies although loans
| for the shorter perio6 still commanded
premium over the legal rate. de-
post of 100000 at the SUBJ treasury for
transfer to San Francisco was attributed
to the further payment of fire insurance
losses. although reports of an unex-
fplained run on a savings bank in that city
were discussed In Wall street. AS the
money! rate declines in New York. there
is some movement towards retirement of
credits by banks outside of New York,
which was put out to take advantage Of
the high money rate. But this movement
was overborne by the tide of foreign gold
and did not hold up the money rate
against that influence.
An advance in. the price of government