The Birmingham age-herald., 1906-11-14
MORE RECOVERY IS
 MADE IN PRICES Notable Movements Limited to
 Few Stocks SHORTS BACK OF DEMANDS Much Less Calling of Loans and Less Difficulty Was Experienced In Securing Fresh Accom-
 modations.
SHORTS BACK OF DEMANDS

New York, November 13.-The move ment towards recovery in prices of stocks which was distinctly initiated in the later dealings of yesterday, made further sub stantial progress today. The demand was not large and conspicuous movements were restricted to few stocks which have been favorites in the speculation. A demand from uncovered shorts was an ob- vious factor in the recovery
 The light demand was made effective through the falling off in the pressure to sell, which was in evidence yesterday by reason of the withdrawal of credits from speculative holders on margin.
 There was much less calling of loans today and less difficulty in securing fresh accommodation. It was assumed that this was due partly to the return to the money market of the amount paid in yes- terday on sections of new St. Paul stock, which called for some S12,000,0O0. The stock market settlement in London made fa- vorable progress and without urgent pressure on New York for retirement of stock held in that market. This afforded sense of relief although the actual pay day for the settlement Is fixed for to- ,morrow Money and discounts were firm ly held in London, but developments point unrnistakably to effective relief of tension in that market.
 The violent jump in the rate for sterling exchange in Paris of 31a centimes se-Tod notice that the extensive remittances of capital were being made from that cen ter to Englsih capital in furtherance of willingness of the Bank of France to as- sist the London money market expressed in the important statement made by the bank authorities to the Associated Press yesterday.
 The loosening of the purse strings of the Paris market for the benefit of the Lon don market opens up the more important reserve supply of money at present flex- ible to the worlds needs and marks a distinct departure from the recent policy of the guardians of the supply. Foreign opinion has been freely expressed that re- lief measures were called for by the Uni ted States treasury in view of the part played by New York requirements in the present tightness of money The reiterated refusals of the Secretary of the Treas ury to adopt any immediate measures, which were repeated today, were calcu- lated to disappont the expectations of relief by this means, which thus were expected to ease foreign money markets as well as our own.
 The appliances of the secretary in Wall street today gave new circulation to ru- mors of his intention to adopt relief measures.
 These rumors had their part in the early strength of the stock market. By the time they were denied the market had the more substantial basis of an easier tone tn the money market without the help of treasury measures. There was some dis position to infer that offers had been made to exaggerate the money stringency yet in order to impress the treasury offi- cials with the desrability of relief, and that today's relaxation might be due to the abandonment of these efforts. The course of the money market seems suf- ficiently excited by the lack of pressure on account of the London settlement I lie reappearance of St. Paul stock sections in the money market tending of money for out of town banks, attracted by the high money rates and a subsistence of the movement of currency to the interior Re- ports of settlement of wage disputes on some of the railroads was a help to the market. Some sentimental effect was pro- duced by the reports of agreement at Washington on a plan among the advo- yates of law permitting emergency bank note issues The special strength of St. Paul found no explanation in any news, beyond divided rumors of rights of seo tions to further stock issued. The open- ing money rate of IA per cent proved to