The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-10-27
RECOVER|ES MADE
IN LATER TRADING
London News Brings Relief to
the Market
MUCH SELLING IN MORNING
Selling Had Advantage of Advance to
Start From and the Recovery
Made Net Gains for
the Day.
MUCH SELLING IN MORNING

New York, October 26.-Considerable
speculative liquidation occurred in the
stock market today, although the latter
part of the DAY was marked by decrease
of pressure and substantial recoveries to
the highest of the day. Inc early selling
was not attributed especially to London,
but the recovery set in about time the
trading for the day there was over. At
tention was paid to the London market
for the conclusion of periodical settlement
there, which occurred today, and which
carries over stock market accounts for
another two weeks. Fears of financial
trouble in connection with the conclusion
of the settlement proved unfounded, only
one small failure having been reported.
The recovery in the market was partly
due to receipt of this news. The morn
Ing fall in prices did not become preeipi-
tate, but was impressive for the steady
stream of selling orders and the apparent
lack of any supporting measures.
The selling had the advantage of a con-
siderable advance in prices at the opening
to start from, and the recovery made net
gains for the day. On the decline prices
In many portions of the list fell through
the low levels touched in the disorderly
break of last Saturday, thus confirming
the common assumption of a tendency of
prices to sag slowly after a first recovery
from a sharp break, until the low level
is touched again. To the political outlook
and the discussion of labor difficulties on
some of the railroad systems was given
some part in the encouragement mani
fest In the speculative tone. Preliminary
estimates pointed to a weak bank return,
but the publication of these estimates
did not check the recovery in the mar
ket.
The interior has evidently drawn heav-
fly on New York again by the express
movement, the loss on balance by the
New York banks on that account being
figured in the neighborhood of $5,00O000,
while the sub-treasury operations have
withdrawn from the banks s1,567, 900. The
cash losses thus Indicated would not leave
much of the surplus of $6,200.9 $50 over the
legal reserve shown by the last Saturdays
bank statement Upwards of 100000 was
transferred to. this city from San Fran
cisco by telegraph through the sub-treas-
nry today. but this is on account of Aus
tralian gold received on the Pacific coast
and is subject to repayments to the gov
eminent for gold advanced at the time
the engagement was made for import.
There is a fairly general agreement also
that loans have expended materially dur
ing the week, not for speculative use in
the stock market but for taking up OBJ
legations transferred from the market.
The call loan market continued easy in
spite of the seeming position of the banks.
The loan market, however. remained
strong. There was some subsistence of de-
mand in the foreign exchange market
with the completion of the London set
Element, but rates were well maintained.
The recovery became slower as prices
rose again above last nights level, and
the closing was rather heavy, but was
only slightly below the highest prices of
the day touched on the recovery.
Bonds were irregular
Total sales, par -ralue, $l,74S0 900.
United States bonds were unchanged on.
call