The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-19
SLIGHT RALLY IN
STOCK MARKET
Tone Is Uncertain and Prices
Are Very Irregular
WEAKNESS SHOWN EARLY
After a Period of Varying Price
Changes the Market Becomes Firm
and Good Gains Are Made
BY Several Stocks.

New York. September 1S.-The STOCK
\ market today showed the reieI allolueu
by the speculative liquidation which mas
Hi been effected during the week. Inc pres
III bure was lightened and the requirement
bf the short interest left uncovered was
Sufficient to cause some rally. The tone
WAS unsettled and uncertain, and the
movement of prices struggling and mixed
10 an unusual degree Developments out
Side the technical speculative position
Eorpf the market were not important except
Tor an easier tone in the rates for call
money. Taken in connection with the
heavy cash decrease for the week ind-
Gated by the preliminary estimates, the
action of the call loan market was inter-
preted to mean that substantial reduction
of the loan amount had been made in
connection with the liquidation at the
stock exchange.
aela' The outgo of cash to the interior dur
aaea ing the week seems to have reached
oi Substantial figure banks reporting an ex
nc cess of shipments over receipts of over
ing 100000 The loss on sub-treasury opera
tne tions for the week of $1,9S90OO also in
ing eludes some deposits by the banks for
- telegraphic transfer to the south in con-
apf nection with the cotton movement. This
bns. s,p,.,an,en+ or ,,ora disnroved tba fro.
tell - 49, -. =.
Interior banks will exempt New York
from the seasonable demand for currency
to move the crops. Interior bank re-
serves, in fact, are on deposit in New
York to a large extent, and an actual
demand for the currency for hand-to-
mouth transactions results invariably in
dr. wing down these deposits
With the nf ba rlra or
there was an outgo of gold, the $4,000
shipment to South America being con-
tr led by London claims. There was
shipment in addition of s1,OOO0OO to Can
&c which will also affect the cash de-
'na 10 of the banks. Foreign markets
I5tre sensibly affected by the better view
of the Moroccan situation and some
spending effect was felt in the inter-
J.. .ional exchanges Signs of further
weakness We're to be seen here and there
N the market The lack of action to-
wards a disbursement of the Great North
u ore certificates aroused the fear that
he dividend is to be omitted American
oeelting continued to suffer from the ex-
49, of the former speculation, and in
some degree from further marking down
n tha price of copper. Reports of copper
&c conditions were not encouraging
the lapse of the demand for that
r L gives credit to reports of a similar
n a the iron and steel trade
7evival of the subject of increased
sht rates is considered significant also
continued satisfactory conditions of
road earnings. On the other hand in
strious use was made at the stock ex-
eage of rumors of some coming an
cement that was to benefit the mar
Ret and the nature of which was nor dis
cosed. The rumors increased the dispo-
si.lon of the shorts to cover their con-
ueSts' and with the subsistence of pres
siIf Fon the weak spots the upward move
ment gained in de1niteness
6gnds were heavy. Total sales mar
vsAe, $4,000 United States bonds were
unchanged on call