The Birmingham age-herald., 1910-08-24
GOOD RECOVERY IN
 PRICES OF STOCKS Early Decline Is Overcome By
 Show of Strength
TRADING QUITE LIMITED
Political Situation Is Clearing up but the Bears Are Active and Pre- vent n Sharp Advance
 in Prices

NeW OTk, AuS dsi iO'it ." '~- weak opening today's stock market turned rather sharply and made gen erai recovery. Trading was again very contracted and limited to the usual mar ket leaders-Reading, the Harrimans and United States Steel. these compris- ing fully SO per cent of today's over turn. The early weakness was in nc small measure due to selling for Lon don account or at least to unloading which was traceable to that quarter.
 London has sold almost daily in tho market for the past fortnight and while sales at no time have been very heavy, the aggregate has been sufficient to leave it's impression here. The local market ruled steady and dull to the close with a majority of small net gains. In the early session Reading was about the weakest feature, the selling being coupled with reports that the July statement of earnings soon to be Issued would prove disappolnt- ing. Other active stocks fell in sym pathy for a brief time and the list was apparently without support
 IIdttSL ucNclopiiChtS 'i, AifS PNANSAS~@ situation were accepted with more equanimity, President Taft's exposition of the incidents leading up to the re- cent meeting of the republican state committee in this city being regarded as strong evidence of better under standing between the administration and Colonel Roosevelt. The latter's
 
 will be watched with absorbing inter est, the more so since 1t has been in timated that his speeches will deal rather more with future than past events.
 The disastrous forest fires in Mon tana, Idaho and adjacent points, to- gether with the large losses already incurred and the resultant effect on the railroads and industries of that territory were matters of discussion, but could scarcely be considered a mar ket influence
 On the stock exchange the point of view respecting the immediate outlook party attacked the market at every favorable opportunity but is showing increasing wariness as the pressure from other sources relaxes. In bank ing circles surface conditions indicate that nothing is being done to encour- age an advance. except for the greater ease of money. Inasmuch as these circles control the springs of specula- tive supply it is not unlikely that cash for such purposes may be obtainable when conditions become more propi- tious.
 In spite of the local plethora of money further proof was offered today of the beginning of a money outflow to meet the coming movement of the crops. The sub-treasury shows fur ther gain of cash Tn its operations with the banks.
 London's markets were again weak with another break in coppers The labor situation in the British Kingdom appears to be viewed with some un- easiness, the recent assessments on or ganized labor being regarded as the precursor of general outbreak in that field.
 Foreign exchange. after scoring an- other advance in the early part of the day on the higher discounts In Lon don, developed an easier tone and closed without change. The cotton markets were quiet and the various cereals steadier
 The bond market ruled steady and was without feature. Total sales, par value, aggregated s1.086,00O.