The Birmingham age-herald., 1911-10-09
PAST WEEK MARKS LIMIT OF RECOVERY Movement of Prices Tended
 Downward NO HEAVY SELLING TurkO- Italian War Caused No Un- easiness-Anxiety Still Felt in
 Regard to Prosecution
 of the Trusts

New York, October S.-Last week stocks from the low level of the previous week. The first hours operations Mon day morning showed generally the high est prices of the wek. The movement was not constantly downward during the week, but it was evident that the demand was not effective at the higher prices which were made obviously by the distressed short interest
 The force of the recovery on the other hand demonstrated genuine holders of stock securities had ceased to liquidate them in large volume at the low prices which they had reached. It was noticeable also that following the partial recovery there was no re- newal of the heavy selling which had caused the downward plunge in the first place. The contraction of dealings to the point of dullness and the narrowing of the price movements furnished fhe almost invariabe sequence to such vic- lent and prolonged fluctuations as pre- ceded.
 Considerations which had prompted the long declines were shown to have spent their force. Beyond this the action of the market gave little indication of the play of new forces. The war in the Med iterranean did not renew the uneasiness in the foreign markets which had been precipitated by the Moroccan dispute. In fact with the conclusion of the dreaded october money settlements, there was an appreciable relaxation of the strain on foreign money markets.
 Conditions abroad are in strong contrast with those in this country. Instead of borrowing abroad in anticipation oe the export movement of agricultural products as is customary for the New York money market. large sums have been loanel in Berlin, and it is supposed also in Paris.
 AS the cotton and other crops go out and make exchange In New York while foreign money markets still are declin- ing there will be large repayments 10 New York lenders and a probability of redundant money market conditions. Sep tember issues of new bonds, stocks and notes in New York. computed by the Journal of Commerce. were but $37 060 GOO the smallest for any month in the period of record.
 The amount for the year to date ox- ceeds all previous records at $1, AS, ,4lS,Oo0 but the declining tendency of the last few months affords relief from previous
 
 in the money market, bond dealers look forward to stimulated demand for mort gage securities.
 The quieting down of the turmoil in the stock market has not lessened anx- iety in the question of prosecutions lr- der the Sherman law. Opposition to any thing but thorough dismemberment Of the American Tobacco company aroused new fears for the practicable mea ns to comply with the law and at the same time conserve the profitable working of industries now in combinations. .,
 The government crop report confirmed the evidence of prosperous conditions in the seuth where the large expansion of September bank clearings accounts chiefly for the showing of gains over last year and the year before in the country out side of New York. The progress of the strike of the shopmen on the western railroads was of small effect on the mar ket
 The sustained activity of the steel trade was modified in it's effect by the reports of further yielding of prices. The sta bility of the copper market also was ques- toned!