The Birmingham age-herald., 1911-10-24
SMALL VARIATIONS
 1N'STOCK PRICES
Market Rallies Briskly and Holds Firm Until Near
 the Close

New York, october 23.-Prices barely moved through most of today session on the stock exchange. The market was dull and listless and in the absence of any Inducements for speculative operations trading was light London sent over a somewhat lower range of prices before the opening and this fact coupled Wito moderate pressure from professional treo- ers caused slight recessions in the carry trading.
 If soon became apparent, however, that the bears were attracting no follow- ing by selling the market and that so far as any tendency was observed It was rather in the direction of better prices. The market rallied bf'iskly and held firm until shortly before the close when final drive eliminated most of the modest gains which had been made.
 The session ended with no change of consequence among the Speculative is- ues. I
 Reading followed the greatest strength of any of the leading stocks.
 Chesapeake and Ohio recovered part Of the loss which 1t sustained last week upon application of an uufavorable annual re- port and Norfolk and Western also moved upward.
 Among the industrials International Harvester with a gain of nearly five points was strongest. Underwood type writer also developed strength likewise gaining BE There were a few weak points among the industriais.
 New York air brake fell 3iA points to u, it's lowest prioe in many years.
 Liquidation of this stock and of the convertible 6 per cent bonds recently l. attributed to the declaration of the usual dividend There was some further sell ing of American Tobacco preferred which lost a point, although the bonds held steady.
 United States Steel was again the most active stock and displayed effective re- sistance to bear attack. The sessions trade reports indicated that incoming or Gers were smaller than a week ago not withstanding that prices of many products are almost at the lowest level of a de- eade. Although business early in this month showed some improvement the present contraction renders 1t uncertain whether orders for October will be as large as in. September.
 Purchases of equipment by railroads continue to be far below normal. Per haps the most significant event of the session was the announcement that a large part of a $20,000,000 loan for the Prussian government was to be placed here in the form of six months treasury bills. The offering of so large a portion of the loan at this point was regarded as the only logical thing in view of the cx- treme ease of money in New York.
 As compared with the rate of payment on the Prussian loan funds for six months were quoted here at 3s4 per cent. A moderate increase was reported in the mercantile demand for money both here and In the interior Foreign exchange rates held steady. The fact that the bank of France was able to procure S20Ooo00 of the s3,Oo0.000 of the South African gold offered in London might operate 1t was thought to relieve the situation somewhat the French capital and lessen the chance that New ! ork would be called on to export gold to that point. f"
 Bonds were quiet and irregular. Total sales, par value, $2,10o,Go0; United States bonds were unchanged on call.