The Birmingham age-herald., 1911-09-30
NORMAL RECOVERY F IN STOCK PRICES Extensive Short Interest Is
 Center of Covering It Movement

New York. September .29.-Normal re- covery in stock prices characterizinS yes terday's operations was continued early today The. extensive short interest was the pivot around which the market re yolved. the covering movement by that element constituting the most important factor Declaration of war py i'ais against Turkey later. brought about re action. 9s r5r.g
 5. To all. appearances the street .cnose so Ignore the adverse conditions when con fronted the market at the opening. III I.ordon quotations of American stocks were depressed in some cases as much as points.
 Berlin reported the suspension of comparatively unimportant hhahciai m stitution. Domestic conditions whlch prompted the recent heavy liquidation 4. were not improved. "A gsi s5esei
 In the face of these influences the mar ket rose vigorously soon after the open ing. United States Steel touched it's high noint of the week at @. It was apparent this seemingly artificial movement was due to the fact that the sHert interest had been over extended during the heavy selling earlier in the week. Surface con- ditions indicated that the enormous in- terest which reared itself on the decline beginning in midsummer had been large ly put to route
 Italys declaration of war heightened the unfavorable effect of the session. The market sagged at first and then \ gains of to 3 points were made and losr again. The close found several losses on the days operations, although net changes in most cases were only trivial The position of this country regarding the European political crisis was described by international bankers as favorable. For the first time in many years 1t was said the beginning of war in Europe found money rates rather easy, so New York is in a position to enlarge it's cred its abroad There was further borrow ing here by Berlin and it was presumed war between Turkey and Italy would re- sr't in continued transfers of funds to Europe.
 Recently Italy has been drawing down her balances in London and also has been taking some money from this coun- try. Demand sterling rates fell 20 points. Trading in American Tobacco securities was continued on a large scale.
 The per cent bonds weakened early In the session, owing to a report that the plan for reorganization of the com- pany provides for retirement of this issue at 90, instead of at par.
 Tho preferred stock rose nearly 3 points On the curb market the common stock bounded II points. Of number of railroads whose August reports were submitted. Canadian Pacific was the only increase in net earnings. Canadian Pa- cifc was the weakest stock among the standard railroad issues.
 Reading, Erie and Rock Island report ? ed small net earnings.
 There was further activity in the bond market Several of the speculative is- sues were pushed up at a lively rate early in the session. but reacted sharply ! with final upturn before the close. The general bond market was firm with good distribution of business. While the usual expansion in trading in bonds recently has been due largely to specu- Iation in American Tobacco issues, bond houses reported that the market had in,- proved and that for the first time in several weeks there was an indication of an increase in buying by savings q banks.
 Total sales of bonds, par value $3,420,- 600: United States bonds unchanged on call.