The Birmingham age-herald., 1910-02-15
9PRICES ADVANCE
 IN STOCK MARKET
An Early Decline Is Followed
 by Substantial Gains.
TRADING IS NOT HEAVY
Most of the Business Is Transacted in inc First and Last Hours of the Day and L:te Prices
 Are the Best.

New York. February t4.-The principal fact imparted by the action of the stock nlarllet today was it's lapse, in large
 into tho hands Of the professional -nt. The element had been impressed
 iday with the assertions regarding
 ,,,ptents of President Taft's speech
 o7in prospect for Saturday night
 assertions lent color of leniency l,{rs ae supposed views of the President on corporation problem. which aroused 5Le, fear among bearish spectators that he subject was to be converted into factor for booming stocks rather than a. e5use for anxiety to corporation inter- est4p
 f e persaul of the speech disclosed no sigr of the retractions which had been broadly insinGated Tn some of Fridays reports and the professional operators in stocks promptly retraced the steps they hd taken on Friday before the two-day holiday. This caused the marking back O. riices from 1 to 2 points in the opening transaetions. At that level there was no active pressure to sell while the kind of demand developed which halted the de- clint early last week. The sustaining sffeet on prices and the scanty offerings $ df stocks caused fresh intimidation to ,Nths Lear party and they bought to cover ith Increasing urgency.
 ~ The end of the day saw the severe " eelines of the opening replaced by suostantial net gains. with prices rising. The shrinkage in the volume of the days transactions demonstrates the small sell Rtng pressure at any of the days price levels.
 ...Ihe bulk of the business was done in srALe.f first and last hours
 r-reign markets had held Fridays price
 st for American stocks better than was
 when the New York stock market
 d. The consequence was a sub 9 1ial volume of buying for execution . iarbitrage. This aided the recovery ! ieh set in promptly after the opening ' ak. Foreign banking houses bear tes- any to an Gppreciable growth of for
 demand for corporation bonds out
 the ordinary channels of the stock
 fet. This is regarded as a most en-
 raging feature of the financial siiua-
 especially in view of the continued se}ocation of the international trade sit .ton. Imports Of merchandise con -'ue very heavy in spite of the strinli S in exports. compelled by the nigh ice of cotton and wheat.
 Western roads report a very heavy tom age and show big credit for their owing in December The Northern Pa
 
 F tho severe effects of storm block sssain addition to the switchmen's strike / that territory. Operating expenses A. nplained of yet by the railroad of ,fals, by reason of weather conditions. sEhesdecreased activity of the market is .scrISed to the purpose to await more . explicit information on sundry subjects. With the recess of the supreme court ar- proachinG an end, the weekly conjecture fsh a possible decision in the American 1bacco case is expected to reassert all 1uence. Differing views on the extent POT trade recession, actual or prospective ssure in the financial discussion. The rge deliveries of copper into consump- during January are regarded as be- g prompted by the belief In agree eAfent amongst producers to restrict out .Aut and there is apprehension that this d ,Sying in of stocks will curtail the later emand for that metal.
 Bonds were irregular. Total safes. par
 lue. S2.70.0C1.
 nited States bonds were unchanged on