The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-11
UNCERTAIN TONE
IN STOCK MARKET
Upward Movement Begun on
Wednesday Is Checked
BUYERS ARE CAUTIOUS
Some Improvement Is Made Upon the
Trading by Reports Of Backward
ness in Business lines and by
Lack of Interest

New York. February 10.--The uncertain
tone which developed in today's stock
market was a natural consequence OF the
rapidity of the recovery of the day be-
fore. The suddenness and violence of that
movement carried prices away from tie
level which had been the attraction for
the kind of buying which proved an eff
fectua check to the unbridled activity of
the bears. The bears themselves covered
an important part of their requirements
in the hasty buying of Wednesday, and
thus reduced a potential supporting force
In the market. With that demand partly
satisfied there emerged the fact that
speculation lacked an aggressive leader
ship in the upward movement There be-
gan to come back upon the. market the
stocks which had been bought for pur
poses of support in the period when the
downward movement was checked and
turned.
These symptoms in the market did not
materially alter the conviction that great
progress had been made in clearing up
the situation and strengthening the tech
nical position. The opinion was held still
that investment demand had appeared at
rate of return out of profits on shares
and calculated TO absorb the floating mar
let supply of stocks. The process of ac-
cumulation of speculative holdings by the
larger class of operators was believed,
ALSO to have set in.
The halt in the recovery and the lack of
aggressive action toward bidding up prices
was read as an indication of desire on
the part of the important financial inter
ests to continue their accumulation with
out too rapid a rise In prices. That
degree of confusion exists yet in the pro-
fessional sentiment toward the market is
obvious from the mixed advices sent out
by commission houses to their clients.
Signs of renewed selling from time to
time today gave rise to the supposition
that liquidation remained to be completed
In spots. The reduction in official dis
count rates, both by the Bank of England
and the Imperial Bank of Germany, and
the large recuperation shown by the
weekly return of the Bank of France
made the foreign influence on the market
all in favor of high prices. Buying orders
Tor stocks for foreign account were on
considerable scale. An appreciable alb
sorption of railroad bonds for account of
French investors also was reported.
The statistics for January for the Cop
per Producers association were much
more favorable than had been anticipated.
A small reduction in the output of the
metal was accompanied by larger deliv
et.es for domestic consumption AID export
than for any month of last year, the sur
plus stocks being reduced in consequence
of upwards of G43000,000 to EOS, 463, $3.50. The
rate at which the exports of the metal are
going into stock in warehouses abroad,
rather than into consumption, modifies
the advantage of the position Business
for the current month also is believed not
to be holding fully at the January rates.
For these reasons the effect of the show
ing on copper industrials was neutral
ized.
Some impression was made on specula-
tive sentiment by published opinions of
business recession in other branches of
trade. An interview with PRECEDENT Albert
J. Earring of the Chicago, Milwaukee and
St Paul in that sense caused discussion
The resumption of interest payments
on the Peoria and Eastern income bonds,
3 subsidiary company of the Cleveland
Cincinnati. Chicago and st. Louis was
regarded as significant of dividend policy
on the part of influential financial author
tiles. The retention of the former dvi-
Edend rate by the Southern Pacific d.
rectors was not unexpected
The cross currents In the final price
movements were fairly illustrative of the
days market as whole.
Bonds were irregular; total sales, par
value. 80, 731. 900
United States bonds unchanged on call