The Washington herald., 1910-02-18

New York. Feb. 17.-Again to-day prices
OF stocks advanced, making it necessary
to record the interesting fact that in the
last seven business days quotations for
stocks have on each day, save one,
closed higher than they did on the day
preceding
At the close OF the market to-day the
net gain was 5.62 points in the industrial
stocks. and As in the standard railway
shares. In general. something more than
a third of the entire decline In the stock
market since the first OF the year has
been recovered. No doubt. reasol for the
celerity with which the decline as taken
place has been to a considerable extent
the hurried retreat of the professional
bear" interest, although. it is OF course,
undeniable that In the interim the float
ing supply Of stocks In the market has
been considerably reduced by investment
purchases. Possibly. however, the sug-
gestion is not inopportune as to whether
prices are likely to go on rising. Not in
frequently, under such circumstances, the
market after its first violent recovery
from an important decline sags slowly
back to a price level thai approximates
closely to the lowest quotations made on
the fall.
Not a Profitable Market.
It was obvious to-day that. although,
the undertone remained strong and that
optimistic views were in the ascendant,
no little proft-taking was going on
in many prominent stocks, and specif-
cally in those stocks that have recently
been the market leaders.
The Reading common shares. which
have occupied the most conspicuous place
in the dealings of late, were to-day un-
der a plain process of liquidation that
lasted throughout the stock exchange
session, and the general observation was
passed regarding otner stocks OF SINH
lar grade that while great activity was
displayed in them. their price did not
materially advance. IN the afternoon
such gains as were shown were almost
entirely confined to the specialties and
minor stocks, and at the close the mar
ket was. as a whole, much more irregu-
lar than 1t was at the end Of business
yesterday
This state of affairs might or might
not have been due TO various small signs
that conditions were still not altogether
favorable for a furious or prolonged up
ward movement in stocks of speculative
nature Money rates were a little firmer
Gold Exports to Be Heavy.
engagements Of gold were made for
export to South America aggregating
$l.2O00CO. and comment was more grave
than 1t has been at any time In the
present year in the financial district upon
the condition of the country's foreign
trade, as disclosed in the governments s
figures for January. published yesterday.
What would be welcomed in the quarters
Just described more than anything else
at the moment would be a decline to an
extent that could properly be called i'm
portant in the general range OF com
modify prices. and particularly in the
price OF cotton and of foodstuffs.
The hope and belief is that as the sea
son advances and the prospect for large
crops Is unfolded the people on the farms
and plantations who have been holding
grain and cotton for higher prices will
move these 10 market, and so once more
increase the countrys trade balance.
But at the time being no amount of argu-
ment can obscure the fact that such a
falling OF in the country's visible trade
balance as has occurred in the last seven
months is nothing else than an adverse
factor Of the first magnitude in the gen.
eral financial and business situation