The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-12
BEARS STILL LEAD
. IN STOCK MARKET
Some Advances Are Made But
Are Lost on Selling
TRADING is INACTIVE
Wall street Is Waiting ON Tafts Utter
ances TO Steady the Market In
View of Impending Supreme
Court Decisions

3 New York, February 1.-THE stock mar
Ret was affected today by the impend-
ing holiday and the inclination of pro-
fessional operators to close up contracts
with a two days closing interval to go
through. The open contracts proved to be
largely on the bear side of the market
which was TO be expected in view OF the
prolonged liquidation of long accounts
which has been going on quite steadily
ever since the first OF the year.
The days advances were not well held.
Much was made in the speculation of
the intention OF President Taft to make a
speech In New York some time tomorrow
bearing on the administration attitude to-
ward the corporation problem. The init
nation was broadly conveyed in the cur
rent gossip of the stock market that
this speech was to be OF a reassuring
character TO capital and finance in its
statement of intentions.
Depreciation of alarmist assertions of
the consequences to follow a possible de-
cision by the supreme court in favor of
the government in the American Tobacco
and Standard Oil cases was said to be ex-
pected of this speech. The havoc to be
created in the affairs of corporations by
the acts to follow these decisions has
been favorite instrument of the bears
In the stock market for weeks. A sug-
gestion that anything might be done dur
ing the holiday interval TO take the
ground from under their feet by removing
apprehension OF the point was sufficient
to cause uncovered shorts a feeling of
anxiety.
Developments in the money market were
calculated to stimulate an investment de-
nand for securities. The growing abund-
ance of banking. resources In foreign mar
kets induced expectation of prolonged
period of ease. One result of this de-
velopment was seen in the cabled reports
that New York was again borrowing large
sums OF money in London supposed to be
for employment in the stock market. The
international trade movements shows
London still in position to extend cred
its TO New York. the exports of agricul-
tural products from the United States for
January having fallen more than $22,o0o,-
900 in value below those for January of
last year, principally by reason of the
heavy shrnkage in value Of cotton ex-
ports.
New York customs house figures in
dictate that January imports We're sus-
tanned at the excess over the normal
which has recently prevailed. London
was a buyer of stocks in New York to-
day and some demand was reported also
from Europe. French investors are said
to be showing interest in our bond is
, sues.
4, An offset is thus supplied to the trade
balance against the United States.
Discussion Of supposed trade recession
dropped out of sight in the presence of
the upward movement of stocks Rumors
were renewed of progress in the projected
merger OF the great copper producing in
terests. Buying of iron by the United
States Steel corporation below the recent
market price was under some suspicion
OF e. purpose to steady the market for
sentimental effect on buyers of finished
product. The announced stock dividend
distribution by the Pullman company mas
been foreshadowed in the advance in the
price of the shares.
A heavy contraction in the actual
loan item of the banks reflected the stock
market liquidation of the week. The
actual cash item gave no clue TO the
unexplained discrepancy of that item last
week with the known movements OF
money by which some si5,0o0,oo0 of bank
cast APPARENTLY disappeared.
The possible source of this great de-
mand for cash formed a subject of I'M
easy conjecture during all this week.
Bonds were firm. Total sales, par value,
SECS, 600. United States IS, coupon, and
the As registered, have advanced Il per
cent and the IS, registered, u per cent.
while the As. coupon, declined Il per cent
In the bid price on call this week.