The Birmingham age-herald., 1910-02-09
BETTER TONE IN
 STOCK MARKET Recovery Is Hesitating and Ad-
 vance Is Slight
SELLING VERY HEAVY
Nau Street Looks on the Action fin Reference to the Corporation Law With Less Fear and Prices
 Are Aided . Little

New York, February s.-The stock mar hst showed some relief today from the stress of urgent liquidation which was so conspicuous yesterday. The hesitat1ng tone of the recovery and the renewed hesak al the last were eloquent of the suspicion still harbored in the specula- tive mind after the many false inferences, eocentIy drawn, that liquidation had been scmrleted and the way prepared for an coward movement.
 There was a wave of selling orders for execution when the market opened which seemed to be the aftermath of yesterdays precipitate decline in pricese The decline hal served to exhaust or diminish addi- tional margins and where the calls sent cut over night for replenshment of re- sources were not responded to the selling ee collateral was the consequence
 The news of the market was of the same nature as yesterday, that Is, pug sled conjecture ss to the sources and the motives or the selling. The course of this conjecture tended to eliminate suppos- tions of inside liquidation such as would be prompted by the fear of industrial outlook or decline in profits in enter prises.
 The assumption that professional bear opera tors on the short side were responsi- ble for the severe declines did not get many adherents. The languid demand to- day. when the liquidation seemed to be md prices tended toward recov- cry was colroborative of the disbelief in any large responsibility of bear opera tioas for the latter stages of the decline.
 The professional element in the specu- 1atson, in fset, saw the renewed evidence of forced liquidation yesterday with sur prise and ere timid in extending their commitments on the short side of the market. There was lack of recuperative power in the market for this reason when prices ceased to go down.
 The lapse into idleness at the recoveries today kept speculative sentiment watch ful and somewhat discouraged. The opn- ion gained ground that the markets weakness was. due to belated liquidation of large aS ailable accounts dating back to the period of price imitation last year and which had injudiciously overstayed the market, melting measures Of persua- sioE or insistence of lenders of money employed for carrying the accounts.
 Stock market sentiment regarding the Federal incorporation Dill 1ntIOuuCeu 1nlO Congress yesterday was improved today. This was partly caused by expressions of approval of the measure on the part of corporation interests, especially by the United States Steel officials. The feeling thus expressed and the questionable chances of the bills enactment at the present session reported from Washing ton made 1t doubtful whether the action of the stocrA market was traceable to the influence.
 The obscurity surrounding the heavy cash decreases in the bank statement on Saturday compared with the large gains indicated by the known movements of money was partly cleared up by tho knowledge that large withdrawals had been made rom the banks by the trust companies in preparation for the call by the stato banking department at Albany for reports of condition. There had been withdrawals similar in character by in terior banks for the purpose of replenish- ing their reserves showing for the report to the natl onal controller.
 The copper trade reported some con- eesSions in prices for that metal, but the January statistics of the Copper Pro- ducers' association are expected to show material decreases in stocks. The copper industrials were exceptionally heavy to- day.
 The ner .ousness of the speculation manifested itself in the final break of prices, which put Union Pacific, United States Steel and Amalgamated Copper to the lowest prices of the session and of the movement.
 Bonds were heavy; total sales par val ue, s43o5,0C1.
 United States bonds were unchanged on call.