The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-10
GOOD GAINS MADE
IN STOCK MARKET
Bears Are Put to Flight By
Active Bull Support
MONEY MARKET EASY
Criticism Has Been Made BY Wall
street Banks of the Methods OF the
Hear Brokers Who Attacked
Market without Cause

New York, February 9-When prices Of
stocks started upward this morning from
to over points for the majority OF the
active speculative issues 1t was received
as reversal of policy on the part of the
great controlling financial powers rather
than as rejecting any sudden change in
the condition of affairs. 1t served notice
at the same time that the operations of
the bear party in the speculation would
not be allowed to go unopposed.
Suspension of efforts to support the
market has been its marked characteristic
throughout the severest portion of the
recent depression. The effect of this with
drawal of support has been a potent
factor in creating a spirit of uneasiness
regarding the market situation. 1t has
caused the impression that inside interests
In the great corporations and the finan-
cal institutions were acutey apprehen-
siye of their own future on account of the
rigor of the laws, both those in force and
those contemplated.
Whatever may be the real sentiments
duling financial powers on the subject
there has grown up spirit of criticism
of the policy of leaving the securities
market opened to factors o. depression
without attempts to contest them. Inc
suspicion that this policy was prompted
partly by the fact that distribution had
been effected OF large accommodations of
stocks held by the important financial
powers leaving it to their advantage to
have prices recede. and thus afford op-
portunity for repurchases at an advan-
tage, has added force TO the criticism.
There were reports today of this crti-
cism having taken the form of open and
sharp reproof from a section of the bank
Ing world representing the great CONNER
cial and mercantile interests of the coun-
try in distinction from financial situations
of the majority of the Wall street banks.
This proof Is said to point TO the pose of
alarm adopted by some of the financial
authorities as injurious to the commercial
situation, and as having a Expressive eff
foz,t on business activity.
Whatever the inspiration the stock mar
ket gave, clear evidence from the outside
today that the downward drift of prices
was to be no longer unopposed. The late
drive at the market yesterday had to be
made at the rebound. The effect of &c
recovery on sentiment was obvious More
cheerful views were expressed of business,
Industrial and political prospects.
The casing course OF foreign money
market was taken account of. and its
stimulation made new demand for Sc
more in evidence for bonds than for
stocks. although there were considerable
purchases of stocks in New York for
London and European account The for
egn exchange market revealed the pres
ence of a supply of exchange on this ac-
count. although the merchandise move
ment still makes exchange against this
market
The December earnings of the New York
Central lines gave material for sum-
ming up of the years results. and was
made the text for comparisons of condi-
tons and prices. The combined opera
lions of all the lines in the system showed
gross earnings for the u months of $685.
$4,000. an expansion of $29 2S5, 69I over the
year before. The increase in net earn
ings allowing for the growth of operating
expenses amounting to $17.45S410. which
is more than SO per cent greater than for
York Central shares sold this week lower
than in February of last year was made
matter for some comment on relative con-
ditfons then and now in the light of the
years operating results.
New York Centrars response revived
the buying and completed the rout of the
shorts, which bought very heavily in the
closing dealings. extending the principal
gains to from to 5 points.
Bonds were firm. Total sales, par
value, 100000. United States IS regis
tered and the As registered advanced a
per cent on call