The Washington herald., 1910-02-11
WALL STREET NEWS
Securities Hold Firm, and
Many Advance.
TRADING FEVERISH ALL DAY
Opening of Market Ia Higher Than
Previous Days Close and Declines
and Rallies Are Successive Until
End of Day, When Prices Are
Slightly Below Highest Record.

New York, Feb. 10-Despite large liqui-
dating sales. following naturally upon the
rapid advances IN prices yesterday. and
representing proat-taking upon stocks
bought in the break on Monday and Tues
day and also despite a renewal tenta-
lively OF attacks upon the market by
bear" spectators, security prices to-day
held with exceedingly hrnness. and in the
greater number Of shares made advances.
In certain stocks. IN deed. these advances
were very considerable. and unquestion-
ably betokened a continuance of the in
veatment purchases by large banking and
other financial interests that first made
their appearance IN the acute depression
earlier in the week.
The market was, OF course. more or less
feverish throughout the day. 1t opened
considerably higher than 1t closed yester-
day, sold of sharply, again recovered.
and so rallied and declined successfully
until the end OF business, closing. how
ever. but little below the days highest
level II could fairly be said, therefore,
that the undertone Of the market, taking
the day as a whole, was decidedly strong,
and stronger than many experienced
stock exchange observers thought that il
was likely TO be after yesterdays sharp
rise.
Trading Not General.
The truth is that feeling has begun
to dispense itself in the financial COM
munity that while uncertainty regarding
Washington developments and a certain
amount Of hesitation induced by mod
crate slackening in general business may
still hold the stock market in check for
some time TO come, yet that the neces-
slty for speculative liquidation which
has been overhanging the entire tinan-
cial situation for several weeks has been
completed and has left prices OF stocks
in most instances. at figures where in
vestment buying Is being attracted. IN
asmuch as this has also put the money
situation in far better shape. and has
indeed depressed time money rates for
long periods to a low range. the reason
able expectation is that in due season,
a demand for bonds which always lies
at the base Of an advanced stock market,
should put in an appearance. Some
signs Of this are already visible.
Banking Business Active.
The price Of New York city issues has
in the last two or three days shown a
distinctly advancing tendency. and IL is
known that buying Of securities by saw
ings banks and financial institutions Of
similar rank has in the present week
been a feature OF the general security
market It Is from the same point Of
view that especial Importance should
be attached 10 the action taken by the
Bank OF England and the Bank OF Ger
many to-day in reducing their respec-
tive discount rates
While It was expected yesterday that
the Bank OF Englands discount rate
would be lowered to-day. II was not an
ticipated that like step would be TAX
en- by the Bank Of Germany, but the
PLETHORA Of money in both financial
centers made the action necessary If the
two great institutions referred to were
10 remain in control Of the money mar
ket at all. The Bank OF France to-day
also reported an increase in gold hold
ings and a decrease in liabilities.
These pronounced indications Of easy
money were further confirmed by the
statements privately made In the large
banks as TO the accumulation of money
at this center.