The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-29
STOCK MARKET IS
ALMOST NORMAL
Small Declines Are Noted In
the General List
SOME RECOVERY is MADE.
Confidence Is Felt In the General I'm
provement In the Situation, Al
though Prices Show Little
Resiiiency.


New York, January 1S--The fever which
mas kept tho stock market disturbed
this week was reduced today. Dealings
ccxfracted and the fluctuations narrowed.
These arc the usual symptoms of the
re-estabiishment of normal conditions
pftar u period of unsettlement and were
weacoE1ed for that reason. The price
movement was upward, In continuation
OF the recovery which had already set
In late yesterday from the acute weak
ness Of the early part OF the day. The
recovery brought decrease of demand
Followed by some reaction but this is In
accordance with the normal course of
rna<kets which are subsiding from dis
turbing factors Business of over-extend-
ed shorts furnishes the motives.
The arrest of yesterdays decline today
disclosed the approximate average of
prices at which demand develops SUM-
ciautiy to absorb the offerings. The dis
appearance OF this demand on small re-
cover1es reveals Its substantial character
rs distinguished from the ordinary spec
uiative turn and gives encouragement to
hope of Improvement In the investment
situation. The Improvement owes much
no doubt to the correction Of unhealthy
speculative conditions which has been
secured by the sharp liquidation since
the first Of the year, the wedding out
OF weak speculative accounts, the in
creased resources of the money market
and the consequent preparation to COM
ply with new capital requirements on
which the progress of enterprise is de-
pendent.
The lack OF strong resiliency In prices
of stocks does not greatly impair the con-
fdence felt In this Improvement and in
the likelihood of development of invest
ment demand at prices which offer at
tractive return on capital
There was some renewed consideration
today of the probable effect on demand
for capital of the financial losses in
volved In the French flood districts.
The destruction of capital is similar IN
kind though not in degree to, that by
the San Francisco calamity and inter-
national bankers admit the likelihood of
some effect on the exchanges In the pro-
cess of repair of the damage. The large
credit balance of the French nation with
the world at large gives it the ability
to call home credits at need It's own
home resources are SO abundant at the
same time that the process Is expected to
be gradual and without disturbing effect.
The increased abundance in the New
York money market promises particular
security from harmful effects. gold
movement from New York to Paris in
the course of the next few weeks Is rec
ognized, however, as a likelihood. The
hopeful view expressed in public utter
ances of James J. Hill and William Rock
eteller were an influence toward the more
cheerful feeling on the stock exchange.
Account is being taken of the prob
ability that the supreme court will have
Its decision In the American Tobacco case
not ready for handing down Monday.
from which a three weeks adjournment
of the court is intended and grants an
other respite. -s -f7t4 -
The freedom In the interim from the
weekly suspense common when de-
cisions in important cases are looked for.
gives a promise of relief for the stock
market, which the speculation was dis
posed to take into account The profess
sionalism into which the market was fall
ing was indicated by Pennsylvania re-
action in tho face Of the general rise. that
stock having served as a sustaining force
yesterday against weakness. The cop
pers, too, suffered something from the
limits of the steps taken toward the mer-
ger to the lines of ownership already
common to separate properties affected.
Bonds were irregular Total sales, par
value, 81, 797. 900. United States bonds were
unchanged on call