The Birmingham age-herald., 1911-01-22
STOCK MARKET IS IN
 SOUND CONDITION Few Price Changes Occur in the Days Trading VALUES WELL HELD UP Tone of the Market Has Improved Wonderfully During the Past Week
 and Finnnciers Await
 Good Business
VALUES WELL HELD UP

stock market swung back and forth gwitr- in narrow limits today, prices changing but little and no general tendency being apparent except disposition to hold at existing values This condition has marked trading during the week.
 The course of affairs upon the stock exchange is irritating to the impatient speculator. who takes no pleasure in again tomorrow, even if the verdict at the end is that the market is firm"
 But to the outside world this f1rmness is the interesting fact, especially as it comes on top of a or b-point rise since New Years day, in the leading stocks. It gives the community at large chance to breathe freely and if the thrills of enthusiasm or dismay which so rapidly followed one another in 1909 and 1910 are missing. there is at any rate 8 vague sense that for the present the financial markets have reached equilibrium.
 Better stock market conditions were in a large measure responsible for the im- proved sentiment which developed in financial circles during the week and what probably had greater effect than stock market Improvement. in contributing to a more cheerful tone in the circles was the marketing in considerable bond and note issues by. several leading railway systems, and in some cases on better terms than could have previously been obtained for months past. The gain from all this thus far, however, has been mainly in sentiment, but sentiment gen. orally Is the forerunner of actual results The increase in business during the week was natural result of the taking of orders by merchants and contractors for the season. This will in return havo the effect of breaking the curtailment of the output by the iron, textile, leather and copper industries. S9sa,
 An increase in production will be re- quired to restore business to its entirety In the normal curtailment of production by leading industries there are some inn portant constructive forces whose infiu- ence would be felt in an eminent degree In the upbuilding of business with the removal of uncertainties that have hung over the railroad and industrial situation for a long time. 4-.,. -..-ess
 Prominent among these are the proper readjustment of loans and deposits by banks. There is a pronounced improve ment in foreign trade which, in the short space of four months, has changed the position of the United States, from a debtor to creditor nation a large de- gree, thus placing our gold supply be- yond the reach of any European demand. a condition that means the addition of $100,00Q,OOO to our hoards for the Current year. .,4. -s .-.
 still another factor is the crops that are now going upon the market. The cotton crop in the south and the bumper corn crop in the west. There Is a large export demand for both cotton and corn.
 Slackness in some industrial lines, q general mitigation of over-confident ex- pectations and endeavors. a good deal of liquidation in some speculative mar kets and prices have 7unquestionably re- leased a store of credits more ample than is normal even, at this time in January. We would, be but guessing should we say that the revival of trade and indus trial activity which bullish Wall street opinion reckons on to Justify further ad- ditions to the stock market price struc- ture, would not bring about uncomfort- able or severe. stringency. Nor should money market study be limited to the events and indications, at home. There is still every reason to watch the for eign financial field for practically of the leading financial centers abroad furnish evidence that this may be a year of any thing but such easy money as will per init buliish speculation here. The fail- ure of the Bank of England to lower its discount rate this week appeared to surprise good many people on both sides of the Atlantic, but 1t was not much of surprise to persons who had been at all regardfuI- of the statements of the large foreign banks in the last few months. tat r. ]