The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-05-13
WIDE CHANGES IN
PRICES OF STOCKS
Several Issues Run Up Higher
But Others Are Quiet
READING IS MOST ACTIVE
After the Squirt in Reading, Union Pa
clflc and a Few Other Live Stocks,
the Whole List Becomes
= Very Sluggish.
READING IS MOST ACTIVE


New York, May 12.2There were sensa-
tlonal features in today's stock market,
but the failure of the general market
to respond to the extraordinary move
ments in special stocks was its most re-
rnarkable feature. Spasmodic starts in
one stock and another developed In sue
cesson, but in the intervals the market
developed into dizziness and apathy. The
effect was to suggest an artificial char
acter to the market which caused some
suspicion and distrust. Reading was the
central figure in the days dealings and
its fluctuations were violent and frequent
in its fights to new record levels with
the exception of its rise to 164 in jan
uary, 1906. The high-priced coalers
showed pretty close sympathy with the
Reading movement and rumors were
abroad that some important developments
affecting the interests of stockholders were
near at hand illusions were circulated
TO conference of council of the com
panies and to the coming departure for
Europe of the head of the Reading or
ganization. More specific reports were
heard but they were scarcely more eff
fective in melting the speculation than
were the vague railroad Iu1IlOTS
The first jump in the price of Reading
found other favorites of the traders slug
gish and unresponsive. When this was
corrected by an aggressive advance in
Union Pacific, Reading slipped back over
the whole of its previous upward course.
Then again, when Reading was pushed
to a new high level Union Pacific lost
all of its advance, giving the appearance
of unavailing efforts by the supporters
of the market to keep the whole list NOV
ing together. There were many cross
currents in the price movement, but the
constant contrariety of these two stocks
left the market entirely lacking in con-
slstency of tone.
The confusion told in time upon the
speculation and led to the late depression
in the whole list. Belief that the mar
ket was being manipulated to cover the
real nature of operations going on I'M
settled confidence. News from outside
affairs was not much. attended to. Buy
ing orders from abroad outnumbered the
selling orders and the London market
showed growing disposition to the spec
ulative, preferring the volatile Kaffir
mining stock as a medium.
Inc strlhe VI rlehcH soNeihiii0ai' YIN
ployes was of no apparent influence in
the markets. There was an engagement
of 100000 in gold bars here for export
tomorrow to Paris. The banking situation
Is bound to give importance to fluctua-
tons in surplus of bank cash. The sur
plus reserve of less than SS,0O0,OOO of the
clearing house banks is on volume of
deposits reaching 81 1896, $4,000 and of loans
of s1,346, $4,000. both of which amounts
are near to the highest ever reached by
the clearing house banks. The demand
for loans, meantime. is increasing, espe-
cially for fixed periods and the supply
offering is reported by brokers to be
growing less. The amount of commercial
paper is also growing more abundant