The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-17
READING LEADS
STOCK MARKET
Even United States Steel Is
Overshadowed
OTHER LINES ARE WEAK
@
No Examination of Reading Movement
Except Revival of the "ReadinE
Mystery" As 1t Is Called
On the street
OTHER LINES ARE WEAK

New York. February 16.-Subtraet the
dealings in Reading from todays STOCK
market and only a meagre agsresa'e
would remain Even United States Steel
the unyarying leader of the market Tor
MANY months, was completely overshad-
awed No news developed to explain the
Reading movement beyond the revival OIL
the Reading mystery as 1t Is known 10
the professional clement In the operations
In stocks.
This mystery has to do with the sup
posed concealed assets of the Reading
company and as variant, the privilege
the company has to exchange Its second
preferred stock for common and first pre-
ferred stock, half of each. AS often as
these rumors have awakened the ANNA
ton in the dealings in the stock In the
past the movement has died down with
out confirmation Of the rumors
The point made in the present move
ment is that the company will be ophged
to make report under the terms OF the
corporation income tax law which VIII
disclose its concealed assets The sec
ond preferred stock was marked up TO-
day as is usual in these speculative turns
to conform to the supposed exchange into
common and first preferred STOCK ms
privilege was provided when the hrst pre-
ferred privilege made that stock more
valuable than either the second pre-
ferred or common stock, and when the
. chances of the common stock Tor snar-
ing in dividend payment was propiemau-
cal, so that the exchange OF half the sec
ond preferred into common stock might
A. 81 a1xyn n q o
pany. The conspicuous fact about the
general list was seen itself in lack of re-
siliency to the movement In Reading
The tone was quite weak in the MORN
ing and the later recovery with the ex-
tension of the rise in Reading was drag
ging and dull Special stocks OF minor
Importance made sharp advances, but the
market was not strong until the last half
hour.
A desultory movement to secure an ex-
ira holiday next Monday on the day be-
fore Washingtons Birthday received lit
tie countenance, but market operators
plainly were looking forward to neg
lected market until the coming holiday is
past.
coyery In rates of foreign exchange in
spite of a decline in the private discount
rate in London.
Preparation for the coming payments
of New York city bonds held in London
Is factor in exchange. The January
foreign trade statement also shows an
! excess value of exports of merchandise
amounting to only $40, $50 compared
with upward of $5S,oo0.oO0 in January OF
last year Large increase in value of i'm
ports as we'll as falling Off In export fig
ures is. the result. a-. a.
There figured In the days discussion
the deavy increase in the European visi-
BILE supply of copper shown by the fort
nightly publication of statistics today.
The copper industrials moved sluggishly,
but the report throws light on the failure
of the favorable American copper statis-
tics published last week to help the cop
per stocks.
The price of the metal declined here
and in London today. No good effect was
produced by the movement toward a
strike in the New York building trades.
Bonds were irregular Total sales par
value, 1885,, 000 United States Is coupon
and the As coupon advanced Y per cent
on call.