The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-11-20
STOCKS CONTINUE
TO MAKE ADVANCES
Many Active Issues Reach New
High Levels
PRICES CLOSE VERY FIRM
Reading, United states steel and Union
Pacific Are Leaders In Activity
and Close with Very
Good Gains
BY RALPH EMERSON

New York, November 19-(Special.)-
Prices continued to advance on the stock
market today and tho strength was suf-
ficient to put many OF the active shares
at new high levels for the week. After
fractional advances at the opening. The
stock market became ective with gains
of point or more in some issues. Read
Ing, United States Steel, Union Pacific
and Almagamated Copper showed par
ticular strength. There was less realiz-
Ing on the advance and the market at
no time disclosed much of a severe pres
sure. The demonstration was as profess
sional as usual and during most of the
trading interest centered chiefly in the
two or three issues throughout the
week. These were relatively firmer than
yesterday and the volume of business
was fairly heavy for Saturday. In the
final trading the market became a little
less active. but prices continued firm.
Closing prices were slightly below the
best of the day.
The shifting of loans to European lend
ers was the most striking disclosure of
todays rather extraordinary bank re-
turn
The cash gain of s9,o33,OO0 diclosed by
the actual return was much greater than
any of the forecasts given out indi-
Gated. The net result was an addition
of $61A,7O0 the sactual surplus, and with
this almost as significant perhaps. low
ering of the excess OF loans over de-
posits. to $27,S3S.3OO. Last week the loans
excess stood at $36,000Oo. The statement
as a whole was highly favorable.
The bountiful harvests of 1911, apart
from increasing American export trade,
are having the effect of bringing the cost
of living down.
There was an important reduction in
the price of meats during the week.
Wheat, flour and all cereal products
have been ruling lower basis for
some time past. This can be traced di-
rectly to the crop of corn. in excess OF
1000, 900 bushels.
Bank clearings this week were larger
In volume OF late and showed a decrease
of only about 51a per cent from last
year. This points to an enlargement of
trade, and such an outcome Is natural
with the approach of the holiday sea-
son.
However, the gains have been in retail
more than in wholesale lines, as cooler
weather has naturally enabled the great
department stores of leading cities to
disburse a larger volume of seasonable
fabrics. Wholesale merchants still ex-
hibit caution in ordering textile fabrics
for future delivery.
AS a rule business continues better in
the west than in the east.
The feature of tho iron and steel In
dustry has been q firmer and somewhat
better market for pig iron Further mod
erate-sized orders have been placed for
rails, but the amount has not come up to
expectations for the reason that some
OF the largest railway systems still hest
tate about placing their orders
Interest rates have been steadily de
clining. call loans in the market having
fallen to 21sp2s4, and time money to Az
The crop marketing inquiry for money
has passed the maximum, and Is now or
a steadily descending scale, which means
the return OF funds to the east and ar
Improvement IN bank conditions. With
the exception of rise in German dis
counts, incidental to the Forthcoming
Turkish loan at Berlin, there has also
been an easier tendency in Europe, and
notwithstanding the approaching British
= political crisis London discounts are
slightly lower. This is rather unusual
under the circumstances, but reflects the
general tendency of tho Worlds money
markets In favor of easement, which Is
coming this year sooner than usual.
The investment in cars for fuel II
shown in the statement of car shortage
surplus of the American Railway asso.
citation commission, issued November o
which shows that there is an increase OF
$3.50 in the surplus, making a total OF
A,64S cars. The largest increase is 1853
IN the miscellaneous column, which Is
made up chiefly of coke, in group No
3 (eastern) and stock In groups (north-
westerly and s (niddle westerly and II
(Pacif1o). There was also some increase
In box car surplus in the west and north.
west, partly offset by decreased eastern
and central groups.