The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-18
ADVANCE
ON GOOD DEMAND
Reading Is Sold Heavily and
Does Not Gain Much
BROKERS ARE WAITING
Market Is Only Fairly Active and Deal
iBgs Are Mainly Restricted 10
Profcssionnis Who Flirt
Little With Prices

New York. February 1l.-Pfices or
stocks rose further today, although 1t was
a noticeable fact that Reading, which
made up more than one-third of the ag-
sregate dealings yesterday, was pressed
for sale steadily in realizing profits on
the sharp rise yesterday. Such move
ment is suggestive of professionalism in
the market. The days gains were but
partly held.
There was no one stock as prominent to-
day as was Reading yesterday. but the
large congestion of dealings in Union Pa
cfic and United States Steel and the ag-
gresslve upward movement of those
stocks carried out the indication of large
professional participation in the transact
tons which made up the body of the mar
ket. Another fact pointing to the same
conclusion was the manner in which new
interpretations were placed on facts that
have been public knowledge for some
time This applied particularly to the
view taken Of the expected supreme court
decisions bearing on the antitrust law.
The argument was seized upon that delay
In those decisions is probable in order to
consider the American Tobacco and the
Standard Oil cases together, the latter
case not coming up for argument until
the middle of March. The new view
OF probable delay of several months in
the trust cases seemed to be regarded as
a promise of relief from a depressing in
fuence.
AT the same time there was significant
subsistence of talk of the Reading mys-
terry which started prices upward yes
terday. That stock was heavy and droop-
ing, and the second preferred stock re-
lapsed sharply, as is customary when
speculation passes it by
Reassuring views of the iron and steel
trade from trade authority and the ex-
pected conviction that the lull in demand
WAS due as much to distractions to deliv-
cries by weather blockades of freight as
to any falling off in consumptive demand
was a sustaining influence in United
States Steel, and, by sympathy to other
stocks. There were large purchases of
that stock and. of Union and Southern
Pacific for London account. The fresh
storm blockades all through the western
country and the predictions of their ex-
tension were without sufficient influence
to turn the prevailing tide of sentiment.
Prospects of increased dividends figured
In the discussion and strengthened num-
ber. of industrial stocks of minor grade.
Something was made of the report that
the publicity feature of the corporation in
come tax law would remain dormant for
lack Of an appropriation available for
carrying 1t out.
one OF the points advanced by profess
sional buyers of stocks was the hope that
the discipline dealt by the stock exchange
TO the member concerned in the Columbus
and Hooking Coal and Iron pool might in
yite public confidence and attract outside
participation In the stock market,
The engagement of $3.50 900 in gold for
shipment TO South America for London
account was without appreciable effect on
the money market. Its influence on the
stock market was neutralized by the large
buying for foreign account which went
rand in hand with 1t. All three of the
great foreign banks sent very strong
weekly returns. and the great abundance
OF money In the Paris market is a ma
terial factor toward strengthening the
whole investment situation.
Bonds were firm. Total sales. mar
value, $3,373,000.
United States bonds were unchanged
on call.