The Birmingham age-herald., 1911-12-15
STEEL AGAIN HELD
 CENTER OF STAGE
Trading in This Stock Spec tacular General Mar
 ket Responds Slowly

New York, December 14-United States today. Trading in this stock was spectac- ular in the early part of the day. Ex- cited operators ran up the price to 6S, the highest figure since last September and gain from yesterday from 1ls. Within the first 15 minutes transactions in this issue amounted to 135,OOO shares. By the end of the first hour, the total had been swollen to 2O2,OO shares.
 After that the pace was more moderate. The price eased off until the gain had been virtually eliminated and during the day the sales narrower. The days busi- ness was the largest of several weeks with total of SS7,OOo shares of United States Steel and 153,OOO shares of other stocks.
 The general market responded in rather an unwilling manner to the rise in United States Steel. Gains were only fractional when the steel shares were selling around 6S and it was evidence the spurt in the market leader was being used to faeilf- tate the selling of other stocks. When United States steel fell back, the whole market declined, some stocks falling un- der yesterdays close During the after noon the coalers and coppers were moved up moderately but the list as a whole made little response and at the close changes were small and irregular.
 The feverish bids for steel was ascribed largely to short covering. It was appar- ent that the steel bears had become thor oughly alarmed by the course of the mar ket this week and were closing out their contracts on the best terms they could obtain. The whole movement however, was based upon better trade prospects. Latest reports on conditions were in line with the recent favorable showing. Most important were the further indications that the railroads are now coming into the market generally for rails as well as other equipment. Announcement of large rail orders from many of the great sys- tems is now definitely expected within the next few days. The tendency of prices of steel products continued up- ward
 Several producers quoted higher prices for steel bars. Officials of the United States Steel corporation spoke more hope fully of prospects and the belief became more general that a genuine improvement in business might soon be observed def initely. But Wall street has been dis appointed in it's hopes so many times that the rise in securities was not allowed to become too buoyant. The copper stocks made further gains in response to an other advance in the price of metal, which is now at the highest level of long period American Agricultural chemicals recent advance had partially discounted the beginning of dividend payments. The stock rose over ? points more today, how ever.
 American Tobacco continued it's advance on the curb, selling at the highest price on record. The new stocks of the Amer- ican Tobacco subsidiaries were listed on the stock exchange. today. Trading in these issues was active although prices were virtually unchanged from those which have prevailed on the curb. The bond market was irregular with trading on a large scale Total sales, par value, s4.S99,O0O United States bonds were un- changed on call.