The Birmingham age-herald., 1911-01-15
GOOD UNDERTONE IN THE STOCK MARKET An Advance Is Made But Most
 of It Is Lost 4 LEADERS ARE ACTIVE United States Steel and Reading Are Traded in Heavily and Other
 Stocks Partake of thc
 Activity
LEADERS ARE ACTIVE
BY RALPH EMERSON

New York; January 14-(Special.)-Real-
 izine. sales checked the stock market ad-
 vance today after very strong opening
 but the tone continued good to the close
 of the session.
 A spectacular demonstration in United
 States Steel shares was the feature of the
 advance. The buying recalled the ex- citement of two years ago, when the large lot orders for steel shares attracted so much attention. Reading was also very
 active, with sales the highest thus far touched on this movement. Union Pa cific was well taken at advancing quota tons.
 slight reaction set In before the close of the first hour, but stocks offered were fairly well absorbed.
 The favorable reports for two weeks on the number of idle cars was not fay- orable to business, showing decrease in transportation over the figures of two weeks ago. ,..sss..4 -4 s...,. Foreign markets were active, the feat ure at London being the broadening or mining shares. Sterling Was a trif1e high chr here. In the late trading the stock
 market became unsettled, and the whole list reacted rather sharply. Final prices | were not much changed from yester- day.
 l The banks made another very strong weekend statement. This had been cal
 culated on by financial interests.
 The unfavorable developments in finan- | cial circles during the second week In I January did not seem to have an unfav- Il orable reflection on the stock market. II The menacing influences of the situation H resulting from the closing of the Car Il negie Trust company had to be dealt II with, and contended against in the out II set. It is not too much to say that affairs H were handled admirably by leading finan- H ciers obviously cognizant of their respon- H sibility as trustees of public confidence ia II the stability of our credit institutions. H The lesson of 1907 had been learned H and not forgotten. It was shown then H that 1t was essential in period of bank II ing disturbance not to let fear run H free course among bank depositors H The corporate financing of 1911 was N inaugurated this week, and it was right H here that the importance of the restora- III ton of confidence by the banking inter | ests was at once apparent, as the sue Il cessful Notation of new securities could | not be accomplished with the public mind disturbed in regard to the solvency or | any institution. New York Central was l the first to enter the field with the an- | nouncement of a forthcoming Az per cent Il bond issue to the extent of $6O,OOO0Oo. H The Pennsylvania railroad eclipsed New Il York Central in the amount of new cap II ital asked for, having announced forth | coming issue, with the consent of the -0tn n h 1oh | bring the authorized capital stock of the I road up to the large figures of Seoo,- II OO0,000.
 | The New York Central will need con- | siderable financing and it Is said that the | management Is now figuring on bonded | issue of between $30,000O00 and O,000,00o | to provide for the Grand Central station | improvements. It is understood that the | Southern Pacific and possibly Union Pa | cific will be in the market for new cap | ital this year, although probably not for | some time yet. Other important systems | will also need more or less financing and | the year 1911 promises to be an active one | in this respect.
 With the projected improvements on | railroads and the resumption of opera | tions by many steel mills and factories the l industrial outlook foreshadowed by de- u velopments during the weeks are all that Ueould be looked for.
 I The week in the stock market was one | of irregularity but of prevailing strength. | Whether one takes the view that stocks l are in a position requiring little or no T support or holds that important interests | favor the constructive side of the mar I ket to the extent at least of preventing I the development of any material weak l ness, the fact remains that even under l selling pressure and against the influences 1 of depressing developments, prices have l been. not only superfcially strong, but have manifested an undertone of firm ! ness. While this may have been the oper-
 ation of speculative interests with large
 capital. and sure of being able to com
 mand still larger resources, 1t is, never
 theless bound to be encouraged by pre- Al vailinR money rates to make the stock I market engagements for the rise rather
 than for the fall. They can afford to
 become investors for such period as
 may be necessary should 1t be shown
 their ventures are misjudged.
 Bonds.
 U. s. ref 2s. reg 1O0N n. .. ref. :s, coupon. ........... 1OOm. , U. s. 3s reg. ......... lO2 ! U. s. 3s, coupon. lO2
 U. S. 4s, reg ..........'... lI0M
 IT s. 4s. coupon n.............. 115H I Central of Georgia 5s ....... .1O7 N
 Illinois Central 1st ref. 4s .... 0GM ! Louisvflle <& Nashville un. 4s 9SsS seaboard Air Line daj. 5s -. 77ss Y southern Railway 5s .....-..-. 10s
 Southern Railway gene 4s 70A Treasury Statement M washington. January 14.-At the begin M ming of business. today the condition of H the United States treasury was:
 Working balance in treasury offices, $2s- !