The Birmingham age-herald., 1911-11-16
TONE HEAVY AND
 AT TIMES WEAK
Stock Market Exhibits Lack of Staying Power Which
 Discouraged Bulls

New York, November 15.-That the po- sition of the stock market had been weakened considerably by the extensive realizing of the last few days was indi- cated by the movements of prices today. The tone was heavy. and at times weak and the market exhibited lack of stay ing power. which discouraged the bulls. The period of declining prices which fol- lowed the recent advance has now been extended beyond that of normal reac- tion and with no evidence of consistent support of the market from either the public or the large banking interests, traders became more bearish. Realizing was continued and shorts selling was conducted on a larger scale
 A view of the market which finds con- siderable support is that stocks are be- ing closed out in anticipation of the as- sembling of the congress next month. The possibility of radical tariff legs- 1ation is attracting much attention in Wall street and it is realized also that attempts may be made to procure leg islatfon having to do with government control of corporation. The recent ad- vance, according to the common explan- ation, was predicated upon the courts acceptance of the American Tobacco re- organization plan, but the action of in dependent tobacco interests today in again opposing the plan of the court showed that Wall street had not heard the last of that case The advance may be said to have been chiefly an affair of professional traders, who now have nn tn xyb fo 10 xUh they have, marked up.
 At the opening and again at the close the market showed some signs of strength. Some of, the standard railers gained as much as a point at the opening, but quickly lost tkeir advantage. The mar ket became heavy and remained in that condition until just before the close, when 1t moved upward briskly, presumably ow- ing to covering of lines of short put out during the day. The collapse of the move- nent- in the coalers, which had been pushed up actively for several days, add cd to the heaviness of the market. Le- high Valley led the drop with a decline of 8 points after announcing that the directors at their meeting had taken no action in regard to the distribution of stock representing the company's coal holdings. Canadian Pacific showed the heaviest loss among the more prominent railroad stocks at the end of the day, with & decline of more than 3 points. Some important issues. including Union Pacific and Southern Pacific, virtually made up their losses.
 Standard oil shares made no response to declarations of the last quarterly div idend on the entire capitalization and the announcement of the terms on which the stock distribution would be accom- pIlshed. The price of the old Standard oil stock and of the stock ''ex-subsidiary' has been stationary on the curb for two weeks, and not a share was sold today. American Tobaceo,=afte remaining quiet for some time, today rose 15 points to 452
 A larger business in some of the lines of heavier finished steel products was repoFted by the trade reviews and a continuation of increased buying by the railroads. Where prices have changed they have been lowered further, and 1t was said that in some directions profits were being cut into deeply by the keen competition for business.
 The bond market was firm. Total sales, par value, $3,1116.OO0. United States bonds unchanged on call.