The Birmingham age-herald., 1911-12-16
UNDERTONE HEAVY;
 NET LOSSES SMALL
Irregularity Was Dominant Feature of the Stock
 Market

New York, December 15.-Irregularity was the dominant feature of today's stock market. The bullish manipulation of the early part of the week and the realizing for profits which followed seemed to have exhausted the force of the market for the time being and the professional op- orators were disposed to allow stocks to drift, perhaps in the expectation or buying them back at lower figures Trad ing fell off heavily and the list at ire quent intervals bore evidence of abso- lute apathy The undertone of the mar ket was heavy during most of the day though net losses were small. In the lat ter part of the session prices crept up slowly. Changes at the close were unn- important.
 The markets tendency to heaviness was accentuated by the tactics of few trad CTS who sold the list in its soft spots. This was particularly true of the Gould issues, Reading and the Copper shares were prominent for their quiet strength, the movement in Reading imparting in- creased firmness to Lehigh Valley.
 United States Steel was less conspic- uous than on recent days and the trading in this stock fell off sharply in volume. It was under considerable pressure at times and fell points under the top prices of the day before. Later in the day it rose briskly. There was renewed pressure on Allis Chalmers securities. The preferred stock fell 1% to GA and the per cent bonds Is to 497s. both new rec ords.
 The selling apparently represented mixture of realizing and operations for the short account. The more bullish feel ing of a few days ago has not disappear ed, but professional operators took the position that extended movements are less likely to occur at present than after the first of the year. Trading at this season is restricted by the requirements Of the year end money market. heavy gam in cash by the banks this week was in- dicated by known movements of currency, , estimates of the amount running as high as $11, ,O000OO. The shifting of funds rep resents the usual pre-holiday movement of money from the interior to New York. The movement has been confused by prep srations for large dividends, disbursement and syndicate operations.
 Bank exchanges for the week again made a favorable comparison with last years figures showing gain of 6 per cent. although compared with 1909 there is a decrease of 13 per cent.
 Foreign trade for November showed slight recession, both exports and imports falling somewhat below those of last year.
 The shrinkage in the value of exports was due to the movement in cotton which last month fell more than $2o,000,O0O below the preceding year. The shrinkage in value of all exports was only $5,d0O00o, so that there was. an actual gain of $15,000, GOO in the value of exports other than cotton.
 On the curb there was heavy trading in American Tobacco issues. The com. mon stock rose to 535. the highest price on record, and then broke 15 points. The stocks of the subsidiaries also declined sharply.
 The bond market was irregular with general movements unusually narrsw. To- tai sales par value, $3, ,457, ,000 United States bonds was unchanged on call.