The Birmingham age-herald., 1911-11-23
QUOTATIONS BOTH
 RISE AND FALL
Two Movements Nearly Balance Each Other-Bull
 Traders Less Confident

New York, November 22.-Quotations moved upward during the fore part of to- days trading in stocks and downward in the late session. The two movements nearly balanced each other. In the eases of the more prominent issues net changes were small, though generally in the direc- ton of a higher level.
 The early advance was characterized by the same tendency as those which marked yesterdays rise, chief among which was the speculative movement in the copper issues.
 Bull traders operated less confidently than yesterday and the feeling that the markets strength was to some extent ar tificial was indicated by the manner in which profits were taken when favorable opportunities were presented. Reports of commission houses said general specula- tive buying remains small. +,
 In the afternoon the list showed some signs of weariness and did not respond to manipulation of special stocks The downward movement of prices in the late trading reflected the growth of bearish sentiment which, however, was due to the opinion of professional traders in regard to the technical position of the market rather than to any change in the broader outlook which on a whole is regarded as brighter.
 stimulating inuence lies in the declara- tion recently offered of increased dlvi- dends by several railroad and industrial companies. Declarations of an extra div idend on the common stock of the Cincn- nati, New Orleans and Texas Pacific rail- way made an addition to the list of in- creases and which it is expected will stim- uate investment buying.
 steady thought comparatively small investment demand has been noted for some time. Statistics published showed that within the last year the number of stockholders in representative corpora tions had increased largely. The Pennsyl- vania railroads gain has been 78O0 and the United States Steel corporation is esti- mated officially between 1000 and 5000, while long list of others gained 1000 or more. a t
 The further rise during the morning was further stimulated by excited trading in the London metal market and strength in the New York market with transac. tions here above 13 cents. The steel stocks also showed strength. Declarations of the usual dividend on Republic Steel pre- ferred was accompanied by a rise of 13s in the stock, as it put an end to reports that the dividend was in question.
 Weekly reports of the iron trade jour nals dwell upon the heavy demand for railroad equipment, orders already booked having provided manufacturers with work for several months. .,.---e.....- -
 In spite of talk of higher prices there has been no actual improvement and profits are comparatively narrow accordingly. The showing of Lehigh Valley for last year was of different character. AL though operating revenue increased slight ly, yet there was considerable gain in expenses. the result being a shrinkage of $155,000 in net operating revenue.
 Exportation of gold was continued with the engagement of an additional $500,oO0 for shipment to Canada. --.-..-
 Bonds were irregular. Total sales, par value. s3,916000. United States 2s coupon and the 3s declined 1s on call.