The Birmingham age-herald., 1911-03-21
STOCK MARKET MAKES HEADWAY
General Tendency Toward
 Higher Prices Through Nervousness

New York. March 20-In spite of some nervousness and frequent shifting Of po- sitions, the stock market made headway today in the direction of higher prices The suddenly acquired strength which late Saturday changed a slow, dropping market Into an unexpectedly firm one, was shown today in advances which were scored in the face of various ob- stacles, chief among which were the large offerings made on any considerable advances, and uncertainty as to whether the supreme court would decide the anti trust cases today. Gains of about point were made on the day by many of the important issues.
 Saturdays upward movement and the favorable bank report of last week show ing an increase in the percentage of reserves and only slight expansion of loans, resulted in an accumulation of buying orders over the weekend suffi- cient to send up quotations at the open ing. Offerings were large enough to force quick recession, however, and the market fell into the state of coma which has marked most of the supreme courts decision days for months past. When it became known that the rulings were not to be made today, the market grew very active and prices were ad vanced materially in few minutes, but stocks were again sold freely enough to check the rise. Prices receded and trad ing was dull until the last hour, when best figures of the day were established
 United States steel, Reading, Union Pacific and Missouri Pacific were lead CTS in the advance. Canadian Pacific equalled It's high record made last week. the street having heard the intimation that the company's gross earnings for the fiscal year 1910-11 will exceed sl00,- OC0,000, against $95, ,0O0,000 the previous year and $76,300,000 for 19OS-09.
 Although the week started with a con- siderable loss by the banks from sub- treasury operations the money market today displayed unabated ease. London reported strong demand and firmer discount rates. The Bank of England added to its heavy gold holdings by ac- qufring the bulk of the $3,000,000 South African gold which was available to- day. Stocks were steady in both Lon don and Paris although trading on the British exchange was restricted by prep arations for the settlement.
 Further indications that the west is feeling the effects of conditions which some months ago slaclened business fir the east were contained in dispatches from interior points. Grain receipts in Chicago fell off heavily from the preced- ing week and the western roads report ed a slight relaxation in traffic with few signs, of the increased activity which Is normal with the approach of spring. Pittsburg, however sent word that in- quries for steel specifications were lib- eraI and that the iron and steel ex- port business was unusually active. The export business of February, it was said, may prove to have exceeded that of the previous three months, which set a new record for that department of the trade
 Sales of s4,5o0.0oO bonds of one of the Pennsylvania railroad subsidiaries was announced. The bond market was ir- regular. Total sales par value >s2.364.- 0G0.
 United States Ss and As registered de- c)ined 1-4 on call