The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1911-02-05
TRADING IN STOCKS
IS ON HIGH GROUND
Advances Are (ade in the
Leading Issues
!.
STRONG TONE AT CLOSE
Week Closes with Assurance of Good
business Ahead and With Good
Reports on Railroads ana
Industries
STRONG TONE AT CLOSE
BY RALPH EMERSON


New York, February 4.-(Special.)-Th
sudden showing of strength on the stock
market during the week was a recogni-
ton of more confidence throughout the
business world in general. This seems to
have been entirely logical. The stock ex-
change sometimes goes further than to
recognize statement by seeking to create
sentiment or to encourage investment
that will strengthen trade throughout the
country. Trading on the stock market to-
day closed with a strong tone with Union
Pacific and United States Steel leading
IT. sales. -
The movement to advance prices, which
was suspended yesterday, was actively
resumed today and numerous rises of a
point or pore were made. This is usually
the character of Saturday market when
professional operations are under way
not to allow the market to end In dullness
or with declines.
The Monday morning wire orders" of
course. are the objective point. II
enough of them come to hand even the
day-to-day professional buyers are able
to take temporary profits and to engage
In the market for the rest of the week,
according to what happens afterward..
A large increase of loans was shown
in the weekly bank statement. The I'M
crease was largely diverted to the trust
companies,
The statement by daily averages re-
ported $34,600,000 increase In loans at the
associated banks; the actual weekend
showing made the increase only So, 100000
but the subsequent returns reported the
loan expansion of s19.eoo000 This shift
to the trust companies has occurred be-
cause of inviting rates for loans. III s
Call money has ranged as rule below
III per cent. The banks gain only So
100000 cash on the actual returns. The re-
suit is practically unchanged surplus
reserve IN the weekend statement and
a 100000 decrease in the average. The
actual surplus reserve Is N40o0,000 above
this week of a year ago and $37 100000
above 1909 1t is the largest surplus with
which February has opened in a decade
past. $500,
A note of reinsurance to the business
and Industrial world during the week
was the announcement of President
Lovett of the plans of the Hartman
lines to expend s750O0.ooo in double track
work between the Missouri river and
the double tracking of the Union Pacific
and the Oregon Short Line. This, 1t is
stated, will be In addition to-worl of
building short lines as feeders and con-
meeting links to the Hartman lines in
the northwest, which work was outlined
to extend over period of six years.
Another tribute to the soundness of
the fundamental conditions and their
promise of batter things was conveyed
ins Judge Gary's remarks appended to
the quarterly statement of operations
of the Steel corporation for the Decenl-
Der quarter. Read In the light of these
remarks. the report, which made about
the poorest exhibit of earnings in the
corporations history in comparison
with Its present capacity and overhead
charges, was regarded as marking the
end of the latest depression in the steel
industry and current reviews of trade
conditions emphasized Judge Gary's
sanguine conclusions as to forward
business.
General trade conditions from diff
ferent sections during the week were
very satisfactory The great depart
ment stores are doing a good business
and the jobbing trade Is becoming quite
active. all of which is creating a much
better feeling as to the future of the
textile industry. The various miscel-
laneous manufacturing interests other
than the cotton mills which are identi-
ned with the dry goods trade report
an charging demand, such as has not
been witnessed for a long time past
Foreign commerce, one of the most
important points in the entire situa-
tion. continues on highly favorable
basis This weeks imports of products
and merchandise at New York decreased
Q,511,926, and the total since jan
uary 1 fell $10.026,335 below that of
1910. Exports. on the other hand, in
creased SCISSORS for the week and S.
417,292 since January /. These figures
mark very decided Improvement in
the foreign commerce OF the port and
certainly indicate that the month of
January will be prolific with another
addition to credit balance abroad.
Our manufactured goods are still go
Ing out In volume and prominent fea-
lures at the present Is extensive ex-
ports Of steel products at an advance
upon prices recently current The for
eign credits established by these yari-
GUS important exports are being added
to constantly by European Investments
in American securities, which has been
stimulated since the reduction in the
Bank of England rate of discount and
the steady decline in money ratios
abroad
The business situation will have a
tendency to greatly strengthen the DO
sition of the United States. Such a con-
dition will give this country a hold
upon the gold market in London in cas
there should be need for the yellow
metal later. New York's money mar
ket is safely guarded against any pos
sible stringency.
Bonds.
u 8. ref. -, reg. 1OOa;