The Birmingham age-herald., 1911-12-12
RESPONDS WITH
 GENEROUS GAINS
Wall Street Hears Good News-Buying Goes on
 More Confidently

New York, December 11.-Wall street heard more good news today than on any other day for many a week. The stock market which has been rather heavy ol late, responded with generous gains. Traders who have had comparatively lit tie to go by in the way of happenings which affect the market values today had solid facts or which to base their opera tions. The days occurrences touched the market directly at. t.several points and buy ing was carried on much more contident" ly. Union Pacific was raised points above Saturdays close, United States Steel and sevNal others or more points, and virtually all the remaining stocks of prominence from 1 to 2 points.
 It was assumed that the market at the outset would reflect the unexpectedly favorable bank statement for last week and the large gain in thrilled orders for November reported by the United States Steel corporation Opening gains, how ever, were small and were not long main tained. Some stocks were depressed ma- terially below the final prices of last week in decline during the first hour, which was ascribed to the readiness of some traders to realize on advances and dis appointment at the failure of United States Steel and other speculative leaders to advance more briskly Before noon the character of the market changed again and during the remainder of the session prices were on a higher plane.
 The bank statement and the Steel figures were supplemented as market factors by announcement of an advance in the price of copper, sales of which were quoted at 1912 cents, the highest of the movement. The European demand was reported as especially heavy. Of greater importance as market factors was the announcement that United States Steel had raised it's price for wire and nails. Advances in price of other steel products were talked of as not improbable On account of the heavier volume of new orders. Since De- cember the Steel corporations incoming business had increased further, being estimated today at 450,000 tons daily, which would place it at the largest figure in more than a year.
 The especial strength of Union Pacific may be traced in part to the action of the commerce court in permanently restrain lnS tile 4HtsfStdle commerce cOHlfnlSSlOn from making effective the proposed reduc- tions in inter-mountain freight rates.
 All of the northwestern roads which are directly affected made good gains after announcement of this decision The tenor of the report of the Hadley commission :n respect to railroad securities was regard ed as favorable from the stock market viewpoint. Another occurrence which helped the bulls was the refusal of the tn i,tn fara rxyitl 1,n American Tobacco reorganization plan American Tobacco rose IS points on the ''curb' an1 the bonds and preferred stocks also advanced briskly.
 The governments cotton crop estimate confirmed expectations of a yield exceed ing all records. The report was one more of the day happenings which helped to bring about 9 more cheerful sentiment.
 Call loans were placed at 21a per cent, but the ruling rate was 41n per cent. Some money was loaned to German bankers, who bid 5!a to per cent for accommoda- tion over the end of the year. The de- lnand from abroad in connection with the year end adjustment is expected to be- come more urgent owing to the disturbed conditions which have prevailed recently in European finances. An abrupt rise of -. points in Canadian Pacific shortly be- fore the close was explained in the an- nouncement that $1So0O,000 of new stock was to Le issued to terms which cenferred valuable rights upon shareholders. Great Northern ore certifcate2 were the conspicuously weak security. They gave way 21a points to 34, the lowest price at which they ever sold
 The boa1 market closed firm after an early period of irregularity, with especial weakness in the Wabash issues. Total sales, par value, $4,S59,0O0. United States bonds unchanged on call.