The Birmingham age-herald., 1911-01-13
STOCK MARKET IS
 VERY UNSETTLED Selling of Pennsylvania Shares
 Is Main Factor INDUSTRIALS STEADY
INDUSTRIALS
Trr,tea States steel Is on Up Grade Owing to Good Reports and Other IndustriaIs Make a Good
 Showing

New York, January 13-The stock mar ket was more or less unsettled all oay by reason of the heavy selling or Penh- svlvania shares following yesterdays announcement that the directors had pro- nosed to the stockholders an increase of Oo.00oo00 in the company's capital. The action of the directors was alto- gether unexpected, and gave rise to fears that similar steps may soon be taken by various other roads, with the resultant congestion of the securities market Pennsylvania sold down, to 125%, loss of sa points from the previous days price on total of transactions much In excess of any recent day. Long Island, an allied property, declined Az spoints, and pronounced weakness was shown at times by New York Central. The balance of the market was generally firm, with exceptional strength in the coalers, Har- riman and Hill issues, and St. Paul, the latter in spite of a poor statement oi earnings for November
 Industrial shares were fairly steady un- der the lead of United States Steel, which was affected favorably by reports that operations are soon to be resumed at one of the corporationss largest plants, as we'll as the decision of leading manu- facturers to maintain the existing sched- ule of prices.
 Other industrials whose recent weakness occasioned some criticism showed bet ter tone today. Trading diminished in tho late session. but the market hard ened gradually until at the close prices were near the best of the day.
 Local banks made a further gain Of cash from the sub-treasury and Satur- days bank statement ought to show a piling up of money at this center. Rates here show greater ease and Chicago re- ports an unusual accumulation of funds with like conditions at other reserve cen- ters
 Belief that last weeks poor showing of the Bank of England would soon be cor rected found verifcation in today's ex- hibit of that institution which represents an increase in its reserve to liabilities of almost 1s per cent. The banks total re- serves increased more than s7,500,000 with a gain of almost $5,0O0.o00 in gold hold ings. The aggregate of checks cleared through the bank last week was largely in excess of the same week last year, and the generally satisfactory character of the situation in London found its most direct reflection in the better tone for consols
 A further recession in futures in cop per was shown in the London market and there were reports of slight price shadings here, but they lacked confirma- tion in official quarters. It was rumored that large exports of the metal are un- der negotiations, but the days develop ments in the local copper market gave no indication of this.
 Among the few interesting railway re- ports of the day was that of the St. Paul road for November, which showed a decrease of over $75000 in net. The Puget Sound division of the. system showed net increase for the same pe- riod of s124000. Net returns of three score representative lines for Novem- Der show decrease in net of 5.52 per cent.
 Bonds were irregular. Total sales, par value, $2,36o,000.
 unchanged on call.