The Birmingham age-herald., 1911-11-17
RENEWED STRENGTH. { ON STOCK MARKET After Several Days of De- clining Prices-Trad-
 ing Not Heavy

New York; November 16.-ReneWeu strength was exhibited by the stock mar l1et today after several days of declining prices. Trading was not heavy and changes were not large. but the weakness of the list disappeared. Operations cen- tered largely about Union Pacific, which was brought into prominence by the is suance of it's annual report. In view of conditions under which the railroads of the country have operated during the past year the report was regarded in the street as distinctly favorable.
 Union Pacific was bought heavily, and during part of the day showed a gain of more than points. Its strength was a tonic for the market, and after an early period of weakness the whole list rose in response to more active buying.
 Trading was still largely professional, however, and the demand was not well sustained. During the afternoon prices shaded.
 Lehigh Valley, which received a check in its advance yesterday, was weak at the opening, but rose in response to a renewal of speculative operations. It was supported consistently, and at the close that stock and Union Pacific were the strongest of the active speculative issues.
 Among the less active stocks the strength of the Southern group was most pronounced. Louisville and Nashville rose points and Atlantic Coast Line 3.
 The largest amount of gold reserved for export in a single day within many months was the total of s5,250.00O engaged for shipment to Canada in payment for Canadian bonds in connection with f1nanc- ing undertaken by American interests. It was reported also that shipment of gold for a Paris institution.
 Bankers were not surprised at indica- tions of a gold movement to South Amer ica for the account of Europe at this time on account of the present ease Of money and the relatively high rates of exchange Funds are in light demand in Europe or 1n the opinion of international bankers the advantage offered would be taken of the present condition of the exportation of gold direct to Europe.
 As there is no immediate needs of funds there foreign bankers apparently have begun to settle their trade balances with South America by drawing gold from this market.
 AHotHef ueCredSe III the EuTOpedH sup ply of copper was shown in the fortnight ly statement, showing which was re- garded as confirmatory of reports of the enlarged foreign demand. Recent ship ments from this side, moreover, have been on a fairly large basis. The shrinkage within the last two weeks brings down the total to the lowest point recorded since June, 1909.
 Refusal of the United States circuit court to permit independent tobacco in- terests to intervene in the American To- bacco reorganization proceedings, and the attitude of an attorney general toward the plan as approved by that court was referred to as an influence which sus- tained the strength of the stock market
 The expected determination of the op- ponents of the plan to take the matter before the highest tribunal, however, de- 1ayed the final approval which Wall street hopes will point out the method of disin- tegrating combines which are offensive to the law.
 Bonds were steady, with Seaboard Air Line issues active and strong. Total sales, par'value, s3,161,000. United States 2s reg tstered declined 1sc on call.