The Birmingham age-herald., 1912-02-07
l FADING FAIRLY
 ACTIVE IN STOCKS eel Declines-Prices AL most MOtiOnless in the
 Afternoon

York, February 6.-Under the lead cl ule coalers quotations of stocks ad- vanoed vigorously for a time today. Trad ing was fairly active with keen bidding for the Hartman stocks and some of the southern issues, as well as the coalers. The strength of these issues spread through the list and the market became broad with substantial advances in every : quarter. But the movement seemed to be largely manipulative and evoked no sus- tained demand. Short covering was de- cided factor in the advance, and when the inquiry for this purpose became. less in- sistent the market grew dull. During the afternoon prices were aimosS motionless untll shortly before the close, when pront taking sealed down the days gains
 The course of stocks today emphasized 2 the inertia of the market at present anu the inability of professional traders to move 1t far in either direction. In eX- planation of the lack of initiative IL IS said that the large traders are unwilling to fake a definite stand until they learn whether there Is to be a congressional in- yestigation of the money trust The uncertainties Of the political situation ap- parently have affected the investment de- mands as well as speculative operations.
 Although investment buying of bonds has been barely active recently, there is no indication that demand is spreading f, the high grade investment stocks. Ap- ptehensions as to political development have been supplemented by the influence of indifferent business conditions and doubts as to the ability of some railroads to maintain their dividend rates.
 The demand for the coal stocks resulted in an advance in Central railroad of New Jersey. which was almost spectaculare The opening bid of $40 was advanced z eadily with no offers, and it was necessary to raise the price % points before stock was sold Delaware and Hudson rose points, Reading 3 and Lehigh Valley and several other coal stocks scored lesser gains. GI eat Northern preferred responded to strong statement of earnings for Decem- Der. Some of the tobacco stocks showed marked weakness for a time. American Tobacco broke 61s, but later rallied sharply.
 United States Steel which rose more than a point, lost most of it's gain. Sell ing of this and other standard issues WHICH DfOuSni dbOul lHe ltdtllu1l late III the day was perhaps influenced by the granting of an injunction against the Steel corporation to prevent it from de- stroying record. which might be of use as evidence in the governments dissolu- ton suit
 Foreign exchange weakened and bank CTS stated that conditions had worked further away from the point at which gold might be exported profitably to Eu- rope. The provisional engagement of an unnamed amount of gold bars for export to Paris was made known It is under stood that special arrangements had been fov this movement, soiit is independent of exchange rates. The theory commonly ad- yanced is that the gold is for the use of one of the contestants in the war in Tri- poll.
 "A strengthening influence was tine un- expectedly favorable gross earnings for January of a number of railroads. AL though several roads reported a falling off from the returns of the corresponding month of last year, the showing as whole was better than had been looked for. view of the unusually severe weatlf condition in January.
 The md market ruled firm. Distillers' as made up large part of yesterdays loss. but did not hold the Improvement fully Total sales, par vaIue, s2,376Oc0. United States bonds were unchanged on call.