The Birmingham age-herald., 1912-02-06
Il. 5. STEEL REACTS APPOINT OR MORE Market Becomes Dull After Narrow and Irregular
 Movement

New York, February 5.-After a nar- row, irregular movement in the early part of the day the stock market be- canfe dull on a level not far removed from Saturdays close. Trading was too listless thereafter to affect prices ma terially First quotations were high CT and brokers active in the buying said that most of the advances then made were on moderate purchases from London and the execution of a few orders which had reached commission houses over Sunday. Outside business, however, was very small and when the orders on hand at the opening had been filled the list easeda off. Union Paeihc' Reading, Lehigh Valley and united States Steel reacted point or so' put losses were soon made up and at the end of the day changes in most cases were nominal.
 From the standpoint of the specu- lator the market situation was un- changed, no important new influences having been brought to bear over the week end or during the day. The pear campaign of last week having failed to enlist outside support, professional traders were less willing to operate on the short side of the market. Specu- lative opinion remained bearish, put It -,-as thought that covering after last weeks movement had not been carried far enough to remove the danger or overselling the market.
 5 A few of the less active issues moved more widely than the standard stocks Some tobacco issues were weak. American Tobacco dropped "A and American Snuff 6%. Distiilers Secur- ities stock and bonds lost 3h and the bonds 21s. The Canadian stocks were stron in response to a further in- crease in Canadian Pacifcs gross earn ings and a gain of s2S1,0 in the net earnings for December of the Minne- apolis, St. Paul and Sault Ste. Marie. f1Gissouri Paciic's December showing of "a gain of s491,00 in operating income advanced the quotation a point. Illinois Central showed no effect of the de- creas- in net revenue in December of s979,000. More than half of this shrink age was accounted for by the increase or S563,000 in operating expenses, largely owing to labor troubles.
 E Another shipment of s2,000000 gold bars to Paris was arranged, bringing up the total on this movement to $i 100000. owing to the surplus of idle funds the movement had no effect on the market as shown by the fact that time money rates today were slightly easier. Exportation of gold at this time was termed bearish factor, how aver, in its general significance. Usually bankers are considering at this sea- son the needs of the interior in con Iecton with the planting of the years crops and the expected activity of mer- cantile and manufacturing interests with the approach of spring. This year the interior banks, instead of holding funds for these requirements continue toship p-theni to New York. Under these conditions the exportation of $4,000 900 gold has been of virtually no influence and the deduction is made that con tfnuance of dul1ness in trade is indi cated.
 Bonds were dull and irregular. Total sales, par value, Ts271S,000, United States 3s advanced 3s on call.
 New York. February 5.-Call money steady, 2a2is per cent; ruling rate, per cent; closing. 2k per cent: offered at 2ss per cent. Time loans easy; 60 days, as, per cent; 60 days, 2siaS per cent, six months, 3etaA per cent. Prime mercantile raper, 31a4l per cent. Sterling exchange steady, with actual business in bankers Fills at Asi50 for 6i-day bills and at .si.s7.45 for demand. Commercial bills, S4S4A. Bar silver, 5Sssc. Mexican dollars. 41e. Government bonds firm; railroad bonds irregular.