The Birmingham age-herald., 1912-02-03
STOCKS MOVE AT 4 AMODERATEPACE
Quotations Continue in Un- certain Manner-Net
 Changes Small

New York, February 2.-After two days of rampant speculation the stock market moved at more moderate mace today The amount of business fell off abruptly. Quotations continued to move in an uncertain manner with alternate periods of strength and weakness. Net changes were small with a majority of slight losses.
 The occurrence of the day which at tracted most attention was the en- gagement of s2.00O0O0 gold bars for export to Paris. The steady accumu- lation of idle funds here, the demand from abroad and the rise in exchange rates to the highest point in nearly two years had suggested the Likelihood of gold export movement The an nouncement came sooner than was gen erally expected. however. Exchange rates are still below what is regard ed as the shipping port, demand ster'- ing today being quoted at S4.s4.eV. me engagement of gold was charaeteriHeu | by bankers as special transaction owing to the belief that exceptional must have been held out Inv Paris to obtain the metal. Whether or not further shipments of gold will be made is a question on which bank CTS are not agreed although the most commonly expressed opinion was that |the movement would not reach heavy |proportions at present
 With the exception of small move ment in October of last year no gold bars have been shipped from this coun- 1 try since June of 1909 until todays eng agement. In 1910 sS9,00o,000 gold | Twas exported, but 1t consisted entire / ly of coin mostly from London and ISouth America. The weeks report of ] the European banks show some strain upon them. The Bank of England S . Statement revealed a falling off in the proportion of reserves to liabilities and . it is regarded as probable that the re- duction in the discount rate, which |usually takes place at this time of the year, will be postponed. Both the Bank . of France and the Bank of Germany .reported decreases of gold in hand.
 According to the estimate of one banking authority, the total outstand- ing advances made to foreign markets Iby American banks exceeded $150,- boo. .000 In other words. the volume of credits created abroad in favor of /Ameriean banks on this basis is already at the high level of last year and il he movement continues probably will exceed all records. This, it is said. is an extraordinary situation and shows that for a considerable portion of the present year the foreign money mark ct will be virtually in the hands of Amer Jean bankers.
 In the stock market, Reading was
 he most active issue. In the early
 rading it rose points. The continued Ftrength of this stock was still uneX- olained and perplexed traders as much as the recent pressure on Union Pa ,ific has done. The short interest in
 he stock apparently was alarmed and
 he advance of today was attributed
 argely to covering. The price fell
 Sharply after the early advance and (nly partial recovery followed Le-
 nigh Valley. was the weakest of the Important stocks, ending the day with
 substantial loss. Union Pacific was
 gain under pressure at times Pa
 fife Mail was active and strong, nov.
 ng up ? points. There was some ir-
 eghlarity in the movement of tobacco
 tocks. The widest fluctuations in this Eroup were in Lorillard, which rose 6 points.
 Business in bonds fell off today, but
 prices were well maintained. Total
 |ales, par value, s2,572,000 United
 ftates bonds were unchanged on call