The Birmingham age-herald., 1912-02-02
J. 5. STEEL GAINED
 APPOINT OR MORE
Although Stocks Active and Trading HeayyS Changes
 Were Not Large

New York. February 1.-All the stocks moved actively today and trading was heavy. net changes in most cases were not large. The recent eccentricities of the market were emphasized today by it's lack of stability and it's rapid and perplexing changes in appearance. At time stocks rose easily and traders on the long side appeared to be operating with confidence In other periods acute weakness developed and it appeared as though there might be D renewal of the steady, compelling pres sure which undermined the leading issues effectively yesterday The market was on an upward swing when the season came to an end and finally prices showed B majority of gains.
 The marked increase in speculative ac- tivity during the last two days, during which trading was by far the heaviest of the year, is still without an explana- tion which finds general acceptance. Trad CTS argued that the market hau been waiting for some time for United States Steels quarterly report and the December statements of the Hartman roads and that as there was little or nothing in
  bears seized the opportunity as a suitable one for a demonstration.
 It was also said, without apparent au- thority, that large interests had been quietly liquidating their holdings of stan dard stocks in the belief that business conditions would become less favorable before there were a definite turn for the better. Prices were forced below prices Of yesterday and United States Steel touched bsss, the lowest price since last Novem- Der
 The most pronounced upward move ments occurred at the opening and just before. the close. Bull traders attempted to make capital of reports from Wash ington that the proposed investigation of the money trust" would be either aban- doned or postponed and succeeded in lift ing prices substantially. There was no ap- parent change in sentiment, however, and the chief reason for such success as at tended the efforts of the bulls seemed to be short covering. Traders on the short side were more cautious today, fearing that the market had been oversold, and there was heavy covering in some of the leaders.
 Reading developed exceptional strength In the late trading and rose 31s points on the day. St. Paul, New York Central. Iehigh Valley, Atchison. American Smelt- ing, United States Steel and A number of others gained point or more on the movement
 The death of Edwin Hawley did not dis furb the market seriously. Stocks of the railroads in which he was most interested played but small part in the market. Chesapeake and Ohio, the most prominent in this group, sold off two points, and some of the others a point or so, but the movement was without influence on the general list
 Some of the largest eastern railroads made their reports today and the showing as a whole was decidedly favorable. The New York Central system was able to re- port a gain -net-earnings of H.s93 900. due in greater part to reduction of oper- ating expenses. Pennsylvania gain in net operating revenue was s1,210O0o and New Ravens s5O60v5. Fries gross receipts were virtually unchanged but an increase in expenses of $1S2. GOO was responsible for a shrinkage in the net.
 The bond market was again irregular with a yielding tender for time. Total sales. par value, $3,015,000. United States bonds were unchanged on call