The Birmingham age-herald., 1912-01-04
SMALL GAINS FOR
 STANDARD STOCKS
Days Movement in General Ascribed To Profit Taking.
 Steel Orders Hold Up

New York, January 3.-For time after the opening today the stock market wore the same cheerful aspect which it as sumed during yesterdays sharp upturn. The opening range of prices showed small gains for almost all of the standard stocks except the Harrimans. The ad- vantage was Increased in the first few minutes with pronounced movement among the eoalers and Lehigh valley shot up sl4 points in the first ID minutes The demand was brisk but before the end of the first hour the market had lost it's gains During the remainder of the day it fell back and in tho late session It became really weak.
 The days movement in general was ascribed' 10 profit taking. The increase in public buying which was noted yes terday failed to develop today. The pro fessional traders apparently held the view that in these uncertain times l. was best to take profits while they were in sight instead of waiting for them to grow Stocks bought on the rise yes terday were thrown back on the mar ket today and as prices fell there was some short selling.
 The wires which keep Wall street con- nected with it's agents in Washington were busy with a varied collection of po- litical reports and prophecies largely con corning tariff legislation. Uncertainty as to the extent to which these revisions may be carried and as to it's effects upon securities doubtless was an underlying cause for the reaction in prices. On- til the political situation is relieved of some of it's obscurity the trading ele- ment in Wall street probably will hesi- tate to enter tbe market for a prolonged campaign on either side. The Hartman stocks were the weak features in the more prominent issues. Union Pacific in particular was under pressure of the same nature as that which has been noted at frequent intervals during recent weeks and lost nearly points. A ntmber of other standard issues lost a point or more, although the gains made yester- day. were not entirely marked off. The upward rush on Lehigh valley early in the day was said to be aimed largely at the shorts in this stock, resulting in some forced covering.
 Among the less active stocks move ments were widest. Virginia Iron lost 7is points. more than the amount of yes terday's spurt Great Northern Ore, Amer ican Can, preferred, and Interborough Metropolitan, preferred, all of which have shown the effects of the unusually ac- tive speculation recently, developed con siderable weakness. Pittsburg. Cleveland, Cincinnati and St. Louis was again ac- tive. The movement in this issue. which has been under way for two days, gave rise to considerable conjecture as to its meeting The preferred stock rose 5ts points, extending it's advance in two days to 13 points, The. common stock had gained about half as much,
 Money rates were easier today, call funds lending as low as 2A per cent. For shipment to Argentine se5eeoo gold was engaged and there was an inquiry for further amounts for South America and Costa Rica. Negotiations for the gold originated in Paris. The demand for gold for Costa Riea is in connection with the s6,ooO,Ooo loan recently brought out in Paris.
 The day was barren of trade news ex- cept the bearing on steel and iron. Or ders for steel were said to be holding up we'll The production of pig Iron in December was estimated as over s3Q000 tons in excess of the preceding month. The total for last year was given as be- tween 23,000, GOO and 24.000 GOO, as compared with nearly 27.O00,000 in 1909.
 The bond market was broad. active and irregular. Some of the reorganization issues were strong. Total sales. par value, $i025, GOO. United States bonds were unchanged on call.