The Birmingham age-herald., 1912-01-16
- ARLY LOSSES ARE
 lATER RECOVERED
Coal Stocks Moved in Eccen- u. Fashion-$20,0 ,000, 1000
 Bond Issue Attracts

New York, January 15.-There is little to distinguish the record of today's trad ing in stocks from that of last week with it's uncertain movement and undercur- rent of heavlness No new influences of importance were brought to bear upon the securities outside late announcement of a s2o 0oO,0O0 bond issue and the traders showed a disposition of inclining toward the opposite side.
 Tn the early part of the session there vas som losses but these were recov- cred later.
 A brisk buying movement largely erased the losses and the end of the day found price changes In most cases insignlhcahl,
 As prices moved downward operations for the short account were encouraged ey reports of selling by important fnanciai interests. The movement seemed to de- rive it's chief impetus, however. from short selling by the professional element Ut was directed against the stocks WHICH were conspicuously heavy last week. par tl tlticularly the coppers, Hartman issues and St. Paul. These issues and few or the less active stocks were depressed & point or so, but the bears were unable to dslodge long stock and losses in most cases were small.
 The coal stocks moved in eccentric fash ion. After declining moderately they be- ,ame strong and both Reading and Le- high Valley along time stood nearly ? points above the previous close. St. Paul was the conspicuous feature of the late trading. For several weeks it had been siv,<r to a fa- ton that the dividend would be reduced from ' per cent to 5 per cent. It be- came strong and active late in the day and closed with a small gain. Action on the dividend is to be taken soon by the hoard and large short interest is be- lieved to have been built up in the stock which at its present price apparently has discounted the effect of a change in the rate.
 An influence which helped to bring about the improvement in tone was the evidence as the day progressed of a. broader inquiry for investment securities. Trading in speculative bonds on the stock exchange was Fighter than on some days of last week, but private sales of investment is- sues increased considerably. The report of ali impending bond issue of Sl5,000,000 by the Chicago and Northwestern after the announcement last week of a s140on,- O00 issue to be brought out by Norfolk and Western indicated that the railroads were taking advantage of present money market conditions. The New York Gen. tral. it is understood, will bring out a large issue of short term notes within a. few weeks in connection with the pur- chase of the New York and Harlem. The cash gains reported in Saturdays bank statement exerted a sentimental influ- ence on the market. although there was scarcely any borrowing of time funds and the inquiry for call money fell far short of tle available supply. The foreign mar kets were more cheerful, owing to the passing of the cabinet crisis in France. This improvement, however, did not ex- tond to Americans in London. which were heavy before the opening here. London stocks in this market to a moderate amount. a.z-.--z.--z a-.ss s.-.5
 The bond market was irregular. Total sales, par value, S3,O04,000; United States bonds were unchanged on call.