The Birmingham age-herald., 1912-01-24
MARKET LIFELESS
 MOST OF THE DAY Bears Toward Close Sue ceeded in Shading Prices.
 Movement Narrow

New York, January 23.-Stocls were lower for a time after the opening today but the depression was of short duration in spite of efforts to undermine the mar ket. Speculative interest waned after the list rallied from it's initial heaviness and the market was lifeless most of the day As the session was drawing to close the bears in quick drive succeeded in shading prices, but the days movement as a whole was narrow and net changes among the active issues were inconse- quentia1.
 Pressure on the market at the outside was reflection of unfavorable develop ments over night. They concerned United States Steel inquiry and several DOCKS of the stock were thrown on the market in the first few minutes, but the price de- clined only fractionally. Chief emphasis was laid upon the report or the colpoi- ations commissioner advocating seeresa- ton from the Steel corporation or us fai'. road properties. This point lost some or its force as q bear argument when IL was recalled that such conclusion was lhdi- cated in the part of the commislsohers report previously made known At that time it was argued that the corporation was able to maintain virtual monopoly by reason of it's control of ore lands and facilities for the transportation of ore. The filing with the Attorney General q petition for dissolution of. the Ameriean Telephone and Telegraph company gave traders for the short side of the markes more ammunition. but this move affected
 .,Lt7 t,lo Ya,3ah -ap pH phone cop1panies. s
 The ease with which the market recoy- cred frem it searly depression, notwith-. standing the effort to bring in politics once more as repressing influence. indicated that political considerations were receiv- ing little attention at present While the Improvement in business conditions has not yet come up to expectations held few weeks ego, the underlying firmness which has characterized the stock mar ket recently perfected the confidence felt by the controlling forces in the financial worlds as to the outlook Operations of spectators for the decline have failed TO bring about liquidation or materially af- feet the level of security prices.
 The most active of the leading stocks was Reading, which more than made up It's dividend of 1ia which was marked eff the price today. The quotation was ad- vAnced points in the first hour, although II subsequently, lost a large part of the 9aln. Some of the other coalers, inclua- hg central railroad of New Jersey Ches- apeake and Ohio and Erie first preferred continued their recent advance.
 Attention was drawn to the western soads by the revival of reports of a com Ing readJustment of relations, involving the Gould and Hill lines and possibly others, but the movement of these issues Was narrow. Great Northern preferred, after gaining, a point, lost it's advantage The wilde~t movement among the rail- road stocks was that of Rutland pre- fcrred, which rose Il poiets on x three transactions.
 There was further buying today of state or municipal bonds by banks and trust companies which sought higher rate of return than is available in the money market. The bond market was steady Bluctutaions were narrow, but the demand was large and varied. Total sales par vatue, s4,516000. Panama 3s coupon de- clined Is on call