The Birmingham age-herald., 1912-01-17
TOBACCO STOCKS
 FORGE ID FRONT
Usual Leaders Shipped Into the BackgrOund-COalers
 and Bonds Advance

New York, January 16-The usual lead CTS of the stock market slipped into the background today and the coalers and to- bacco stocks and bonds took their place of course the three issues that, under nor nal conditions calls for attention, Union Pacific. Reading and United States Steel, only Reading attracted a following and that there was some interest by reason of it's classification with the coalers.
 During one period of more than half an hour in the forenoon the ticker did not record transaction in United States Steel. The only change during the day came shortly before the close, when the market became more active and prices advanced generally.
 The advances of the coalers and the to- bacco securities and the firmness of the general list gave the market an appear anee of strength, although with few eN- captions, fluctuations were narrow.
 Activity in the tobacco issues were largely in the Liggett and Myers ana Borillard stocks and bonds. The value of these securities has not been definitely established in the brief period since the dissolution of the American Tobacco com pany and the opportunities for speculation before they are established upon stable basis has attracted large following. Lggett and Myers rose 8 points, the pre- ferred and Borillard 615.
 Speculative interest in the coalers aroused by the declarations of the extra dividend on Lehigh Valley and kept alive by conjecture as to possible extras Tor other coal stocks grew broader today and took on some stocks which usually are very inactive, including Delaware and Hudson and Central railroad of New Jersey. The rise in the latter was Is points to 335 a new high record.
 Delaware and Hudson gained 3 points. Fluctuations in Lehigh Valley were com paratively narrow. It was apparent that no squeeze of the shorts was likely In connection with the issue of the new coal company stock. Rights to subscribe to this stock had been limited to a brief period by the ruling of the stock ex- change governors stipulating that the stock would sell extra dividend on Fri day Some operators feared that loaned stock would be called in, but this fear was relieved by a months extension of the period in which operators may cover. It was also said that arrangements had been made by inside interests' to supply the stock virtually in unlimited quanti- ties at figure slightly above the prevail ing price.
 The copper stocks, after a period of weakness, were inactive today. The fort nightly report of the European visible supply showed a decrease of 100 tons. Sellers of copper metal said a recent brisk demand had subsded. The sharp decline in the price in London has checked buy ing by domestic consumers.
 The export movement of gold was re- sumed today, $s0O,000 being engaged at the sub-treasury, the greater part of which is to go to South America.
 The bond market was firm and some- what more active. Transactions in the tobacco bonds were the feature of the days trading. Large blocks of the New York State Central 4's were made at 102ss, new high record. Total sales, par value. s3,oo3,Go0
 United States bonds were unchanged on