The Birmingham age-herald., 1912-01-31
TRADING ACTIVE
 |NSTOCK MARKET Keen Demand for Leading Railroad Stocks Caused
 Prices to Move Up

New York, January so.-Under the spur of a keen demand for the leading rail- road stocks, prices moved forward quickly fin the early trading today. Shares Of all the best known roads and of num- ber of industrial corporations rose from l to ? points, with a few more exten- sive gains. Trading was active and the market broadened in a way which seemed to indicate considerable underlying strength But the flckleness which re- gently has been the characteristic of the market again asserted itself. Shortly after noon prices broke. With the ex- ception.-of the stocks of the Vanderbilt roads, gains were either cancelled or largely reduced. In the last half hour the market made another of its perplex- ing shifts. Prices rose quickly and in some instances the high level of the day was reached before the close, which was firm at level appreciably higher than the last prices of the preceding day
 A variety of influence of conflicting character were brought to play on the market The most important were the reports of the Hartman roads for De- cember, the strength of the shares of the Vanderbilt lines and the quarterly statement of the United States Steel corporation Although the steel figures were not received until after the close kpf trading, the market was influenced by the fact that they were to be made yknown today and the uncertainty as to the character of the report heightened speculative interest in United States Steel. 1t rose a point in the early trading, although it subsequently, sold off to below 6 for the first time this year 1t bounded back to 64 in the late trading.
 The Steel corporations net earnings of s23, 1o5, GOO were well up 10 expectations. Preliminary estimates ran all the way from $19,OoO,oO0 to 25,0o0,00O, but in view of the lower prices of steel products during the last quarter the most com mon estimate was somewhat below the 1lgures reported. To that extent the statement was regarded as favorable one. It remains true, however, that the net earnings of the Steel corporation are nearly $3,0Oo,00O less than those of the cooperating period of 1910, when business conditions were none too good and that they are barely sufficient to pay the dividends on the common and preferred stock, in spite of the fact that no ap- propriations have been made this year for depreciations.
 The appearance of the Hartman state ments, showing a decrease in net earn ings in December of $63O,OO0 for Union Pacific and of $716,0O0 for the Southern Pacific was followed by a break in the stock market to the lowest points of the day. Unfavorabe reports had been expected, however. and these statements were not effective in keeping down prices for long. Union Pacific's showing was good by comparison with the November state ment. Chicago and Northwestern re- ported a reduction of $l35,000 in net for last month. Canadian Pacifc's strength was explained by it's report of gross increase of nearly $2,000,000 for last month and a net gain of $S19,000
 The pronounced strength of the stocks of the Vanderbilt roads made them the center of speculative interest. New York Central, Northwestern, Cleveland, Gin cinnati, Chicago and St. Louis, New York, Chicago and St. Louis and Omaha all made gains of to , points. The buying apparently was of an accumulative char acter such as has been noted in New York Central for several days. Gossip | has it that the movement was the result of plans for a further combination of the Vanderbilt lines.
 St. Paul displayed remarkable weak ness. After gaining a point early in the day it sold off to 104%. the lowest figure since 190S National Biscuit rose nearly points to 150, the highest price at which this stock ever sold
 Great Northern Ore dropped more than 2 points following the publication of the company's annual report, suggesting possibility of suspension of payment on sI vii off but the tone was firm. Total sale, par value, S306s,0 ,0O0 United States 2s coupon declined 9s and Panama 3s cou- bon 1s per cent on call