The Birmingham age-herald., 1912-01-13
LEH|GH VALLEY
 FORCES TOFRONT
Stocks of Coal Carrying Roads Almost Monopolize
 Speculative Interests

New York, January 12.--Stocks of the coal carrying roads almost monopolzed speculative interests today. Union Pa ciic and United States Steel. whose move ments have been followed closely this week. were relegated to less prominent position in favor of Lehigh Valley. Read ing and the other coalers. After a fret full morning session during which prices 1uctuated in an irregular manner the market moved upward. the coal stocks, Union Pacific. New York Central and the telephone and electric stocks making best gains. 4f#
 Lshigh Valley moved in a spectacular way. Opening at ISL fractional gain, it fell back points within the first few minutes. It then rose 3 points, lost two and later climbed back to within frac- tion Of the best prices The result of its turbulent movement was that the stock closed at the same price at which 1t opened The unusual activity of this issue was due to the declaration of an extra dividend of 10 per cent after the close of the market yesterday including the formation of company to handle the roads coal business. Action of this kind had been expected for several weeks and the stock was sold at the opening by traders who believed that the dividend declaration had been discounted in the pronounced rise in the stock during the last month.
 Disappointment also was expressed at the size of the dividend, which was small CT than some of the market prophets ex- pected The stock was in keen demand, however, at lower prices and rose so readily that the shorts were badly squeezed.
 Reading became more prominent as the day wore on and gradually took the lead ership from Lehigh Valley. The stock was bought on the belief that Reading might adopt Lehigh Valleys policy and declare a coal stock dividend. The price rose points. Central Railroad of New Jersey gained 14ih and other coalers a point or so. On the curb the Lehigh Val ley coal stocks when issued sold at 19O to 1ss
 The Copper shares were under pres sure, despite reports of higher prices for the laetal. Prices showed further heay- iness, selling within less than ? points of its low price for 1911. The stock is now regarded as having been brought down to d 5 per cent dividend basis in expectation of a reduction in the rate this month sa s
 A heavy cash gain by the banks this week is indicated by known movements of money. This is always week of cash gains. owing to the return flow of money after the January disbursements. In the corresponding week of 1911 the actual bank statement showed a cash gain of $26000,O00s and an increase in surplus reserve of sl5,ooo,e0o The cash gain this week Is estimated at sis,ocoo0o to s20,0O00o0.
 The foreign borrowing was less of factor today and the ease in the money market was so pronounced as to lead some of the banks to seek opportunity abroad for the employment of their funds. The advance in exchange was checked. although the market held trm at the hieher-.ratas 4zrecentIv establish eda-.1 ~ .
 Foregn advices showed that Paris bank CTS might arrange for gold shipments next week from this market.
 The market for bonds was steady. Sales. par value. $4s5,ooo. United States bonds unchanged.