The Birmingham age-herald., 1912-01-19
STEEL HOLDS OWN ON STOCK MARKET Tobacco Securities Contin- ued to Climb-Union
 Pacific Drops

New York, January 1S-In it's apathy and narrowness. the, stock market of to- day duplicated those of the preceding days of the week. Traders said the market was waiting for something to happen. Nothing did happen. and the leading stocks stood still most of the day. Five minutes before the session ended the bears attacked the list, con centrating on the three market leaders. Union Pacific fell to a point below yes terday's close. but Reading and United States Steel held to within small frac- tions of their previous prices. The gem eral list at the close showed early in significant changes in most instances. Some of the specialties broke away from the remainder of the list and made good gains. Those issues whose strength and activity have made them the fea- lures of the week continued to climb. This was particularly true of the tobac- co securities American Tobacco, pre- |ferred, American Snuff. preferred. and |Iorllard and Tiggett & Meyers stocks |rose 1 to points. Central Railroad of New Jersey rose points to 34, a new
  new record at s39, a rise of 1A.
 The continued strength of the special |fies and dullness of the usual leaders led |to increased interest in the less active |stocks. Some issues which are seldom 'fraded in made pronounced gains. Among them was New York, Chicago and St. |I4ouis second preferred, which gained 71S and omaha, whose rise was 31a. New York .Central developed pronounced strength band advanced more than a point.
 ! No one attempted to predict when the markets dulIness would end. Traders took the view that, with a presidential cam 'paign at hand and tariff legislation un- der way, there were strong influences against any period of sustained activity for some time to ocme. Some dsap- pointment is expressed, moreover. at bus tness conditions. Although 1t is agreed hat there has been considerable inn provement in the steel trade, which is usually regarded as the barometer by which the countrys business may be guaged, the improvement has been less rapid than was hoped for.
 But sentiment in the street can hardly pc ueScTlDeu dS peSSlInlStlc. IL IS Idlner suggestive of waiting with tempering pf the feeling of optimism which devel bped toward the close of last year.
 The interesting event of a financial character was contained in the cables
 from Berlin announcing a loan of $12J,- b00, 900 for the German and Prussian gov ernments. International bankers of this lity said that, inasmuch as very large proportion of these loans doubtless will be subscribed for by German financial in-
 titutions, 1t was not unlikely that some
 3O OOO,OOO or s4o,0C0,0O0 of German loans contracted In this market and falling due
 he latter part of this month would be
 attended. With the present plethora of money and low rates here an extension bf this credit is regarded as desirable
 rom the standpoint, of the American banker
 The bond market again had more than
 Is usual proportion of the business trans
 ctions on the stock exchange. The mar tet was irregular. Realizing affected some f the Tobacco, Traction, Burlington and
 Rock Island issues. United States Steel
 nd St. Louis Southwestern bonds were
 igher Total sales, par value s4,977, GOO.
 United States bonds were unchanged m call