The Birmingham age-herald., 1912-04-05
STOCKS RESUME
 UPWARD MARCH
Steel Assumes Leadership. Dealings Aggregated
 225,000 Shares

New York, April 4-Contrary to general expectations. which were quite natural in view of the approaching holiday, today s stock market threw off apathy of the previous sessions and resumed it's upward march of last month. The movement diff fered in some essentials from the period referred to in that the copper and allied securities were less conspcious partici- pants, while United States Steel assumed it's former leadership and sold up to 7llsc' it's best quotations since last September ' Dealings in this stock aggregate about 250o0o shares, or almost 30 per cent Of the whole. The activity and strength of Steei was concurrent with the public oherlrsS of the $So.5o0000 per cent subsidiary bonds recently issued by the corporatioii' and the celerity with which these "ere taken was regarded as a favorable sisn' not only in it's bearing upon the general financial situation. but in the confidence if anneared to imply in the future of Steel Today's advance embraced some Of the equipment shares and the American . Can issues, both the common and prefer red making new high records. In fact Can common was one of the most active stocks in the entire list, but the rise in both issues was accompanied by some adverse comment because of it's seemingly manipulative character Public interest In these kindred securities has at no time been especially keen, and the floating sup ply of the stocks has invariably been limited. These same conditions apply to the tobacco stocks, all of which moved in spectacular fashion. Leggett and Myers rose points. with advances of S12 in Lorilard "A in American Tobacco and 4ss in American Snuff.
 Undoubtedly some impetus was given to these shares by the decision of majority of the judiciary committee of the United States Senate which held that the oppo- sition of the independent manufacturers to the dissolution of the American Tobacco company was without valid foundation.
 Dealings fell off in the later session, but the movement at that time was most prominent in the standard railway group, including the Hill issues. St. Paul, Union Pacific and Louisville and Nashville. Re newed strength in the Wabash issues, in- cluding refunding Is, was attributed to the entrance into the company of a new im- portant financial interest. Money on call rose to per cent, the highest figure since last January, just before the close, final quotations being at or very near the days best.
 Judging from today's market the inter- ests back of the rise are giving themselves concern respecting the monetary situ- ation. Local banks suffered another drain by the heavy withdrawals for out of town institutions especially in the west and southwest, where money Is In de- mand to meet revived business conditions. It is estimated that the banks in the clearing house will lose not less thanaS50. = 800 600 on the week, but the effect on the reserves is yet uncertain. It Is we'll within the range Of probability, however that this item may show further depression. An official statement of the Lehigh Val ley Railroad company, telling of the sus- pension of work at its mines and cur tailment of improvement on the road be- cause of the anthracite strike. evidently had no effect on the stock market.
 A further rise of 3& per cent in Cana dian Pacific was explained in the roads gross gain of 99o00O for the fourth week of March. Norfolk and Western increased its February net by s142oOo, Chesapeake and Ohio by $12S,000 and Burlington by S117 600, with a nominal increase of Dem yer and Rio Grande. Seaboard Air Line fell behind by $13000O.
 The Bank of England lost almost $11,- 100000 Of it's gold and it's proportion of reserves to liabilities fell from 43o to 227 per cent. The part taken by the Bank of France in the recent quarterly settle ments abroad was reflected in the enor- nous reduction or it's discounts and ad- vances, which aggregated almost s9i 000,- GOO. while it lost almost s5,ooo,0o0 gold,
 Bonds were firm, with no especial fea- ! ture. Total sales, par value, amounted to 8, ,755,000.
 United States government bonds were unchanged.