The Birmingham age-herald., 1912-04-04
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 New York April 3.-Although prices of standard stocks yielded but little today, the reactionary tendency of the early week became more pronounced, dealings fell to the smallest total recorded in any full day for more than a fortnight Virtually all the activity was In the first hour, an other characteristic wherein today's ses- sion was not unlike that of recent days. The trading element inclined decidedly to- ward the selling side, this attitude nno- ing it's surest reflection In the relative heaviness of United States Steel, Union Pacific and Reading with some pressure upon the coppers. On the other hand, a number of advances were registered, but for the most part they occurred in issues which have little or no public following.
 Declines far outnumbered gains at the opening. which may have been due to London's failure to transmit the usual average of better prices. Canadian Pa cific was the most conspicuous exception, opening here with a gain of more than points, as against it's rise of almost 3 points in London. The strength of this stock was used as an excuse to advance.
 Fries on the now familiar rumor of a Canadian Pacific-Erie traffic alliance likewise Norfolk and Westerns further gain-was made the occasion of a revival of the report that "Pan Handle," one of the Pennsylvania subsidiaries, is to guar antee per cent dividend to Norfolk. A brisk movement in Wabash preferred and the per cent bonds furnished basis for rumors that Lackawanna interests bYt,, Trading in the specialties was more cir cumscrihed than usual, with some strength in General Electric
 A rise in call money to 3A per cent in the early afternoon induced more selling of the speculative favorites, but the mar ket assumed an even tone in the last hour, under the lead of the steel shares Activity increased a trihe and demand broadened, but the movement was of brief duration, Amalgamated Copper, American Smelling, Union Pacific and Lehigh Valley falling to lowest prices of the day, with a further rise in call money to f per cent. There was some recovery from this level just before the close, with a spurt Tn American Can common and preferred, both of which established high records.
 While the day brought no adverse in- nuences of great moment there was some disposition to pay more than passing at- tenton to the latest phase of the English coal situation, London cables pointing to further delay in the settlement of that controversy. The sentiment of our own anthracite miners, which seemed to favor protracted shutdown, was another fac tof-that made for discouragement. News concerning the steel trade was conflict lnG, reports of an arrest in some manu- featuring districts being neutralized by others that suggested increased demand at Pittsburg. Some large orders by the railroads are in process of negotiation but these. 1t is thought, may be held in abey- anee until prices become more stable
 The only new financing announced to- day was that of the Erie road. which has received permission to sell s10OO0OOO of three year , per cent notes A compila- ton of the new securities issued in the first quarter of the current year shows that the railroads put out smaller amount of notes than in the same quarter of 1911, while the industrial companies in- creased their output by over $35, LOCO Total offerings of bonds, notes and stocks for the last quarter aggregated $759, 900, ,OOO an increase of S152, 100000 over last year.
 The tone of the Berlin market indicates that all danger of embarrassment from the April settlements is over.
 The bond market ruled firm, with no notable feature other than the strength in Wabash fours and some speculative is sues Total sales, par value, amounted to s2.9l9oOo.
 United States bonds were unchanged on call