The Birmingham age-herald., 1912-04-09
THE STOCK MARKET RESUMES ACTIVITY
Rise Very Irregular = In Main Results Favor Bulls.
 Steel a Leader

New York, April s.-While London and the continental exchanges continued their observance of the Easter holidays the local stock market resumed its activity and advance today. The rise was very irregular, however, being punctuated with frequnent pauses and setbaclzs from profit taking and renewed aggressions by the short interest.
 In tue main results favored the bull ac- count Our market was somewhat en- couraged over the definite settlement Of the English coal strike and week end advices from various domestic points em- phasized last weeks reports of general betterment in business. This was indl- cated in the statements of railway uanic managers and in another advance III prices of steel bars and tin plate.
 Especially in the west revival or traos was shown in the further hardening oi money rates.
 Announcement that the money power in- vestigation Is to begin on Wednesday and that some of the foremost financiers and capitalists in the country are to appear before the congressional committee, ap- peared to exercise no adverse influence in banking circles, although few weeks ago the prospects of such an inquiry in spired both comment and concern. As for the anthracite strike outlook, the best opinion is that the operators will be in- tuced to make further concessions.
 United States Steel and Union Pacific were the leaders of the early movement with gains of l to points in more than a score of other issues. Some of these were of less than secondary importance. New high records for the year were es- tablished by some standard securities. American Can common and preferred touched the highest quotations in their history.
 The tobacco issues attracted attention by their spectacular movements, Liggett & Myers rising over 6 points and Loril- lord 5.
 By midday Union Pacific reflected the effects of heavy selling by going under last weeks closing quotations with in- creased heaviness In the coppers. On the other hand, Reading and Lehigh Val ley took the lead, with extensive buying of both issues to the accompaniment oi rumors that the long deferred decision of the United States supreme court in the Reading case might soon be rendered.
 No development of that character ma terialized, however. but the assignment by the court of the so-called intermoun- tain rate cases over to the full term was something of disappointment to railway interests.
 Transactions in the late session were much below those Of the morning, and prices evinced a tendency to yield, except in the coalers and minor specialties. In the final dealings a demand for American Smelting and Rock Island common and preferred imparted a degree of activity but the movement failed to take in the more standard issues, most of which closed at net declines.
 Call money did not get above per cent today, and supply was In excess of demand. Time rates hardened partly in response to out of town withdrawais and some further strengthening of Ioca reserves. The cash movement since las Friday shows a loss by banks here o1 almost s1,000,000 Bankers prominent ir the recent loans to Berlin stated that al yet there was no reason to draw on that \ center. but with a continuance of the heavy outflow to interior points such ac- tion might become necessary.
 The monthly report of the Copper Pro. ducers' association, to be issued tomor- row. promises to be unusually interesting because of the rise during March in the metal and the leading copper securities On the following day the United States Steel corporation will publish its figures oi thrilled tonnage" for March. These ars expected to show a decrease compared with the preceding month.
 The bond market was irregular Tota sales, par value. aggregated s. 2S2, GOO.
 United States government bonds wer, unchanged on call