The Birmingham age-herald., 1912-04-03
RENEWED STRENGTH
 ], SHOWN IN STOCKS
Quotations Advance in AL
 most Score of Issues in Early Trading

New York, April 2.-The stock market gave another demonstration of strength in the early part of today's trading, pfe- sumably in response to Londons better prices and the publication of a number of favorable railway returns. Quotations ad- 4anced in almost a score of issues. with resultant new records for the movement in Reading, Union Pacific. ] .algamated |, Copper and some other copper securities. Before the end of the morning session, however, the rise ceased abruptly, deal ings fell to minor proportions and virtual ly all gains were lost. For the rest of the day the list continued under pres f'sure, this being most noticeable in Uni l ~sed States Steel, Union Pacific and the coal shares. Lowest prices were reached in the last hour, the heaviness Of the market suggesting renewal of opera lions by the short interest.
 Such justification as the bear party may have needed for it's attitude was based to a degree on technical conditions, al- though the reactionary tendency in steel and some other industrials probably had its origin in trade conditions. There IS feeling among conservative brokers and ! dispassionate observehs that the market has become "two-sided' not only because of it's phenomenal rise in the past month, but chiefly because the higher level in the industrial group had perhaps over dis counted conditions for a long period. As for the steel industry, the most reliable jndioat tions point to a shrinSage rather than an increase of output for the cur rent month at least With regard to the steel trade. the report of the Bethle- hem Steel company for 1911, issued today, disclosed a very moderate increase in total income, although the total surplus increased by over $2000,00o Primarily, the unsatisfactory results or the past year are largely due to the small return of profits. prices in many lines having been very little above cost of manufacturing.
 Advices from the middle west and south west told of serious interruption to rail- road traffic because of the floods along the Mississippi and Ohio rivers. Aside from further weakness in Illinois Central, which may have been due more to it's poor February statement than to any other reason, the shares of the railways trav- ersing the afflicted regions were scarcely affected. The one conspicuous feature of today's market was the strength of Norfolk and Western, which was helpful to other btuminous coal shares.
 American stocks failed to hold more than a part of their initial rise in Lon don, but that market bought on balance here, chiefly steel, to the extent of per haps 10,000 shares
 Money and discount rates were firmer . abroad. Here call money again touched ! per cent although the bulk of the mod crate offerings were under that figure. There was fratcional advance in so day rates. with practically. no change for longer periods. Outflow and intake of money. thus far this week are almost evenly balanced despite which fact it is believed that last Saturdays impairment of reserves will be corrected in meas ure.
 Railway returns for February included those of St. Paul, with a net increase of BPS GOO while it's Puget Sound division gained only $3O,0OO. Louisville and Nash vile increased it's net $S51,o00 and the St Louis and Southwestern system SIPS, GOO Two Gould lines-Missouri Pacific and St. Louis and Iron Mountain-showed up re- markably well with gains of $S92,000 and s276,0eo, respectively.
 The bond market was irregular except for Norfolk and Western convertbles which were active and strong. Total sales, par value, aggregated S3,10S010.
 Panama 3s declined ls per cent on call.