The Birmingham age-herald., 1912-04-11
HEEL STATISTICS SHOW DECREASE
Politics and Renewal of Coal Negotiations Foremost
 Developments

l
 otiations between the anthracite coal op-
 rators and their employees, politics, and
 he publication of the United States Steel
 corporation figures of thrilled tonnage for
 Iarch were among the foremost devel-
 pments Of the days stock trade. Of
 hese the first named came in for primary
 consideration.
 The decrease of. 15o.00O tons reported by
 he Steel corporation and it's American
 association was considered favorable in
 he main, and in point Of fact was better
 han any showing of the past 12 months with two very recent exceptions. No definite news respecting the coal confer- snce was obtainable up to the close oi the market, at which time unofflclal au- vices from Philadelphia pointed to oesu-
 oclx over the question of union recognl- tion.
 Other events which had more ulrect financial hearing upon the market for se- curities included the underwriting Of large amount of debenture bonds of the chicago. Milwaukee and St. Paul railroad by a prominent national bank and an in- ternational banking house with intima- tions of other large financing in prospect. The bonds offered by the St. Paul road bear interest at the rate of AZ per cent land are in the nature of rights to share holders The proceeds of the sale will go Howard the purchase of new equipment land general betterment of the property. 1t Is understood that large proportion of these bonds will be sold abroad should fire batch
 Conditions at the opening of trade re- feeted a degree of hesitation and caution with numerous 1 point declines. This movement itself was followed by par ] tial rally, ahd in turn by another wave of selling under which prices went lower than at the opening. Dealings were lower than at the opening. Dealings were in . tremendous volume during the first hour and almost entirely at the expense of . values. Before noon the market settled l down to a spell of comparative inactivity, / with very general recoveries. Erie was an exception to the heavy tendency of the early session, the common stock attaining it's best price of the present movement, with marked strength in the first pronii- hence of these issues was associated with the offerings of the company's notes re- gently authorized by the public service commission.
 The market continued dull and relatively narrow during the afternoon, at which time there were upward movements in American Sugar and such obscure stocks as American Linseed, Central Leather, National Lead and other issueS of that class The active list hardened until it effaced much of the early decline. but the dullness suggesting further caution by the speculative element. In the final hour series of bear drives. which met with little opposition, especially in the copper group, sent the general average to the lowest of the day and resulted in a heavy close except for Reading, net losses rang ing from to points throughout the list. London's settlement, in which the rate for Americans ran from to per cent, provoked some demand for call money at 31s per cent, and disclosed an overex- ], tended bull account. which later eased off on Equation. Our own securities became heavy in that market at the close of the selling, attributed to this center and Der lin. Business here for European account may have exceeded 35,0o0 shares, with a slight preponderance of sales.
 Money on call and for various long time maturities was easier here. due to the light local demand. Interior banks con tinued to draw in their reserves to mod crate extent.
 Bonds fell back today, with no material losses. Total sales, par value, amounted to s2. "A. eco.
 United States government bonds were unchanged on call