The Birmingham age-herald., 1912-02-27
ROOSEVELT LETTER
 AFFECTS MARKET
Df the Most Active Stocks Reading Was Weakest.
 Market Closed Dull

New York, February 26.-Two factors stood out in extraordinary relief in con- nection with the reactionary tone of to- dent Roosevet's letter and the approach ing coal strike in England
 The financial district was hardly sur prised at the communication of MT. } Roosevelt to the governors, but seemed disposed to place an unfavorable con- struction upon the service of the news. This was held despite the fact that only q short while ago it was supposed to re- gard his possible candidacy with no little favor.
 The progress of the English coal sit uation toward it's more pernicious stage occasioned some alarm. This was evil denced not only in the heaviness oi American securities in London but in the trend of the London and continental mar \ kcts as well.
 Other events which served to dampen the ardor of the narrow speculative pub lie composed the Mexican situation, the coming congressional Investigation of the money power and additional labor out breaks in New England.
 During the early part of the session the markets movements were also retarded by the possibility of an adverse decision by the United States supreme court "a the long delayed Reading coal case. Ground for further discouragement was .found in the statements of the western railroad managers, who reported serious interruption to traffic" during the past week by reason of the severe weather.
 finder these circumstances it was not to be wondered that the market moved Wltn prac tically no impulse, even though nn- anciers were quoted as declaring that the fundamental conditions are steadily lm- proving This statement was borne out in a measure by the Calumet and Heila directors. who declared a quarterly div idend of ss as against the preceding pay ment of $6 per share. The steel and iron trade shows no evidence of immediate bet terment and shares of the independent companies, including Republic Iron and
 Steel and Bethlehem Steel were again
 conspicuously weak. The passing of the
 dividend on Republic Iron and Steel com
 mon was announced after the close of
 business on the exchange.
 Of tho more active stocks Reading was
 weakest, declining to the lowest level since the latter part of January. South ern Pacific was but slightly influenced by l a supreme court decision affecting it's land \ holdings. Canadian, Pacific displayed greater heavincss than any other high 2 class issue, it's early decline of 1-2 point being assisted by London selling, pre- sumaby for Berlin account.
 In the group of speciaties, Central Leather preferred, Federal mining, Gen
 era Motors and the tobacco, issues al showed pronounced weakness. Sears Roe r buck almost alone of its class was strong |, after some early heaviness. The market closed dull with little change in the more active issues.
 E London's operations here were on the selling side, asgregating about ten thou sand shares. chiefly steel. The Bank oi England secured practically all the Soutf African gold deliveries offered in the open market. The bond market opened inclined tc lsteadiness but dropped off toward the lxlose.- Total sales par value S2.15i.00o.---. k United States government 2's advanced 1-S per cent, the 3's registered 3-S ana Panama 3's coupon Is on call.