The Birmingham age-herald., 1912-04-26
BACKWARDNESS IN
 LEADING ISSUES
Reading Reaches Highest Price Since 1910-Higher
 Prices for Specialties

New York, April 25.-Trading on the stock exchange today was characterized by relative bacllwardness in the leading issues, but this was largely offset by fur ther activity and higher prices for many specialtes. Reading was about the only one of the speculative favorites to show more than a fair degree of strength and animation selling up to 170A, It's highest price since 1910 and leaving all other stocks far behind in volume Of dealings. Buying of this stock seemed to be of an aecumuative character and was doubtless founded on something more sub stSntial than the virtual settlement of the anthracite strike. The latter stu- ation ceased to be a factor of importance some days ago, having given way 10 the more serious conditions created by the radical differences between the railway managers and the locomotive engineers. Concerning this controversy the day brought no definite developments but sur face indications pointed to an amcable conclusion.
 Over a score of issues embracing the industrial, equipment and metal or cop- per shares took part in today's movement, foremost of these being American Can common, in which the manipulation of recent weeks was resumed on a very ex- tensive scale. Tic stock rose to 9s1k, as against q in the carly part of the month. There has been an unusual amount of bullish information circulated in connec- tion with this stock, and lnasmuch as it's sponsors are believed to have practically unlimited resources to have supposedly been active in other stocks the movement has attracted widespread attention.
 Nevertheless there is little reason to assume that anything like dividend re- turns in Can common are likely to happen for a very long time, especially in view of the fact that accrued dividends amount ing tu over g per cent on the preferred shares remain unpaid. The motive power back of other specialties is equally vague and can only be explained on the ground Of future prospects or possibilities.
 In the afternoon when 1t became known that the subcommittee of the anthracite presidents had arrived at what promised to be an understanding, the higher priced coal shares were taken up and on moderate dealings rose from 1 point to points The rise of points in Peoples Gas was explained by decision of the Illinois ap- pellate court favoring the company. The final hour was marked by a revival of activity in which Reading, Lehgh Valley and American Car common were carried to higher prices. and increased strength was shown by sucn real market factors as Union Pacific and United States Steel. Profit taking made less than the usual impression on prices and the closing was mainly within fractions of the top.
 Europe's leading financial institutions made excellent returns for the week. The Bank of England gained over per cent ill its proportion of reserves to liabilities. increased it's total reserves by over Ss,- 000,000 and gained about as much gold. The Bank of France increased its gold by upwards of $3,000,000 and reduced dis counts and advances by S7,00o.00O while the Imperial Bank of Germany gaired over S1S000.00O cash, more than $11, 0Oc gold and reduced loans by over S5.000,00o.
 The Baltimore and Ohio road for March reported handsome increase in net re- gardless of very heavy expenses charged to operations and equipment purchases. Although Atchison managed to effect a considerable savings in operations, It's gross returns were so far under those of the corresponding month last year as to result in net loss of S255,000
 Bonds were irregular, that department failing to keep pace with the movement in stocks. Total sales, par value, amounted to s2.179,000.
 United States government bonds were unchanged on call.