The Birmingham age-herald., 1912-04-08
MARKET ADVANCES
 ID VERY H|GHLEVEL
General Causes Are Behind
 Movement
ARE POTENT IN METAL
Copper Especially Active Which Has Sympathetic Effect on Iron and Steel-Labor Situation Re-
 garded as Satisfactory

New York, April 7.-The stock mar ket last week advanced to the high est level of the present year. General rather than special causes seemed to lie behind the movement. Belief in a coming expansion of business and in- dustry grows and Is encouraged by the progress already made. Immediate fac tors in that belief are most potent in the metal trades, especially copper, but bank clearings, railroad earnings and mercantile reports also indicate for ward movement. Confidence is but tressed by the great strength of the financial position of the country, it's freedom from imitation in any direction and the low stocks of merchandise.
 The special strength of the copper market lent its influence to the spec ulative advance. The rapid rise in the price of copper grows out of the awakened domestic demand, added to long sustained export demand. The telated effects of restriction of output also are seen. The result has been the removal of one of the most de- pressing factors against an advance. So buoyant rise as has occurred in the market for copper begets the inev- itable misgivings, however. of specu- iative excess and consequent reac- tion to follow.
 The copper movement has had a sympathetic effect on the iron and steel market in the matter of hardening prices. although at the expense of new orders. This circumstance, combined with the very heavy specifications in taIx o1t ta0 Of ax pirations with that month may reflect unfavorably on the tonnage of thrilled orders to be reported this week. More speculative influence, however. was eN- erted by the high percentage of ca pacity active in the Pittsburg mills and the pig iron furnace production of April l. which was al a rate above any yearly output in the country's his tory. The sale of bonds of the United States Steel subsidiaries, which was effected during the week. was suspect ed of having a bearing on the actfve condition Of that stock in the mar ket.
 Speculative sentiment seemed to view the labor situation with satisfaction. Resumption of local mining in Great Britain radlated cheering effect through all markets, and the soft coal agreement begot confidence in an an thracite settlement. The actual sus pension of coal mining pending agree ments, however, led to reduction of shop and train forces and of train serv- ice Floods in the central valleys did substantial damage, interrupting traffic and threatening delay and possible cut ting down in the cotton planting.
 Of little restraint to speculation was rise in call loans to ! per cent the highest rate since the first week of last December. Such ample resources are open to the money market in New Yorks foreign credits that the high rates at home are not disturbing. Some important financing is known to con front the local market, but the outlay to follow in betterments is a strength ening factor. Failure of government criminal prosecutions against trust of fcials cannot be omitted as market influence of the week.