The Birmingham age-herald., 1912-04-13
FORCESOF REACTION
 AGAIN NOTABLE
Prices Yield One to Over Two Points in Almost
 All Active Issues

New York, April 12.-The forces of re- action were again conspicuous in today s operations on the stock exchange Prices yielded from [ to over 2 points in almost all the active issues, and for many of these the lowest prices of the week were registered. Labor unrest as demonstrated in the decisive strike vote of the lo- eomotfve engineers was among the po- tent Influences of the day. To these were added the severe criticisms directed against thesUnited States Steel corporation by a congressional committee for it's alleged i'll treatment of employees and the proba- bility of an unfavorable report against the same corporation by the Stanley com mittee
 To counteract these items there were such developments as a further rise in prices of certain steel and iron finished products, impending large orders for steel rails and other equipment and sales of copper metal at fraction above It cents. Respecting the technical position of the stock market surface conditions earlier in the week pointed to the prospects of a setback. if for no other reason than that speculation had gone from the more standard stocks into those which derived much of their impetus from the opera tions of pools. It was evident, also. that there had been very extensive liquidation for profits, and that manipulation made caution advisable, if not necessary.
 The opening here was irregular, with another spectacular rise in Canadian Pa cifie, it's two point advance being in re- sponse to similar gain in London. New York Central was another active and strong stock in the initial dealings. as were also in American Can common and preferred. These were more than offset, however, by pressure against Steel and Union Pacific, which continue to hold their places as market barometers. The movement throughout the early session was uncertain and not until after midday did the selling make more than slight impression.
 In the meantime New York Central had risen to it's best price of the present movement while Can common established it's very best quotation, with considerable accumulation of the preferred. In the lats hcur after alternate advances and declines, the market went to it's lowest level with recurrent selling of Steel and Union Pacific. The heavness of the Har- rimans was accompanied by reports of new financing, which were later officially denied. The closing was weak, with lit tie support at concessions. Out of a total approximating s50,0O0 shares, Steel supplied almost 9 per cent, with Reading and Union Pacific as the most active stocks
 There was more demand for call money, which again loaned at per cent although the bulk of the offerings were at lower rates. Forecasts of the weeks cas-, movements indicated a gain by local
 q oo0,o00 to $5o00,000 which would ''r outflow of the early
 a7 ssi
 h8 sad .rds of D. ta sne HEfe Mta ~ balance of 4 a4a aei lalgamated
 ee taHs ned over .
 fs a# a7ng week of
 s 4.y the same
 #e@s The gains
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 rkfl aq5iets
 ia ti-s bond market were
 e prominent issues de
 gaf thy with stocks. Tota
 ue, amounted to Se.H2,00o.
 ea Ates government bonds were