The Birmingham age-herald., 1912-06-12
D|SSAT|SF
 IN MANY QUARTERS Pronounced Weakness of Anthracite Shares-Trad-
 ing Heavy in Steel

New York. June 11.-with two important federal investigations under way here it Is hardly surprising that today's stock market reflected more or less than mod crate degree of sensitiveness. That the in ouiry by the congressional committee into the relations of the large financial insti- tutions with the stock exchange is going 10 take larger scope than was at first be- lieved, is evident from the fact that sey- eral of the leading commission houses have been notified that they will be called before the committee to give information relative to recent market operations This is understood to apply especially to a cer- tain industrial security whose meteoric ac- tions earlier in the year excited consider able gossip.
 Disappointment emanating from the fall nre of the United States supreme court to take action before the summer recess on several important cases in which the financial community and Investors have a legitimate interest including the status of the coal transportation companies and the Union Pacific-Southern Pacific merger, helped in no small measure to increase the feeling of dissatisfaction prevalent In various quarters. This was shown in the pronounced weakness of the anthracite shares. which registered more material de- clines than any other active issues, ex- cepting American Can.
 The greater part of the selling took place in the morning. with Behigh Valley and Reading declining and 1 points, re- spectively, while Union Pacific and some of the grangers sold off to over ? points, St Paul's fall marking It's lowest quota ton in five years. There was also heavy trading in United States Steel and other favorite industrials at marked recessions, while some of the last weeks strong speciaties, notably the tobacco stocks, also reacted sharply.
 Partial recovery set in soon after mid day, and further hardening of prices oc- cured in the last hour. when some is- sues made up half of their loss, but with rccurrent heaviness in Reading. Trading diminishd in volume on the slight re- bound with an undertone of extreme cau- tion, which was maintained until the dull and rather heavy close. Almost the one marked exception to the general down. S ward tendency was Colorado Fuel, which vas active at an advance of S1a points.
 The most interesting news from abroad was contained in the announcement that German Rechsbank had reduced its rate of discount from to 419 per cent. the first named rate having been effective since September Of last year. Interest In the foreign financial situation shifted to- day in London. where the partial failure of several important underwritings called attention to the hardening of money. The general strike of the transport workers in London and a similar state of things at French ports among tha unfavorable fac tors across the waters.
 The labor unrest at home was exempli- fled in the decisions of Pennsylvania rail- road employees to vote on the question of a strike. and the ultimatum delivered by the western freight handlers.
 Aside from movement of domestic ex- change against this center, there is no change of monetary conditions, the loss ot the local banks to the interior being relatively light.
 Bonds were slightly affected by the e. pression in stocks Total sales. par value, S1.9s2,000
 United States coupons 2's, the coupon and registered 3's and coupon As declined | per cent on call.