The Birmingham age-herald., 1912-04-23
LABOR TROUBLES FACTOR IN MARKET Affairs at Capital Played Some Part in Days Fi-
 nancial Affairs

New York. April 22.-Uncertafnty re- specting the outcome of the difference be- tween the eastern railway managers and the locomotive engineers was the fore most. if not the all important factor in today's business on the stock exchange. The attitude of both parties to the dis pute offered little hope of an early solution and at the close of the market the whole situation was still in the air. albeit Wall street seemed to proceed on the theory that every possible effort was being made to avert a strike.
 There were other developments in the course of the day that served to check manifestations of a bullish character. Advices from the west and southwest made it clear that the. flood conditions in those sections are being increasinsiy grave, and there was additional connrma- ton that winter wheat In Illinois, ohio and Indiana has been severely damaged. while here and there it was stated that general trade conditions are not quite ID to the same period of last year.
 Affairs at Washington played some part in the days financial affairs. The adop- ton of resolution by the Senate calling for a review of the American Tobacco case, as decided by the United States circuit court, caused an abrupt decline in some of the former subsidiaries of the latter company. The Senate also took a hand In the proposed dissolution of the International Harvester company and the United States supreme court rendered a decision, the effect of which makes for more reasonable rates to shippers.
 The local stock market was dull and sagging for the greater part of the day. except in the first hour and the last More or less pressure was directed against the standard stocks, especially in the last session, but sudden buying movement in Reading, which had been conspicuously weak stiffened the entire list. Closing prices wiped out a majority of the more material declines and net losses, except in a few instances, were scarcely more than fractional. It is not unlikely that the strength and activity of Reading was due to the fact that it sells ex-dividend tomorrow, which. in itself. would natur- ally induce some short covering.
 Announcement of the intention of the Bethlehem Steel company to issue $50 000,oo0 of bonds by way of readjusting it's more pressing obligations explains in part the recent activity in the company S
 
 Fittsburg Coal company. it being under- stood that steps will soon be taken 10 finance the company in such manner as to make payment of accrued dividends on the preferred stock more probable.
 Trading here for London was so light as to have no significance. London's own markets were comparatively featureless, with an easier tendency to discounts. The Bank of England had practically no com petition in acquiring the greater part of the S3000,000 South African gold offered there. On the Paris bourse prices were firm and rentes recovered from last Sat- urday's decline.
 Relaxation of foreign demand for cash resulted in another reduction of time rates here. the quotation for three and four months being A per cent under last weeks. The sub-treasnry was again the medium for the shipment of currency to New Orleans and San Francisco.
 The bond market was inclined to sag, with some support in the better known issues. Total sales, par value. S2.3s40O0 United States government bonds un- changed on call.