The Birmingham age-herald., 1912-05-03
|UNDERTONE WAS GENERALLY FIRM Though Day in Stock Mar ket Was Dull and Mostly
 Uninteresting

| New York, May 2.-The day in the stock | market was dull and in most respects un- interesting. The undertone was generally firm and in places decidedly strong, but speculative interest was light, with an utter absence of participation by the pub lie. Active dealings were again restricted to handful of speculative favorites these naturally including Reading and | United States Steel with revival of the recent extraordinary activity in American | Can, which once more distinguished it. self by selling at price higher than be- fore
 4 Reading. after some early hesitation, rose to ITS, with a sympathetic rise in Lehigh Valley. Steel seemed to have re- covered in measm'e from the chill pro- duced by it's very unfavorable quarterly report and resumed first place in the list The usual -ill-assorted specialties were conspicuous at odd moments, some ad- vancing ?, 3 and even I points in the source of the session. but the sources from which most of them derived their impetus were too vague for conjecture
 American Tobacco and some of its for -AA-t SUpSAtAaii iCos iliCluui0k 1<lBBtlI dHQ Myers and P. Lorillard, were among the very weakest issues, declining sharply In connection with the report that the resolution recently adopted by the United States Senate providing for a review of the American Tobacco decision would probably pass the lower House. The metal shares were little more than steady, their backwardness being at frthI1fQd Q ,a report of the producers for April is likely to show an increased production.
 Stagnation overlook the list in the early afternoon after rise in Reading and American Can. Interest in these is sues being confined to but small part of the trading element the movement failed to excite more than slight degree of activity elsewhere. It is now accepted as fact that the diversion in Reading was made largely at the expense of a large short interest. rather than because of the prospects of any immediate action designed to benefit shareholders. As for Can, canvass of the leading commission houses gives color to theory that the movement represents little more than speculative manipulation
 Greater strength and activity in steel was the one striking feature of the last hour the movement being coincident with advices from Pittsburg and other active trade centers to the effect that another advance in finished products is contem- plated. Prices shaded in the final deal- ings but the closing was fairly steady.
 London took no important part in the trading here, albeit it sent over a range of higher prices to meet our opening. There is ground for the belief that the higher level resulted from buying in Lon don for New York account.
 The Bank of England's weekly state- ment was scarcely more than negligible, In that 1t revealed no important changes from the preceding exhibit, other than slight strengthening of It's liability re- serves. The Bank of France lost over $2.ooo,o0O gold in the course of the week and increased it's discounts by a huge amount, which may have been due to May l settlements. The Imperial Bank of Germany lost over s22, ,000. GOO cash, in- creased loans by over $19, GOO and lost more than s100o0,0O0 in gold. s,.. 4 .-
 The recent light demand for money in this market continued today although the cash movement to interior points was un- abated. Today's outflow included another telegraphc transfer of $500,000 to the Pa cife coast. Further light was thrown on the state of the steel industry during the past year by the statement of the Penn sylvania Steel company, one of the prom inent independents, which reported an in- crease in it's deficit of over s6000O for that period
 Bonds manifested aNbetter tone. but price changes were unimportant aside from the Wabash refunding As, which made material advancs. Total sales. par value, amounted to 2,421 ,0O0.
 United States government bonds were unchanged on call