The Birmingham age-herald., 1912-03-08
ACTIVE ISSUES SENT
 ID HIGHEST LEVEL
After Early Dullness and Irregularity Followed by
 Activity in Stocks

New York. March 7.-Early dullness and Hregularity, followed by greater activity and pronounced hardening of prices which sent some of the active issues to the highest level of the present move ment. summarizes today's operations on the stock exchange. So far as could be learned, none of the days developments were directly responsible for this change News from abroad respecting the British coal strike was virtually unchahseo' aside from the probability of another con ference between the dsputants, ana the depressed state of the London markets was doubtless the cause of the early heaviness here.
 In fact, at the outset there was ten- dency to view the outlook with more dis couragement, one of the adverse factors being found in the announcement that the government at Washington proposes to institute fresh proceedings against the Standard Oil company because of the al- legged attempt of that corporation to ac- quire some of the larger independent com panies in the southwest. Other home events which may be cited were the re- port of the Railway Steel Springs com pany, which was altogether poor, show ing earnings of less than per cent on the common stock, another batch of rail road earnings, only a few of which were at all favorable, and indications that the inters ate commerce commission will soon take important action against the express companies as a result of that body's re- cent inquiries into the activities of those carriers.
 As an offset to these conditions, it be- n InllnaSg days market that stocks were not press ing for sale and that, technically at least, the situation was rather more favorable to the constructive side than the other. Outside of the financial district there is indubtable evidence that business is on the mend, especially in the west and southwest. This is demonstrated in part by more liberal offerings and acceptances of commercial paper. Of all the more i'm portant lines of industry, the steel trade continues the most backward, and this condition. 1t is expected will be confirmed in the tonnage figures for February, which the United States Steel corporation is to issue on Saturday.
 Such significance as today's movement may have possessed attached In no small measure to the continued strength of the copper shares, Amalgamated Copper crossing 70 for the first tmie In some months and approaching it's best price of tut pltNiouS Stdl. ne Steduy duNdute of this stock, coupled with it's anomalous dividend position compared with United States Steel, which yielded nearly twice as much, has been one of the mystfying features of the market. The metal mar ket continues apace and the takings are good.
 In the way of new financing the Penn sylvania company, which Is controlled by the railway system of that name, an- nounced the sale of 10000 per cent col lateral trust bonds to a Pittsburg finan- cial institution and other deals of ike character are under negotiation. Gold amounting to sl,5OO.O06 was engaged for Paris, making total of $4,000.000 to that ,- center for the weehy and probably arrest ing the movement forfawhile.
 The February statement for the British board of trade shows an increase of s1S,- 250,O0O in imports, which is about double that of exports. The Bank of England reported another decline in it's reserves Four weeks ago when that institution re- duced it's discount to 31s per cent its re- serves were up to almost B per cent. The Bank of France reported a nominal loss of gold with the very large decrease of $60,G000OO in discounts. The Paris bourse was firm, but in Berlin prices weakened because of increased tension in the indus trial situation. The bond market was firm and more active. Total sales, par value, aggregated g, GOO United States government bonds were unchanged on call.