New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-28
FINANCIAL MARKET
Stocks Advance, Then Lose Part
of Their Gain--Rairoad
EARNINGS.

On a volume OF business about a third
less than that Of the preceding day the
stock market yesterday moved Irregular
ly. with strength In the early trading
and a reactionary tone in the afternoon,
the close showing, however, more net
gains than net losses. Union Pacific led
the market at the outset. rising to a new
high level Of 1904. for the year, and
Southern Pacific in the first hour almost
reached its high Of the day before. Steel
common was also strong on the wide
spread indications of substantial i'm
provement IN the iron and steel indus
try. American Smelling and Refining
was under selling pressure. apparently as
an outcome Of the pessimistic utterances
Of its president on the eve Of his depart
ure for Europe. and its weakness was
communicated to Amalgamated Copper
and other issues Of the copper group. AL
though the interview had been strongly
hullsh on the outlook for the copper in
dustry. The Erie issues again showed
much strength. the common and first
preferred making material gains on buy
ing supposed to represent a continuation
of the accumulation with the object of
securing control Of the road for some
other system.
The passing IF the dividend on Chi
cago e. Alton preferred had little mar
ket effect as the Street had inferred II
from the postponement Of the meeting
and from the low price Of the stock.
There were reports that the Glover Leaf.
which owns about one-third Of the Alton
preferred, might pass the dividend on its
own preferred. and the Street recalled
that the Union Pacific holds S10343. 100
Alton preferred. bought for IL by the
late f. r. Hartman at $751; out Of the
proceeds Of it's Hill system holdings. and
now ruling a around 20. There were no
transactions yesterday in Alton common
Union and Southern Pacific. made public
yesterday. We're disappointing. the for
mer showing a decrease In gross Of
S572. ia and in net Of about the same
amount. and the Southern Paciflc's gross
decreasing about Ss5O.OO0, with loss in
net of 1928 900 The shares Of both
roads declined on the appearance of
these statements. Rock Islands show
ing for May, as for several months pre-
ceding, was a good one. both gross and
net increasing more than 100000, but
the stock gave no response in price.
Brooklyn Rapid Transit was active and
higher. on the prospect that II would Sc
cure the new suhways. while the Inter
borough Metropolitan issues made only
fractional gains. The decision Of the In
terborough to decline the city's subway
offer did not come out until long after
the close Of the market, but had been
foreshadowed in remarks made unoff1-
cially by members Of the board earlier
in the DAY.
The crop news of the day was without
definite trend. but on this and on the
weekly Weather Bureau report wheat
and corn advanced about a cent both
here and in Chicago and cotton futures
rose IL to 81 points. The conclusions OF
the bureaus report were that the
weather in the spring wheat territory for
the last week had been less favorable
than for several weeks preceding. and
that the week in the corn belt had been
or the whole unfavorahle. although some
Improvement in conditions had occurred
toward the close. Time money rates
were a trife frmer for the nearby
months. rejecting the arrangements for
the July interest and dividend disburse-
ments. but the demand was light and the
market continued dull I'm the bond de
partment Of the exchange the transac-
tons were about 100000. against 81,
80, 800 the day before, and prices ruled
steady