New-York tribune., 1911-10-11
FINANCIAL MARKET
Stock Prices Show Resistance TO
Selling Pressure.

chiefly Of the operations Of an unim-
portaut professional element, which
dealt on both sides Of the account, with
its heaviest transactions u Reading,
Union Pacific. United States steel and
American Beet sugar. The last named
issue has been active in recent days on
the known excellent results being OBJ
talned by the American Beet Sugar Com
uarv. which naturally warrant the con-
c.usion that its common stock viii be
placed in the dividend column next year
The dividend prospect. however, might
be upset # legislation should be enacted
involving a heavy cut In the duty on raw
sugar Prices moved in an irregular
manner throughout the day, again
showing marked resistance 10 seilins
pressure which was most pronounced in
the last hour. when traders endeavored
20 drive the general list 10 lower levels
Stocks did not come out in volume. and
the small losses reported as rule were
recovered before the close. fnal quota
lions showing more net gains than de-
cIines among the prominent shares. Ia
spite Of professional selling n United
States steel that issue made no tm-
portant progress toward a cheaper basis
the action Of the stock. as well as that
noted IN other parts OF the market sug-
zestfng me larger interests We're work
ing to BRING about q big short account
for squeezing purposes at some suhse-
quent time.
The statement NJ the untitled orders ot
The United States Steel Corporation was
better than generally looked for. but
besr. operators attempted 70 create an
IMPRESSION that insiders We're becoming
apprehensive over possible disclosures
regarding the company at the forthcom-
ing meeting Of the Stanlev committee.
which in its sessions earlier IN the year
was unable 70 bring ont anything about
the concern not already matter Of
common knowledge o~ anything upon
which a suit could he based for the dis
solution Of t1e COMPANY under the Sher-
man antitrust law. It is not likely the
chief interests IN the United states Steel
CORPORA tiou are losing any sleep over the
outcome Of the Congress probing com
nittee headed by the Jealous Stanley. Of
Kentucltv Western Maryland was q
st~ong feature on small volume os
business. and the fact Junior Wander
bur issues also were strong revived the
idea that eventually control of the West
err MARYLAND VIII pass TO the New York
Central or one Of its subsidiary lines.
Gross earnings Of the railroads are i'm
proving. and the railroad companies are
beginning 10 exhibit more active in
+e-esr IN the Steel and equipment mar
kete. Specifications and actual orders
for rails. general supplies and rolling
stock are increasing. and while they are
not vet heavy and well below normal
The mere fact that there is growing
tendency on the part Of the transporta-
tion companies 70 become buyers is one
az the most encouraging features Of the
current steel market situation. The rail-
roads have been economlziug for months.
Their orders for equipment and ma
te-isls have been confined TO the baTast
needs q reflection OF which Is found III
the lower earnings Of the equipment
cornpanles and railroad supplies con-
Germs The American Steel Foundries
Company. which depends TO q large eN-
tert uDon the railroads for orders. re-
uorts for the eleven months ended June
20 1911 a net income after all charges
Of only 81. .794, as compared with $1,000.
221 for the twelve months ended July 81
1910 the latter amount representing 8
ne- cent on the capital stock for the
wear against .OOO1 per cent for the
eleven months ended June go this year.
The compauy's business now, however.
is picking up and 10 reports many more
orders on It's books than il was able 20
record two months ago. while current
indications favor a far better showing
in earnings iu the second half Of the
present calendar year than ia the first
half owing 20 the evident disposition Of
the railroads TO place more generous or
ders for equipment.
Steel prices arc lower than they have
been in years. and an enlarged general
demand for finished steel products
ought soon TO develop Both the United
states steel Corporation and the inde-
pendents are making aggressive efforts
t3 secure new business at prevailing
cheap quotations but the margin OF