New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-03

FINANCIAL MARKET
Upward Movement in Stocks
CheCked--Bonds Active.

The advance in the stock market
which was in energetic progress on Mon
dav. came 70 p halt Yesterday, the mar
ket becoming irregular and the trading as
suming smaller proportions than for sew
eral days Short covering has been one OF
the principal factors In the recent rise
in prices. but the demand from the
shorts appeared Yesterday 70 have been
materially lessened. and the absence NJ
hnying from this source, coupled with
profit taking In some volume folo"lns
the practically steady advance Of week
o. more checked the movement TO hlgher
levels The reactionarY tendency ap-
reared AT the opening, initial prices of
several Of the ective issues being under
the previous days close. and In the az
ternoon hours the market was Gull. the
close being irregular with most or the
net changes not greater than fractional
The news Of the day affecting the mar
ket WAS not extensive. An estimate
placlns the average amount NJ new
orders received by the United states
Steel Corporation in April AT DOM tons
dav. which came from source usually
dependable. had a depressing influence
s;nca the figures were much smaller thsn
those Of March and February. and steel
common sold down point, recovering
only /. by the close. Some ~ tho coal
road stocks were strong and active on
published accounts Of tentative plans or
the conopsnies for segregating their coal
rronerties. end closed at net advances
although official disclaimers If intention
IA take any action in tho matter we're
made
The reports from, the regions Of the
growing crors were not reassorine. with
their tidings Of low temperatures In the
srrirg wheat districts. The announce
ment that the common dividend OF the
American Cotton oil Company had been
maintained AZ the rate held for inc last
two vears caused p sharp advance in the
stock which had for some time been DE-
clining on rumors Of a lessened rate
number Or railroads issued their March
renorts Of earnings. which were IN me
With thoso ~ the New York Central and
PENNSYLVANIA on the preceding day IN
their showing of much smaller decreases
N net earnings than in gross. The Bur
lington. for example. reported decrease
If 81 O37.1JO in gross. hut Of only NIL
100 in net. rejecting the success OF the
forts Of the mana cement TO keep down
.xpenses and apply methods Of economy
u.horeyer possible and the Baltimore n
obio with gross earnings SSJ9,J0O less
than in March Of last year showed
decrease in net Of about SiS1TH
The bond department was again strong
and active. with total transactions
s,;ehtly in excess Of Mondays. The Nc"
York City Az per cent bonds advanced
70 q new high level, with sales at lo3's'
and the list i'm general showed price inn
rroven1ent az the close. one Of the IN
6ications OF the strength OF the market
Tor bonds was tho announcement BY two
90 tho large banking houses Of their pur-
chase Of S3.OyOOOo per cent Pittsburg,
Cincinnati. Chicago & 81. Louis bonds
md Tho announcement an hour or two
later that they had disposed OF the en-
lire amount To investors. Money rates
were practically unchanged, although
q slichtly stronger tone was reported IN
~, market for time funds for distant
ooaturitifS.