The Birmingham age-herald., 1912-06-05
STRONG UNDERTONE
 IN J. s. STEEL STOCK
Market More Active Than for Several Days Past.
 Labor Scarce

New York. June 4.-Crops, politics anu railway earnings were some of the fac tors around which today's market re- volved. Consideration of the next govern-> ment report on cereals, to be issued June 10. dealt chiefly with conditions in the west and southwest, prospects elsewhere heinz very good. Washington today sub mitted official estimates on the cotton crop AS of May 21 last. These show practically 7e per cent of normal as compared with SIS per cent in the same period of 1911 and 92 per cent in 1910. Another bath of railroad reports for April disclosed further general losses. Illinois Central net de- creased s7o4,0oO Delaware and Hudson $5ssoo0, Chicago. Burlington and Quincy s156, 600, and St. Paul, on it's main, s47S,Ooo. which was partly recouped by a gain of s221. 900 on it's Puget Sound division.
 Other news of the day that was not with out market influence included the deter imitation of federal authorities in Phil adelphia to inquire into alleged price control by the anthracite mine owners, prospects of further prosecution of the beef trust, declaration of martial law in Cuba and announcement that congress sional committee appeared to investigate the relations of the large financial insti- tutions of the country and with the rail- roads and industrial corporations will be- gin it's labors in this city on Thursday.
 Judging from the course of prices none of this development was of deterrent character. The market opened strong and more active than for several days past and later took on greater breadth, albeit dealings again became dull. Read ing and Union Pacific were the most prominent features of the early session, with a strong undertone to United States Steel the Coppers and such specialties as American Tobacco, Sears Roebuck, Inter- national Harvester and American Can. In the final hour trading fell off to the point where it ceased to possess much signiii- canoe except in specialtes already men, toned, American lTobacco adding another 1 points to the phenomenal rise of the previous day, while the J-andard shares yielded some of their eafiy advance.
 Additional proof of the activity now pre- vailing at the leading steel and iron cen- ters Is found in the scarcity of labor especially in the Pittsburg district, where demand is far in excess of the supply. More sales of copper at TIA cents were re-
 
 betterment in that industry was finished by an increase in the dividend of one of the conservative New England producing companies.
 Business here for London was again nominal but chiefly on the buying side.
 Definite details concerning the Brooklyn Rapid Transit companys forthcoming financing of it's part of the new subways are soon to be announced. They probably will take the form of five or six year notes to the amount of $60 100000, bearing in- terest at per cent. It Is understood that a considerable part of these notes will be placed abroad.
 The features of the local money market was a slight reduction in rates for three and four month accommodations. Banks here are again losing cash to the sub treasury, but this is partly offset by gains from the interior.
 Bonds were firm with especial strength in Rock Island collateral As and Wabash refunding As. Total sales, par value, amounted to s2, ,461,000. f-t1
 United States government bonds were unchanged on call