New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-25
FINANCIAL MARKET
Stocks Irregular and Less Active,
SpeciaIties the Feature.

Although opening active and strong,
the stock market yesterday did not long
move in line with the hopes Of those who
were looking for continuance OF the rise
of Tuesday, on the news of the improve
ment in the railway strike situation.
The entrance Of the government media
tors on the scene and the acceptance or
their offer by both the railway managers
and the locomotive engineers, naturally
have raised the expectation that the diff
Guilty will be adjusted. but the matter Is
still remote from the point Of certainty,
and there have been many rumors OF
demands for increased wages TO be pre-
scented by various other classes Of rail-
way employees. The outside public did
not hasten into the market yesterday as
purchasers Of stocks, practically the en-
tire business representing transactions
among professionals. Before the end of
the first hour a recession set in, al
though not as a result OF bearish attack,
the selling being rather for profit taking,
and the activity lessened. 1t was urged
that if the arbitrator In the dispute be-
tween the railways and the engineers
should find in favor Of the latter, and
should recommend higher wages, the
Interstate Commerce Commission would
authorize the raising of freight rates,
desired by the roads; but this view did
not arouse much bullish interest. and,
indeed, the standard railway issues were
neglected, and, as a rule closed with
fractional net losses, the exception being
New York Central which rose to its best
price since May, 1910.
1t was the specialties which occupied
the cetre of the stock market stage, and
substantial net advances were made by
such members of that group as Ameri-
can Can common, which reached a new
high record level; American Beet Sugar
common, Mexican Petroleum and Corn
Products. United States Steel common
was under pressure almost from the
accompanying reports that the quarterly
statement due next Tuesday would show
earnings of less than $2O.0OO,O0O and
that the maintenance of the ) per cent
dividend rate was doubtful. The weekly
summaries Of the leading iron and steel
trade organs gave highly encouraging
reports of the prospects Of the industry,
but these cheering statements, confirm
ing previous impressions of the rapid
improvement. had no perceptible effect
in rallying either United States Steel or
the general list nor did the promising
outlook for settlement Of the coal
miners dispute or the absence Of further
crop scare bulletins avail to improve the
heavy tone of the market. In the last
few minutes there was little rally. the
close being irregular, with few issues
except specialties showing net changes
running beyond fractions. In London
prevailed on the bourses OF Paris and
Berlin.
Call money touched per cent, ruling
at 2lI. The time money market was
easier, a tendency which. of course,
makes for renewal of operations for the
advance in stocks; but in view of the
political and crop uncertainties, which
are seasonal, and Of the unrest among
railway employees and urgency for in
creased compensation. there is ground
for doubt as to further advance OF any
magnitude in stocks at this time.