New-York tribune., 1912-03-06
FINANCIAL MARKET
Broad and Active Movement in
Stocks at Rising Prices.

From the beginning or business yes
terday until the last hour stock mar
ket prices advanced. with broad
ening tendency in the trading, which
uas in larger volume than for many
days; but toward the end Of the day
moderate recessions occurred. mainly on
profit taking, although the close showed
net gains for the large majority OF IS
sues In which there were transactions
The rising trend Of prices was in line
with the movement of Monday, but Cr
neither day were there news develop
ments Of a sort to stimulate purchas-
ing demand, except, indeed. the striking
change yesterday in the temper Of the
London market, which became cheerful
and almost buoyant on reports that the
acute seriousness of the coal strike sit
uation would speedily be modified. Here
the anthracite coal operators decided 4
refuse all demands Of the miners, and
their position a trial Of strength will be
precipitated which, although not COM
pairing in gravity with the British crisis
will be far from being classed as pos
sible "bull argument" The anthracite
coal railway stocks were not depressed
in the face Of the possibility Of curtail-
ment Of their traffic through the tenn
porary stoppage Of their coal traffic. but
on the contrary advanced a point or
more each, although losing part Of their
gain in the late trading. Steel common
continued its vigorous advance, and
Union Pacific and Reading moved in line
with 1t, the rise being apparently the
result Of operations by Il bull group,
whose aggressive tactics caused extern
sive covering Of shorts. There was
more commission house buying than in
recent days, although the great bulk Of
the business was, as usual, professional
in character, and the speculative inter
est extended to a good many issues out
side Of the market leaders. Amalga-
mated Copper, after an early advance
Of nearly a point, closed at trifiing
fractional decline, despite the general
advance of Monday in the selling price
OF copper. Steel common rose nearly
points, closing rs up, but its strength
was not based upon any known improve
ment I'm the steel industry, and could
hardly have been ascribed to the rumor
that the Steel Corporation and the gov
ernment were about to arrive at a COM
cd ~ ho
instance OF the Department Of Justice,
for that report was nowhere seriously
taken.
Railroad earnings statements for jan
uary were of varying character. Illinois
Central reported for that month a de-
crease in operating revenue Of 81, ,151 1893
and an increase In operating expenses of
$596. .444, the deficit being S1.747,S37, this
extremely bad showing being due in
part, Of course, 20 the labor difficulties of
the road. Great Northern, which has
felt the full force of the unusually Sc
we're winter, reported an increase in ex-
penses for January of S5S,02S, but the
increase Of S520,574 in gross enabled 1t
to show a net gain for the month of
S462. .546; and Missouri Pacific, although
its gross fell off by the small amount OF
$6.O97, decreased expenses by 1856, 100,
the net increasing $1S0,O03. Business
confidence is slowly reviving, but the
business mortality is still heavy. Com
mercial failures for February numbered
1889, the largest total for February
in any year except 1908, and the liablli-
ties have been exceeded In volume in
only two previous Februarys Almost
all Of the failures were Of the class OF
Small defaults" for less than 100000
each