New-York tribune., 1912-04-03
FINANCIAL MARKET
Stocks Show ReaCtionary Ten.
denCy-Money Rates Un-
changed.

Although traders endeavored 10 bring
about materially lower prices in yester-
DAYS stock market. losses when made
reached unimportant figures. owing TO
the excellent support rendered whenever
selling pressure developed. Transactions
were moderately heavy in volume ana
final quotations showed only small
changes from the closing of the pre-
ceding day. net declines predominatins
Roar operators made violent efforts to
convince holders of stocks that money
market conditions did not warrant main
tanning a position on the bull SIDE OF
speculation. but as there was no especial
advance In rates for loan accommoda-
ton bull accounts as a rule remained in
tact. Local bankers, 1t is understood
are beginning to draw on their creditS
abroad. owing 10 the heavy shrinkage IN
hank reserves at this centre in recent
weeks. The copper shares were rela-
tiveIv firm in the face of heavy profit
taking sales; likewise United States
Steel. Reading and Union Pacific. The
metal issues. Reading. Union Pacihc ana
American Can supplied a large proper
tiOn of the total dealings. on small op-
erations the Interborough- metropolitan
issues showed decided weakness; also
Illinois Central, which was adversely af-
fected by the company's poor statement
Of earnings for February. Talk OF
notormen's strike on the elevated am
subway lines naturally induced profess
sional activity against the Interborough-
Metropolitan stocks. but good part 'f
the selling came from people who de-
sired to convert paper prohts into cash.
A few strong spots in the afternoon mar
ket gave something Of appearance OF
strength to the general list, but there
was no evidence of an intention on the
mart Of the large interests to work I'M
mediately for higher prices. Norfolk 6S
Western advanced on buying based on
the theory of a heavy increase in the
movement of soft coal from the West
Virginia mines as consequence or inc
shut down In the anthracite region. St.
Paul was bought TO some extent on the
company's good gross and net income
showing for the last month.
Although many professional traders
are bearjsh on United States Steel com
mon, as a consequence OF the substantla'
advance the stock already has enjoyed
important interests are taking. the ISSUE
at present quotations and on all reac-
tions. with the confident expectation that
before the end of the current year It's
nrice will rule materially higher as re-
suit of indicated expansion in the iron
and steel industry. For similar reason
many persons are buying American
Sugar Refining. Estimates or the net
earnings of the United States Steel Cor
poration in the first quarter OF the year
vary. but well informed observers be-
lieve that the statement which VIII oe
published on the last TUESDAY OF the
present month will show a return Oh
more than S2O,OO0,0OO some estimates
going as high as S26,OOO,OOO. On the
basis Of OUTPUT in the last quarter and
basis OF net profits a ton OF - 20
for finished steel products. net earnings
will be in excess Of S22OOV,ooo' an
amount under that necessary TO cover
normal depreciation charges, interest,"
sinking fund and dividend requirements.
1t is generally believed that In the cur
rent quarter a marked gain VIII be re-
corded in the concerns net income
owing to the visible signs of improve
ment in the trade, while II Is thought
that in succeeding quarters large sur
plus above all charges will be reported.
United States Steel preferred continues
10 be absorbed by investors.