The Birmingham age-herald., 1912-05-07
'RESSURE AGAINST
 U. $. STEEL GREAT
'tock Yields Three Points Before Noon, Later Re
 covering Part of Loss

I HlNew York. May 6-A further readjust-
 lent of prices to lower level occurred
 II the stock market today. Last weeks |kiling movement was resumed on more
 [knerous scale during the morning and |pr time quoted values declined steadily lTessure was greatest against United Hates steel, that stock yielding 8 points Il |efore noon, while losses almost as great
 Iere recorded by other standard shares
 lhe movement in steel was concurrent
 Etith the formal opening of the hearing in
 |his city of the suit of the government
 |Eainst that corporation, a fact which
 hay have exercised something more than Detrimental influence. Other factors that
 Helped in the unsettlement included the
 probability of fresh political complica- ons arising from the presidential pri-
 |haries in Maryland; the forthcoming gov
 |Fnment crop report from which little of
 |n encouraging character Is expected; the
 |frike of the western g railway freight
 Handlers. and the increasing loss and pri- ation caused by the floods along the Mis-
 issippi river. To all these might be added
 The fact that the recent bull market evil ! ently had gone stale and that technical
 Forditions as a whole favored a reversal
 bf the movement, which at no time had
 bore than n1odicum of public support. |, In the early afternoon the list mani
 Ebsted some improvement in most Branches, with especial strength in Read Uhg, while steel recovered a part of it's Elarly decline The selling pressure re- |fxed decidedly and the market then ap-
 ] Ieared to be undergoing a process of as- |Enilation There also was some realizing |If profits by the shorts, whose operations |h the early period doubtless accepted the
 Necline. The partial rally was followed |ly another drive against steel, which sent It to it's lowest of the day, and Union Pacific also reflected further heavy sell |hg. From this level the list again made
 | one recovery, but reading almost alone
 |If the speculative issues succeeds in mak- Ing net gain on the day. The closing Mas 4comparatively dull and heavy Lfhatsactions in steel constituted over
 Ene-third of the business, which approxi-
 |hated 9000eo shares. Reading and Union Pacific helped materially to make u;, the Total, which was the largest in some
 Nays.
 London was heavy seller here, all
 Though it's closing prices for American thewed gains in excess of losses. The
 pedflSn attitude or the English market
 Was ascribed to various influences, invoIv- Ing the Italo-Turkish situation and pros- ective important diplomatic changes. The usual weekly advices from rail- ny triffic managers were mildly optim- .le in that the movement of merchandise
 minutes to be very large. April earn gs are expected to equal those of the me month last year, even though the tuation as regards winter wheat is ad- | ttedly serious. Receipts of grain at licago last week were more than 750, GOO rshels in excess of the preceding week. Some slight firmness for time money her than 90 day rates was reported re, condition which may be attributed the preparations now making to meet
 e large New York city bond offering.
 mother currency transfer to San Fran lscn was made, with some inquiry for ish from the southwest. The Great Northern road reported a net
 Increase for March of 1865, ,000 while Nor -fi and Western returned a nominal de-
 irease. The bond market was irregular
 | or the greater part of the session, with downward tendency. Total sales par
 -lue aggregated $2,559,Doo
 U. s. government bonds were unchanged
 call.