The Birmingham age-herald., 1912-03-06
J. s. STEEL MADE VERY DECIDED GAIN ~ading During First Two Hours Almost Largest
 This Year

lew York, March 5.-For the first two Aears of trading on the stock exchange taday business was almost the largest
 fd broadest of any recorded thus far lhls year. In the course of the morning gnited States Steel. which resumed it's ala time leadership, made very decided sain. as did also Union Pacific. which wps second to Steel in point of strength ena activity. Movements of other leaaT ltas stocks were in keeping and the oe- nzad soon comprehended the largest number of issues dealt in for many weeks
 Activity died down in the early alt ssfnaon. when the market appeared to be
 sting the heavy offerings or the e= Ter period, but for the most part gains were we'll maintained and In some 8esIa ances increased, with resultant injury sa q large and very stubborn short in- terest. Final prices of such stocks as Steel, Union Pacific, Reading and Amer ican Smelting were a point or more below the best, but the undertone at the close was strong.
 On the surface, at least, there was little to account for the pronounced tudlSt lndl lielu toiiit oftA NiiO fNNf' Advlces from London were mostly to the effect that the labor situation was making itself more acutely felt all over England and had spread to Germany, where several hundred thousand miners were threatening to go on strike.
 In connection with the rise in Steel, dealings in which comprised about 30 per cent of today's transactions, it was asserted in some crcumstantia details that group of influential traders pre- viously prominent on the bull side had organized a pool. Coineident with this was the circulation of rumors dealing with the forthcoming statement of the corporation's thrilled tonnage for Feb ruary and dividend prospects for the cur rent quarter. Regardless of the unfayor- able showing made by the Steel corpora ton for the final quarter of 1911, there are few who believe that the present dis bursement will be immediately reduced.
 On the other hand it is generally con- ceded that the business of the past few months has been at prices which scarce ly justify a continuance of the per cent rate. There are intimations, however, that many large OI0erS are penuliS, dHu that thes entire aspect of the steel in- qury is undergoing a change for the better
 It was not until after the close of the market that Wall street learned of the rejection of the anthracite coal miners demand by the employers. As a matter of fact, no other conclusion was looked for, but it was expected that negotia- tions would go on until the middle of the month.
 An unusually large number of railway reports were issued, among them being that of the Illinois Central for January, which showed a decrease in operating revenues of $1,150,00o. an increase of s6o0.- 600 In expenses. and total increase in the net operating deficit of about sl, 750o 900. Two Gould roads submitted January re- ports Missouri Pacific showing a net in- crease of $1S0,0o0 and St. Louis and Iron Mountain a net decrease of $l62, ,000 Mis- sotiri, Kansas and Texas decreased net s1e4 600. and Norfolk and Western Sl4'0oO, while Great Northern increased its total net revenue by s452, ,0O0 chiefly by reason of economy in operations.
 The bond market was more active, but shared only in small measure the strength of stocks. Total sales, par value, 2,161T GOO. United States government bonds were unchanged on call.