New-York tribune., 1912-03-07
FINANCIAL MARKET
IrreguIarity and Comparative
DuInesS in Stocks.

Transactions in stocks yesterday were
little more than one-half as large as OF
Tuesday and irregularity with declin-
ing tendency took the place of the price
advance which had marked the opera
tjons of the two preceding days. Much
of that advance had been represented
by enforced covering Of shorts, which
reached large proportions, but no fur
ther attempt was made yesterday 10
drive in the shorts, and on the contrary
there were renewed operations for the
decline by some Of the professionals
whose trading made up the whole of the
DAYS market, the commission house par
ticipation noted a day or two previously
having ceased for the time. The close
showed many more net losses than net
gains, but the changes on either side
were in few cases larger than fractional.
New York Central was conspicuously
strong, rising more than a point, TO the
highest level Of the year, and closing
one-half Of a point up. on fairly large
transactions, the advance being ascribed
10 the extra dividends declared by two
OF its subsidiary roads, although the
Lake Shore has declared the same extra
dividend at this time for three years
and the Pittsburg q Lake Erie's extra
disbursement is only half that Of year
ago and a third that declared two years
ago. The Erie Issues also were features
v~..1,
mors Of buying in the interest Of the Ca
madam Pacific, the more reasonable ex-
PLANTATION being that based upon th4
known improvement which the Erie
Railroad is steadily making. Steel COM
mon moved within a range Of three-quar-
ters of 1 per cent and closed fractionally
down, and the copper stocks and most
Of the standard railway issues also end
ed the day with Slight losses shown.
The London market continued its ad-
definite announcement came Of better
aspect to the coal strike crisis. The de-
cision Of the anthracite coal operators
assembled in this city, which was an
nounced before the close on Tuesday,
that none of the demands Of the miners
would be granted had a deterrent effect
on the trading in stocks yesterday,
rather in the form Of causing reluctance
to make fresh commitments for the rise
than Of inducing operations for the de-
cline as selling on news Of a strike or a
threatening strike has often been found
improbable business. The gold expor.
movement TO Paris was resumed, 81
100000 in bars being engaged, and the
outlook is for further shipments Of some
magnitude; but the loss of gold TO Eu-
rope is not at this time likely to have
much stock market effect. although the
reports from various parts Of the coun-
try indicate a general slow revival OF
business, which will in time be reflected
by higher rates for money, and already
the local banks are understood to be less
desirous than In the recent past to place
loans. A more cheerful note is sounded
by the organs Of the iron and steel in
dustry, which report better feeling
among manufacturers and an active de-
mand for pig iron, with production in
creasing and prices firmer, although the
steel manufacturers are Viewing with
some apprehension the possibility of a
coal strike, which would result In the
loss to them of many orders from con-
suming industries.