The Birmingham age-herald., 1912-05-08
INTEREST CENTERS
 AROUND J. s. STEEL
Stock Again Subject to Se- we're Pressure, Declining
 to 641s by Noon

! New York. May 7.-Interest in the stock |narket today continued to center largely round United States Steel. That stock |vas again subjected to severe pressure. +eclining to 51isc in the middle of the day In very large transactions. Much of to- | avs selling of steel originated with the bear faction. which has openly shown its |lttitude with respect to that stock since he publication of unfavorable quarterly | eport a week ago. Further ammunition Ieems to have been furnished by the in Ititntion of the hearing against the cor Ioration in connection with the suit for Dissolution by the federal government. Thus far the testimony has been of per |unctory character. aside from throwing Iome light on the matter of former Ipools''
 The rest of the market ranged from
 teady to strong, with dealings far below hose, of yesterday. Reading, Union Pa | lie, Lehish Valley and New York Gen. | ral among the standard railway shares nore than held their own after the open ng. which was weak all around and some bf the active industrials, including Amer can Can and American Smelting, gave ! an equally good account of themselves, but the session in the main was dull and .ininteresting The financial community
 howed no disposition to pay more than passing attention to the states political
 sVelopment. evincing much more inteerst
 the government crop report which was published well toward the close of the 3narket In it's main essentials the show 1 ng was up to general expectations, ex- |-ept that the abandoned acreage for win Der wheat is larger than all recent fore lasts.
 f All the grain carriers moved up imme- IllafaIN IN- after 10 of ba |with especial strength In Union Pacific, |Atchison and the western and northwest Erp group. Reading, too. went higher Itnan before and the movement spread to Steel which regained practically all it's |eariy decline. The closing was active and |stfong with indications of investment buy ling
 Bids for the s6500000 of New York city |4il per cent bonds were opened late in the afternoon. The number of proposals was
 lneommonly large. aggregating over S6o, . but bids were a shade under prevailing quotations for outstanding issues, averag- ling under 10l. On the whole. however, |the success of the offering seems assured
 London reversed it's position of yester- |day in this market, buying round lots of |Steel and Amalgamated Copper. Apropos |ot the coppers these issues were under |some restraint. presumably in connection
 
 |ducers, to come out tomorrow and which |is expected to show an increase Of pro- |duction. Abundant money weakened dis |counts at the British metropolis. thereby reviying hopes of a reduction in the bank |rate on Thursday.
 The annual report of the International Harvester company for 1911 shows a net loss of s563,OO0, due to poor crop results. The United States Rubber company in- creased it's net for the same year by $G52,c00. The Missouri Pacific road for iarch lost $120,O00 net and the St. Louis |aAd Iron Mountain reported only slight net decrease despite a large increase in operating expenses.
 Bonds were irregular with especia fly heavy dealings in the Wabash refunding As, which rose over points. Total sales. par value. s2,763000.
 United States government bonds were unchanged on call.