New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-29
FINANCIAL MARKET
Realizing and Bear Pressure
Carry Many Stocks to Lower
Levels Final Prices Firm.

IN the first two hours Of business the
larger number Of stock market prices
showed a declining tendency on an ac-
tive volume Of business, while in the
early afternoon the movement gained in
force under the influence Of heavy re-
alizing sales and bear pressure. In view
Of the big advance in recent weeks re-
dictionary tendency at this time is not at
all surprising, and II is not improbable
that further losses will be recorded be-
fore a resumption of bull activities de-
veops. Commission house traders have
been buyers on the advance. The So
called public has habit Of coming into
the market when a bull movement has
gained great momentum, and as rule 1t
loses its money, as it buys just at the
time when the big Wall Street interests
are ready to unload. There is no use.
however, in preaching to the public, as il
will never learn ito buy cheap and sell
dear" OF the total dealings Of S12,954
shares the larger part was supplied by
the metal issues, Reading, the Hartman
stocks, Missouri Pacific, the local trac-
ton securities and Union Pacific. In the
metal group United States Steel, Anal
gamated Copper and American Smelling
and Refining We're heavily sold, but the
support was so good that declines were
not especially important.
Union Pacific was firm in the face of
heavy realizing, while Northern Pacific
and Canadian Pacific were fairly strong
features Earnings Of the Union Pacific
for February, received yesterday, show
an increase in gross Of S57O,64S and ar
increase in net of S4l4,979, while for the
same time the Southern Pacific shows a
gain in gross OF S37S,64S and gain in
net Of S26,N40, comparison being madt
with the corresponding month last year
The Improvement is significant in view
Of the decline in income in recent pre-
ccding months. In the early afternoon
prices sold from l to > points under the
best Of the day, while at the close net
losses. owing to covering Of shorts, were
small, and in many stocks net gains
were recorded. Traders talked in j
famboyant manner of big downward
movement in the event of coal strike
AS a rule the stock market starts in al
the beginning of a labor strike TO dis
count its settlement. Money rates were
UNCHANGED here and the Bank of Eng
land maintained its 81 per cent mini
mum discount quotation. The British
institutions weekly return was color
less exhibit.
1t is worthy Of note that with the an
nouncement Of the issuance OF S3O5Oo,
uoO new United States Steel > per cent
bonds reports are being received from
steel trade centres of marked improve
ment in the industry, both in the volume
Of new orders and in prices. THE Iron
Age" says that specifications for steel
products are showing continued increase
and that the rate Of operation among
the Pittsburgh mills and other manu-
featuring plants is steadily becoming
higher. II is estimated that the produc-
ton Of all kinds Of iron and steel in the
current month will break all preceding
records. while ii is believed that in April
higher quotations will be made on every
class Of finished materials. The United
States Steel Corporation in the last year
presented a surplus Of more than $1,000
eco after charges and dividends, in spite
Of the depression in the industry and the
low quotations prevailing in the twelve
month period, and cash on hand OF more
than &l3. 100000. Its decision to issue
bonds TO meet expenditures on improve
UcD,s and extensions under way mcet'
with The approval Of well Informed bust
ness men, who realize that every con
Germ. no matter how large or small
should. according TO business principles
maintain a large cash balance and draw
on capital account for expenditures tina
mean increased earning power. 1h'
securities Of the United States Steel cor
pOratiou will survive attacks from Wal
Street bears. The securities Of all th'
iron and steel companies arc destined i"l
higher prices, and Al this time it may 10
well 10 watch the course Of the Beth
iehem Steel Company issues, which ap'