New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-28
FINANCIAL MARKET
General Decline in Stocks After
News of Steel Bond Issue.

Stock market trading again was heavy
in volume on an irregular movement Of
prices, with net losses in most active
stocks at the close. In spite Of the af-
ternoons reactionary tendency senti-
Tnent in most quarters was bullish for
the long pull but the efforts Of bear
traders to bring about n material de-
cline on the announcement that the
United States Steel Corporation had sold
$50 800, 900 , per cent bonds met with
considerable success. losses Of from ]
10 . points from the best figures OF the
day made in the first hour being re
corded. The markets technical position
was such az TO encourage a decline under
the influence Of active professional
pressure. The larger interests appeared
10 be quite willing TO let the downward
movement proceed without offering sup
port, doubtless for the good reason that
they were anxious TO accumulate stocks
at lower levels. In view Of the fact
that the United States Steel Corporation
heretofore has spent enormous sums
from net earnings on extensions and i'm
provements it Is wholly warranted at
this time to handle new expenditures for
capital account by the issuance of bonds
for which IT will find a ready market.
The new bonds are well secured, and
their sale does not represent the injec-
ton OF water into the corporations CAPT
tai. At the close of the last year the
United States Steel Corporation showed
an actual cash balance Of about Sf4 900,
900. which the concern wisely intends to
keep intact. Steel common sold from a
high of 69as in the first hour TO 6712 in
the last hour, closing off X from Tues
day. the preferred suffering the same
loss. Consistent strength was shown
throughout the day by Consolidated Gas,
General Electric and Great Northern
Ore certificates. Last prices in the &C
tive list were above the lowest. with the
chief losses in American Beet Sugar,
American Smelling. marlborough Met
ropolitan preferred, Lehigh Valley,
Westinghouse and the Steel shares
Railroad earnings are increasing both
In gross and net in most parts Of the
country, and perhaps If the employees OF
the various companies who are asking
for higher wages will wait for another
year their demands may receive some
consideration from the controlling inter-
ests in the roads. AS a rule locomotive
engineers, fremen and general train
crews are receiving compensation in pro-
portion TO services rendered and If the
railroads should happen to have in mind
extra expenditures on wage account they
might start off with advancing the SAL
aries of the long suffering members Of
the general office forces, who in most
cases are underpaid for the time and
work they give 10 their employers. At
the moment the outlook favors a large
addition 10 gross and net earnings in
that the few statements so far received
for the month Of February show in most
instances encouraging improvement as
compared with the same time a year
ago, especially the statements OF the
roads in the South and Southwest. Not
withstanding adverse weather conditions
in the last month the Atchison present
ed gain Of more than $500, 900 in gross
and a gain of almost $4,000 in net
while the Southern Railway reported for
the same time an increase in gross Of
1913, $50 and an increase in net Of $685.
$50. comparison being made with the
corresponding period Of 1911. 1t is UNI
derstoood that the forthcoming repor.
Of the Hartman roads for February will
make an excellent exhibit. There was
no material change in money market
rates yesterday. The movement Of cur
rency from the interior continues In
favor Of this centre, but the local banks
are still losing on their operations with
| the Sub-Treasury. exc SIS payments since
last Friday amounting to upward Of ST.
100000