The Washington herald., 1912-07-31
MARKET WATTS
ON STEEL REPORT
Details Not Published Until Close,
and Developments Are Not
Forthcoming.
CORN PRODUCTS RIG. WEAK
CORN PRODUCTS RIG. WEAK
By BARRON SERVICE.

New York. July 3o-The market spent
most of the day speculating on what the
United States Steel Corporation report
for the second quarter will show in the
line of net earnings. The details Of the
report were not published until late In
the afternoon after the market had long
since closed The Sugar stocks recovered
a part Of their loss Of the day before
soon after the opening and looked strong
on the announcement from authentic
sources that the reduction Of the sugar
tariff would not mean as much to the
American Beet Sugar and the American
Refining companies as had been thought.
United States Steel Corporation d.
rectors declared Its regular quarterly
dividend at a meeting this afternoon.
Earnings for second quarter $25.1o2 net.
]. p. Morgan was present at the meet
ing for the first time in seven months.
Corn Products was weak because Of the
suspension OF plant operations as re-
suit of labor troubles. The first sale of
Lake Shore and Michigan Southern since
April IS at q loss of Is points attracted
considerable attention. although the sale
was only for a block Of 10 shares at 40.
National Biscuit showed further evil
dence OF returning strength when 1t
crossed 1856 The low of the week for
this stock was 1854, made on Monday.
During the eleven years since James ].
Hill acquired the Chicago Burlington and
Quincy, that road has increased its traf-
fc volume 81 per cent in tons carried
one mile. and decreased its train miles
is per cent. -.e former item means rev.
enue and the latter expenses. so 1t can
be seen that income has gone up and
pany's funded debt has been increased
S., 900 900 during the eleven years under
its present management. over $4,000, 900
In earnings has been put back into the
property. The management has expend-
ed directly si2.o70.5l for improvements
and betterments during the period while
there has also been taken an average
OF s1.3 per cent of gross earnings an
nually for maintenance OF way ana
structures as compared with z-D per
cent taken for this purpose by the Union
Pacific and 2s.6 per cent by the Atchison.
Big Net Profits.
The General Chemical Company's net
profits for the six months to June 30
were N.3s2.7 81. OF which. after dividend
and charges, 3is3.293 was
added to surplus.
Gross earnings OF thirty-one railroads
reporting for the third week OF July were
81, ,ll7,57s. an increase OF H.16. .Ses. or
1905 per cent, as compared with the
same week in 1911.
The Standard OIL Company OF Kansas.
a former subsidiary Of the Standard of
New Jersey. IL expected to declare .
large stock or cash dividend In the near
future.
Charles NJ schwab. president Of the
Bethlehem Steel Corporation. believes
that the present prosperity OF the steel
industry will be lasting. He says that
business conditions all over the country
appear to be sound and that excellent
crop reports nave done more toward re-
storing confidence than anything else.
The Canadian Pacific net earnings for
the month of June showed an increase
OF sS22 OC0 over those for the same month
In the previous year.
The annual report OF the Colorado
Southern will show a balance of S.5oo,0oo
available for dividends, equal to a little
over per cent. available for common
dividends after preferred payments. as
compared with 5.22 per cent. in 1911 and
1.33 per cent. in 1910 fiscal years. Gross
of the road were the smallest in
many years
The Norfolk Southern gross for the fis-
cal year just ended amounted TO g, ies. "a,
an increase OF $50. 900. or Ill per cent
President Oler, Of the American Ice
Company. in commenting on the govern
ment's attack on that concern. says that
the company has steadily reduced the
price Of ice since 1900
Deere & Co. will sell an issue OF no.
)CO. 900 per cent preferred stock to a
New York banking syndicate in the near
future.