New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-22

Bethlehem Steel, there nave Deen no ue-
velopments warranting the marked al
yanca in its securities, although, or
course. the company has profited from
the general expansion in the iron ana
steel business. 1t is understood thal lhe
directors have under consideration
plan Of new financing, but it is oihciailE
reported that there is not the slightest
possibility Of dividend payments in th'
current year, despite the fact that lhe
concern is earning at the rate OF Slo
share on the preferred. Eventually
Bethlehem Steel preferred should he
permanent dividend security.
There was a marked falling off In
speculative activity on the Stock EX-
change in the last three days OF
the last week as compared with
the business of the days before. and
decided disposition on the part OF COM
mission house traders to conflne their
attention TO the bulletins regarding the
dreadful tragedy of the sea. which ap-
palled Wall Street and tended TO restrict
financial operations. The reactlonary
tendency Of Stock Exchange prices, how
ever, was not based on the Titanic as
aster but on technical market condl-
| tions. The chief interests in Wall Street
are bullish for the long pull, but they
are placing no obstacles in the way OF
traders who are working for lower
nrices. Stocks have had a big advance
inportant operators have distributed
their holdings and il looks as If the next
hill movement would start from a lower
range Of quotations. There is nothing
in the general situation, however, that
warrants a material decline. Underlying
conditions are sound, money is in good
supply, general business activities are
expanding, our foreign trade Is increas-
ing and outside Of winter wheat crop
factors are encouraging. Winter wheat
has been damaged, and 1t Is probable
that a large acreage will be abandoned
and rfanted 10 corn and oats. Cotton
nIsnting has been retarded in certain
sections by floods, a reflection Of which
is found in higher prices for cotton OPP
lions on the Cotton Exchange.
The efforts of the local banks to re-
habilitate their cash reserves Is shown
On an easier tendency in the money mar
ket. More currency is coming to this
centre than recently reported ana IN
spite Of the fact that the banks have
been called upon to send gold to South
America for European account and have
been transferring through the Sub
Treasury considerable amount Of
money to San Francisco and New Or
leans their position has been substanu-
ally strengthened in the last few weeks
Saturdays Clearing House statement
chewing an increase in reserve Of 81
S11 500 to S19.S19,OOO. While easier
rates prevail for loan accommodation, II
does not appear probable that the mar
ket will return to a condition OF aDso-
Iuta case in the immediate future, I'M
less there should be marked falling off
in the mercantile and Stock Exchange
demand and a decided change In the
attitude Of railroad companies on the
question Of new financing. The railroads
are in the market for money and the
securities they are offering against the
accommodation are readily absorbed.
Investors are confident regarding the
future. This city has taken advantage
OF current favorable investment cond1-
tions 10 offer a new bond issue Of 500,
600 600 which doubtless will be heavily
Oversubscribed.
An important event Of the last week
was the advance in the dividend on
| Amalgamated stock from per cent to
a 4 per cent annual basis. The action
Of the directors was expected, owing to
the Improvement in the copper market,
and It was generally approved in finan-
cial circles. Copper is now selling at its
best price in more than two wears.
| There has been a general advance in
prices for finished steel materials and in
all departments OF the iron and steel
trade business is looking up, the i'm
provement, Of course, serving to increase
greater confidence in tho securities Of
the United States Steel Corporation,
which are heavily distributed among in
vestors, especially the preferred. The
report of the big steel corporation for
the first quarter Of the year will be pub
lished at the close of the current month,
and it is estimated that net earnings will
show a deficit after dividends, unless the
resources Of subsidiary companies are
drawn upon. In the first two months Of
the year earnings were poor, owing to
low prices and few orders, but since
early in March there has been re-
markable expansion in the industry on
an advancing scale Of prices for finished
steel products, and 1t is believed by in
terests identified with the trade that the
results of the last three quarters of the
year will more than compensate for the
poor showing OF the first quarter. Steel
manufacturers advanced prices last
week on plates, bars, structural material
and other products. Authorities expect
the Improvement will be permanent In
coming business is heavy and the new
specifications are large. A general adj
vance in the United States Steel Cor
poration's prices last week represents an
addition TO annual net earnings Of ap-
proximately $14,000,O00.
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