The Birmingham age-herald., 1912-03-28
ANOTHER HALT IN
 UPPER MOVEMENT As Result of Some Financing by Steel Corporation.
 Coppers Checked

New York March 27.-Another halt in the upper movement of stocks came today as result of some financing by the United States steel corporation. The market gave evidence of continuing its advance until 1t was learned the Steel corporation had some bonds for work ing capital
 As matter of fact. the sale of these bonds should have been sur prise to those conversant with the cor , poratlon's financial condition as dis closed in the annual report recently published. Reduced earnings and sur plus last year made appropriation for depreciation and new construction practically impossible. assuming that the per cent dividend rate on the common stock was to be maintained
 Last years surplus net income was only s4,666,ooo as against $se.I72,ooe in 1910, when the corporation charged off no less than s25.ooo,oOo for vari- pus expenditures, including new plants and construction, s10,000,000 of which went to the Gary plant alone Today bond sale in its broad aspect simply represents the difference in earnings of the corporation in the years 1911 and 1910, a decrease for the former vir- tually of ss1,Ooo,ooO.
 Political developments over night and the acquitta1 of the Chicago pack ers were matters that the speculators utilized with some effect early in the day.
 Reading, the Harrimahs and Amal- gamated Copper were the stocks which supplied the greater part of the bull ammunition in the early trading. Buy ing of the first named seemed to be of an accumulative character and the movement was credited to the same in fluential faction supposed to be respon- sible for the recent advance in Lehigh Valley. Rock Island and American Can. The strength of Union Pacific and Southern Pacific was predicted on the belief that February earnings would prove more favorable than in the months preceding.
 As for the coppers, those issues were held in check because of a feeling in conservative quarters that the repeat cd advances in. the metal were based more upon prospective than actual con- ditions. Many secondary railway and n- dustrial stocks took part in the rise 
 pecially conspicuous. The electrical and equipment shares added to their re- cent gains but all fen back with the rest of the list on announcement Of the steel bond issues.
 The market evinced some disposi- ton to throw off the heaviness in the early afternoon when southern Pacific and Consolidated Gas rose to best prices for many months, but the move ment was retarded by Ill concealed at tempts to manipulate unimportant cop , per shares in which there never has been more than an ineonsiderable in- terest. Lowest prices were made in the last hour. more particularly in the final 30 minutes. when heavy selling of the leaders undoubtedly alterated by the shorts more than wiped out all pre- vious gains and sent some stocks un der yesterdays low level.
 The movement was che more note worthy from the fact mat for the first time In some weeks setivity increased Final prices were a trifle above the lowest. but the undertone was heavy Total transactions, agsregating 950,000 ], shares, were the largest of any day this year. last Monday excepted.
 London was a seller in this market for the third consecutive day.
 Bonds here were strong at the out set, but fell back la,er in sympathy with stocks. Total sales, par value, $3,2SS,000.
 United States governments were un. changed on call.