Norwich bulletin., 1912-03-28
FINANGIAL ANl COMMERCIAL.
U. S. STEEL BOND SALE
Has the Effect of Checking Upward
 Movement of Stocks.

New York, March 27.-Another halt Tn the upward movement of stocks came today as a result of some un- expected financing by the United States Steel corporation. The market gave every evidence of continuing it's rise of last week until it became known that the billion dollar trust" had sold some 30,000,000 of bonds for working capital and necessary i'm provements to it's more important plants. Az a matter of fact, the sale of these bonds should not have been a surprise to those Conversant with the Steel corporations financial con dition, as disclosed in the annual re- port recently pGbHshel. Reduced earnings and surplus last year made appropriations for depreciation and new construction practically impossi- ble, assuming that the five per cent. dividend rate on the common stock was to be maintained. Last years surplus net income was only S4,666, 900 as. against S36, FTP, 900 in 1910. when the corporation charged off no less than $25,000.0O0 for various expendi- lures, including new plants and cen- struction, $10,000,000 of which went to the Gary plant alone.
 Today's bond sale, in it's broad as-
 
 in earnings Of the corporation in the year 1911 and 1910. a decrease for the former of virtually $37.000,0O0.
 There were two other developments over nIght. These were the outcome of the presidential primaries in this and other states. and the acouittal of the Chicago beef packers. Regarding the latter, Wall streets sole interest lay in the fact that a broader and more conservative view of the anti trust laws seems to be taken now than was the ease a year or two ago.
 Reading, the Hdrrimans, and Anal ganated Copper were the stocks which supplied the greater part of the bull ammunition in the early trading The copper issues were held in check be- cause of a feeling in conservative quarters that the repeated advances in the metal were based more upon prospective than actual conditions. Many Seeondaryrailway and industrial stocks took part in the rise of the morning, the Geulds being especially conspicuous. The electrical and a few of the equipment shares added to their recent 8ainss but all fell back with the balance of the list on announce ment cf the gteel bond issues.
 The market evinced some disposition to throw off its heayiness in the early afternoon when Southern Pacific and Consolidated Gas rose to best prices for many months, but the movement was retarded by fll-ccucealed attempts to manipulate unimportant copper shares in which there has never been more than an inconsiderable interest. Lowest Trices were made in the last hour, more particularly in the final thirty minutes, when heavy selling of the leaders undoubtedly accelerated py the shorts. more than wiped out all previous gains and sent sot1e stocks under yesterdays low level The movement was the more noteworthy from the fact that for the first time in some weeks activity increased as quotations yielded.
 Final prices were a tIifle above the lowest, but tfne undeItome was heavy.
 Bonds here were strong at the out set, but fell back later in sympathy with stocks. Total sales, par value, were g, 900.
 U. S. governments were unchanged on call,