The Washington times., 1912-02-25

placed in Paris was reported as seven /
times oversubscribed. The higher interest
have been issued has impaired a heavy
tendency to older issues, ana mas soIne-
what checked the buying of institutions.
a Because probably; Pro OF ,r,dIng ane SeveIope
ments came in for more discussion IN
brokerage offices than they would nave
received under normal conditions. rms
the United States Steel Corporation from
the group of manufacturers, among
which James J. Hill distributed his rail
order of the Great Northern road: The
Lackawanna steel Company were
awarded 5000 tons each. and the Col:
orado Fuel and Iron Company a,00
tons Various were the theories aoc
the Steel Corporation, with marked
disposition. to attribute II to retaliation
for the cancellation Of the Great North
ern ore lease.
Rails and the Steel Industry.
It was recalled with some interest that
the last important occasion on which
the Steel Corporation was omitted from
larger order was when Mr.. Hsrri-
he had over the character and quality
Of the rails, turned partNo his busi-
ness over to the Tennessee Coal and
Iron Company, then an Independent con-
Mexican extension of the Southern Pa
cific road, to Belgian manufacturers at
t19 a ton against the SIS charged by the
corporation. There has been a similar
dispute over the quality Of the Steel
Corporations rails recently which makes
the similarity of Hills and Hartman 8
action the stronger. AS a matter of fact
the brittleness of American-msde rails
has attracted a great deal of attention
| recently, and railways are holding con-
ferences with steel manufacturing with
| view Of improving the quality Of rails,
steel rails the iron and steel industry
was brought prominently before the
financial community by other develop
| nents. There were two such. both re-
fiective of the unsatisfactory condition
of the past in the matter of profits anil
the volume of business. The first of
these was contained IN the annual re-
port Of the Pressed Steel Car Company
for jsl1. showing gross earnings re-
duced during the year from 2I975,000 IN
100 to 81, ,331, on last year, with the sur
plus OF the company cut from $6SS .OO 20
Sl7, ,0c0 The company had operated only
about q per cent NJ capacity. Upon the
lOther hand the semi-official announce
ment of the Republic Iron and Steel
Company was to the effect tfat the pre-
Iferred stock would be reduced from 10
I per cent. because the full rate was un-
earned. The company led in price-cut-
ting last summer. and, though operat-
ling 96 per cent Of capacity, its business
has shown no profits
General Trade Conditions.
These features ard yesterdays advices
from washington that the radical wing
OF the House majority will probably con-
Itrol the impending investigation Of the
Money trust" impaired heavy ten:
ldency TO priccs, but tho market showed
little or no change in character. In
other words. dealings were much con-
tracted and continued professional
even copper stocks. which had been bet
ter maintained than most others. In con-
sequence OF the stronger statistical po'
sition Of the metal and an advance ir
price to 1th cents a pound felt some
effects of the general sag In prices, and
a little moro attention was devoted tf
Itke threatened strikes among coal oper'
ators both in this country and in Eng
land.
Although Wall Street sgain apSeta9r. =,
lare taking no such gloomy view ol
things as prevails IN he ana fnsnciSl Ts,o-ds, dis
apparently has Wall Street and the
wall Street view Of things IN mint