Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-02
Output of New Securities.

One feature in the present financial
situation-con but by no means
vet properly acknowledgements the out
put of new securities Hundreds of mil
lions of new bonds have been brought
upon the market or are about to be Of
fered New York's new subway financing.
running toward s2O0,0OOO0O. is single
case to be regarded something Tar out
of the ordinary-though in Wall street
nobody gives any particular heed to the
transaction. greeting il as ordinary. al
together commonplace. 1t Is within
bounds to estimate that lesser new bond
issues bring the offerings for the first
half of the year up beyond a billion
dollars. This isn't trifle-it has import
far beyond aught that anybody is consid-
ering. The investor of the country Is
simply being overrun with fresh attrac-
tons. 1t is to be appreciated. too, that
in virtually every instance the new Sc
curitieS which are being offered have gilt
edge character As rule they are Of
fering good yields. The temptation Is
actually strong In fact, for the holders
of securities of lesser intrinsic value to
consider the ACCESSIBILITY of exchanges
in word, IL the new high-ciass issues
are to be bought they who buy them are
pense of sacrificing securities they al
ready hold. To my mind there is more
that may be troublesome for the stock
market in this phase Of the situation than
in any other now in sight-though. OF
course, there is involved not single
factor that has to do with anything
which does not denote prosperity. We
are simply becoming too rich in new
stuff
Meantime what virtually concerns the
finance and industry of the country Is
apart from what temporarily influences
quotations upon the New York Stock Elk
change, And the record, clear enough
not to be disputed anywhere, is that in
IN commercial
manufacturing interests OF the country
are comfortably situated-are in equipoise.
Take the United States Steel Corporation
for criterion. Though under attack con-
tinually retrogressing. it can be stated
here upon official authority that orders
are swelling in volume month by month
in every important department of steel
production. This is true equally of struc-
tural shapes and of orders from railroads,
including both rails and operating equop-
ment 1t is crediby asserted that sup
plies on hand throughout the country of
steel manufacturers are small to the very
lowest ebb, consumers holding off hoping
against hope that prices would be COM
PEELED to yield. They do not yield. An
imperative necessity forces consumers to
come into the market literally and quick
ly. An insider asks that the following
for the company" be stated:
Obeying Demands Of Law.
There is criticism of the United States
Steel Corporation-there is more or less
harassing Investigations and law suits
which reveal nothing not already known.
which discloses the fact that the cor
poration is pursuing It's broad-minded
policy of shaping its action to the de-
mands Of the law, and, further that it Is
steadily adhering to its consistent adop-
ton of complete publicity. The United
States Steel Corporation has nothing to
hide. nothing to apologize for. Such err
rors in the conduct of it's business as have
been revealed are cured by the revelation.
There is every evidence of intent and
action to place the corporation in line
with public interests. There is no claim
that this is being done from philanthropic
motives: 1t Is just simply plain business
sense to pursuS the path which will keep