The Birmingham age-herald., 1912-01-25
DECIDED WEAKNESS ' AMONG HILL ISSUES Steel Under Pressure Much of Time-List as Whole
 Perceptibly Softer

New York, January 24.-There were in- dications today that the stock market was taking account of depressing infiu- ences which have been obtruding them selves recently. A characteristic of the market of late has been it's placidity in the face of disappointment in trade re- turns and disturbing political conditions. Although there were a number of favor able occurrences yesterday prices held steady, but today the list was percep- tibly softer.
 Although speculative opinion apparently was somewhat more bearsh in keeping with the recent trend of events, price movements were too narrow and too late to indicate decided change in position. After a steady opening the list sold off, with the most decided weakness among the Hill issues and some of the coalers. Prices stiffened on short covering Just before the close, so that net changes among the active stocks were insigniti- cant, except for the losses of the coal and Hill shares.
 United States Steel was under pressure much of the time and it's heaviness made 1t the center of speculative interest. Much of the bearish news of the month has had to do with the steel industry. and the weekly trade reviews were of the same tenor, pointing to a falling off in buying of steel and iron products. The lack of demand for rails continues to be the disappointing feature of the steel market, which shows a reaction from the I. rf,i,, state of the steel trade during the last quarter of 1911 has occasioned widely varying estimates of the earnings of the United States Steel corporation in that time. The usual estimate is that the re- port which is to be given out next week will disclose net earnings of between $22,- O00,o00 and $23, 3,O00,O00 This is considerably below the sum needed to meet all fixed charges and pay the usual dividends.
 The boom in the Hill stocks was stopped short by the statement of James J. Hill that no move was afoot for the acquisi- tion of an interest in Denver and Rio Grande by the Hill interests.
 The report that Western Pacific which is under control of the Denver and Rio Grande, would in this way become vir- tually part of the Hill system and that various other changes in the railroad map of the west were pending has been re- sponsble for the speculative buying or western stock recently Mir HITS denial was followed by drop of two points in Great Northern preferred and half as much Northern Pacific
 St. Paul was inactive, although that is- sue is the object of unusual interest since the question of reducing or maintaining it's dividend rate Is to be passed upon tomorrow. The dullness of the market today was attributed in part to the fact that traders were awaiting the outcome of the St. Paul meeting. The decline in the stock forecast a reduction in rate from to per cent and the expectation of a reduction to this extent has become so general that the effect In such q change probably would be small.
 Bonds were irregular with heaviness in Inte.borough Metropolitan 41As and the Wabash and United States Steel issues. On the other hand higher prices were established for the tobacco, Rock Island and Denver and RiozGrande lines. Trad ing in bonds continued to be on a large scale Total sales, par value. S6.05O,0OO.
 United States 2s coupon advanced 1a and Panama 3s coupon ls on call.