Norwich bulletin., 1912-05-02
FINANCIAL AND COMMERCIAL,
FEELING OF DEPRESSION.
Poor Showing Made by U. s. Steel
 Causes General Weakness.

New York, May 1.-The surprisingly poor showing made by the United States Steel corporation for the first quarter of the current year was un- doubtedly the foremost factor in shaping the course of tOday's stock market. That the financial district was hardly prepared for such an unfayor- able exhibit w8s amply attested by the pressure exerted against Steel common shares throughout the session. In conservative quarters the opinion pre- vailed that it might have been the part of wisdom had the directors de- ci6ed to reduce the dividend only an infinitesmal part of which was earned. It goes without saying that for the next few weeks discussion is certain to deal largely with the question of the stability of the five per cent. disburse- ment. but inasmuch as the present and succeeding quarters of the year are likely to be better, rather than worse, conjecture and surmise may prove to be premature.
 Other overnight developments, in ciuding the Massachusetts presidential primaries, further suspension of pro- posed increased freight rates by the interstate commerce commission. re- current seriousness of conditions in the southwest because of recent heavy rains and some mora adverse railroad reports, combined to add to the feel ing of depression produced by the Steel statement Of all these the short interest was not slow to take advan- taSe, and much of the early selling was traceable to that source.
 The markets one sided and narrow characte was shown in the undue prominence of two or three of the so- called speculative favOrites. Fully one third of the business of the first two hours was m Steel, which. with Union Pacific. furnished half of the entire dealings for that period. Steel had 8 wide opening, it's initial offerings being represented by a block of 15.000 shares at 70 1-2 to TO 7-S, as compared with 72 Is at yesterdays close Union Pacific also displayed acute weakness at the outset, but recovered much of it's loss, only to fall lower than before at the next decline,
 In fact, Union Pacific rivaled Steel in points of weakness for the greater part of the session. The anthracite shares, with American Smelling. which was active and strong on rumors of an increased dividend. were almost the only issues of prominence to shake off the reactiOnary tendency so conspicu- ous elsewhere.
 Prices made partial recovery before noon, but in the early part of the af- ternO0n another general selling move ment set in. An abrupt decline of six points in American Tobacco, following an earlier rise of two points. was one of the few noteworthy features of the special group. That stocks decline was attributed to disappointment over resumption of dividends at ten per cent. rate. where more had been ex- pected.
 In the last hour the general list moved towards the best quotations of the day, with Smeltlng and American Can the more pronounced issues of strength. Final deaIines brought out more activity and increasing strength. which not only effaced a large ma 1ority of the previous losses. but re- suited in numerous net gains.
 The bond market was silently easier with narrow movements in the promi- nent issues. Total sales, par value, $2271 ,000.
 United States government bonds were unchanged on call