New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-14
REVIEW AND DIGEST
Stock Market Under PRESSURE
New Financing Announced
Cost of FIood-EffeCt of
Tariff Changes.

April l.. Some of the minor happen
ings. which were largely in the nature
of routine developments, were the APP
pcarance of the copper producers re-
port. the report of untitled steel orders
on the books Of the United Statos , eel
CORPORATION on March II last and
financing announcements by the Penn
sylvania and ST. Paul railroads. the
former i'm the shape Of an increase IN
capital stock of about iJ,000,oOO. and
in the latter S30,0o0,0O0 in A.. per cent
general mortgage bonds. There was
also reported sale in London OF Hlo'-
100000 onc-year > per cent notes by
the New York Central. The important
event Of all. which attracted the atten-
| ton of the whole world. was the cor
lvcning of the special session OF Con-
gress to consider tariff revision ana
President Wilson's message.
The effect of these various occur
rences was to play hot and cold with
the stock market. much pressure being
against an improvement. and in The
main the result was lower prices and
in few issues new low levels for the
wear. New financing AT this time.
when the money market presents so
strained an appearance. was looked
upon with disfavor by the professional
element of Wall street, and sentiment
was disturbed not only on account OF
the new issues announced. but in view
of further financing of an important
nature which is expected 10 he made
public before long.
Although not reckoned among the
acutely influencing factors Of the week.
there was a great deal of interest N
the crystallizcd estimates of the total
losses from the food in Ohio. That the
situation out there is beyond descrip-
ton may well he imagined from late
estimate made by Governor Cox, IN
which he has figured the total loss at
%34S 0oO.0 900, placing the railroads loss
at S1O3. 900. 900: the counties in the
state at $4,000, 600, the losses TO cities
at S15,GoO,OO, building losses at 500
100000, merchandise and business
houses at S6OOuO,000. traction lines at
S2O. 100000. other public utilities at
81. 900. 900: levies, dikes and dams at
! S1OW0.O00, personal property, furni-
| ture. clothing, jewelry. etc, at SD
GO0. 600 and miscellaneous S5.pDOv.
-
Cox has said that he is inclined 10
think these estimates are rather over
than under the actual amount. In the
| light Of this total the full effect of the
| Ohio loss has not yet been discounted.
The question which most concerns
many corporations and the security
markets is the proposed tariff bill. cs-
| pecially In the manufacturing districts
of the East and through the New Eng
land states. One of the industries in
which are interested a vast number Of
stockholders is the steel and iron pro-
duction. and the effect that the new
tariff measure may have on the steel
trade. Not only is this question dis
cussed in the Wall Street district, but
| throughout the country. The impress
sion among steel men is that the new
| tariff bill will not materially affect the
steel mills from Pittsburgh west at the
start, owing TO the freight rate with
which foreign manufacturers will have
TO compete. Among the Eastern mills,
however, the situation is different.
Such organizations as the Lacka-
wanna Steel Company. the Pennsyl-
Steel Corporation, the Maryland Steel
Company and others, including smaller
structural plate and bar mills. proba-
bly, will be among the first TO reflect
tariff. The United States Steel Corro-
ration. il is thought. will be able 20
stand a reduction in tariff much better
than the independent companies. one
of the large manufacturers OF steel ex-
pressed the belief that there will be no
impression in this country, so far as
the steel trade is concerned, for year
1
or more. He based his judgment on
the fact that England and Germany
have both been booked up on steel Or
| ders and could not meet any excessive
demand that might result from a food
Of orders from this country: also. he
said that prices abroad would advance,
as their home demand will absorb their
capacity at the present rate of CON
sumption.
| Furthermore. the mills in this country
are booked up for several months on
steel rails and other products, and the
outlook is not "A serious one for the i'm
mediate future. In a few years. how
ever. change will probably come. and
England and Germany will be seeking
an outlet for their products in this
market. and ii is then that this country
may expect depression in the steel in
dustry. On every other basis except
labor American steel manufacturers
can compete with the world, but the
| high cost of production due To the lib
eral wages paid TO the American work
ingmen is great handicap in compe-
tition with foreign countries, where
labor is cheap. The only alternative
when competition becomes keen will be
TO reduce the price OF la Dor in the
! United States. Not long ago the United
| 10, s,I1 tor fI,s, ia,