The Washington herald., 1914-04-12
Tonnage REPORT
AFFECTS STEEL
Wall Street Leader Almost
Touches so on Bad March
Statement.
CROPS AND RAILROADS
Increase Rates IN East and Harvests
of West Would Aid the
Situation.
CROPS AND RAILROADS
BY w. sTEALEY.

By w. STEALEH.
Steel on the unfavorable tonnage
statement went of 1-2 points on the
New York Stock Exchange yesterday,
weakening the entire list The bears
came near breaking the stock through Co.
It closed so 5-S
Copper lost a fraction. Union, North
ern Reading. New Haven, ana SShsuldn
all showed losses.
The extent TO which the depression in
ALI lines of Industrial activity has affected
the steel trade is reflected in the monthly
tonnage statement, showing decrease
of ~ 6l5 tons in the untitled orders on
the books of the company in March. GR-,
filled orders on hand on March 81 were
ISss SO tons, compared with 5.Oe644 tons
on February 2S. A year ago the unhileo
orders aggregated 1885, ,956 tons.
Wall street expected a heavy slump in
tbe total of untitled orders as a result O.
the reaction in the steel industry. which
began in the middle of February, but the
statement showed condition far worse
than had been anticipated by the most
pessimistic. Estimates placed the oe-
crease for March at from 100000 10 $4,000
tons.
The statement means that the demand
for manufactured steel goods fell off -
a marked degree in March, with the Ealt-
ural result that the orders on the DOOkS
of the 81 900, 10000 corporation were heaV-
jIy cut into. It is estimated than the
company's mills are operating at the mo
ment at IS to 20 per cent of capacity.
Crops and Rafironds.
Although the Forthcoming rate decision
of the Interstate Commerce Commission
will be of tremendous importance for the
railroads in the entire United States. and
for many interests MORE or less closeiS
~ nf
eral principles involved, the effect IN
dollars and cents of a favorable decision
will be confined principally to the roads
operating in the Eastern half OF the
Union. -
The increase in the revenue of the
numerous railroad lines traversing the
other rarts of the country where agri-
..-r .. . fzr greater source in up
l4r&i. 10. JlI, al wealth than in the
49, s..- re affected by this forth
r-.sL ......a. although it may be
..-. &c.. influenced by it. on ac-
a.... a5 petus that will be given
az ......o ...... ~O.hmerce in general when
the decision will be favorable. These
roads. on the ether hand. will receive
the direct benefit of favorable crop
conditions and it may be said that the
outlook therefor, up TO the present time.
Ls,fvery promising.
fAccording to government reports. the
estimate OF the production of winter
wheat for this year is sabout 6s0,O0oG0
bushels. which is the largest ever re-
ported comparing with 524,oOo.0O0 bushels
a year ago. and with only 100000 in
1872 These excellent prospects for the
harvesting of a bumper winter wheat
crop already are stimulating business in
the West, and Western railroads report
encouraging improvements in their traf-
fic. Although it is too early to count
on a crop as high as forecasted at pres
ent, nothing has happened as yet which
gives cause to fear that the foregoing
estimate will not be realized.
The gratifying outcome of the assist
ance given by the Treasury Department
for the moving of the crops in the South
and West in the fall of last year (about
three-quarters of the S5O,OoC,OoO offered
was taken. and tine Treasury made a
profit OF S260.OCO on the transaction has
set favorable precedent for future aid
Of a similar character.
Northern Central stock.
An act passed by the Maryland Iegis-
lature makes valid the issue OF 40 per
cent additional Northern Central stock,
which its stockholders are to receive in
part payment for accepting the lease of
the road to the Pennsylvania. This facili
tates the making of the lease, although
II cannot be completed until a pending
suit of the minority shareholders, attack
ing it on the ground that it violates
the Sherman law, has been decided The
Maryland public service commission in
1910 sanctioned the issuance of the extra
stock, but the minority stockholders at
tackled the action, contending that the
commission was without power to
capitalize the earnings of the company
which had previously gone into improve
ments and betterments. Until the issue
is finally decided by the court the Penn
sylvanis will not make any further
move.
Augusta Bond Issue.
Lewis johnson & Co. offer s250,OOO City
Of Augusta, Ga, 4I-2 per cent coupon
bonds dated November /, 1872, maturing
November !. 1912.
These bonds are part of an issue of
a,o0o,0oO city of Augusta flood protec-
ton bonds of 1912, of which heretofore
S15O.o0O have been sold. The S2JO,090 now
offered, make the entire amount of
100000 issued. OF this amount $4,000
has been retired to date leaving $3.50, COO
outstanding. The purpose of this issue
Is the building of a levee to protect the
city of Augusta from the overflow Of the
Savannah River.
The rumors from Baltimore of the
merger of three large national banks in
that city. with the intention of remaining
out Of the Federal reserve system, is
given little credence here. When the
National City, Of New York, finally filed
application there was nothing left for
other banks but to follow.
ton exchanges were closed yesterday,