New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-11
FINANCIAL RECORD
HERE AND ABROAD
Hesitating and Irregular
Market - State Bond
Sale Encouraging.

Neither heavy oversubscription and
q good price for the New York State
bonds nor a disappointingly small gain
I'm untitled orders Of the Steel Corpora
tion produced any marked effect on the
general level of security prices yester-
Gay. The market was a quiet, hest
tating one but Tuesdays weakness was
not repeated, closing prices showing
irregular changes of Unimportant trac-
tiens. Trading IN bonds were COM
paratively active, nearly S2,5OO,OOO par
value changing hands.
With "a high all-or-none bid OF
103.45S for the S27.0O0.00 AZ per cent
bonds offered by the state, this Dor
rowing will be on a basis of around
A.0S per cent, where last year Sol ,OOO,-
coo of 4i2s were placed at 4.2lO. Be
tween these two offerings came the
outbreak Of European war, with its
immense disturbance of financial con-
ditions, so the result of yesterdays
sale was decidedly encouraging, Over
100 bids were received. two for all or
none, and the issue, according to sd
vices in business hours, was around
four times oversubscrbed. state
bonds have, Of course, a special mar
ket since the income tax began to al
feet ordinary corporate obligations, but
the bond list as a whole should feel
the good effect should this issue be
we'll taken by the public, as IS expected.
On the curb yesterday business IN
these obligations increased, and they
closed well above figures at which they
have been changing hands on previous
days.
Tho United States Steel Corpora
TONS report Of untitled tonnage at the
end Of February was not up 10 trade
estimates. With mill operations and
deliveries enlarged during the month
in much greater proportion than new
business, the gain had been figured at
about onC-half Of the 100000 of the
month before. As II turned out the
increase was less than 100000. Steel
common fell back u Of point when
the figures were announced, but its net
decline on the day was only - OF
point. Explanation Of this steadiness
as well as of the stocks recent advance
was said i'm some quarters 20 lie rather
in expectation Of a favorable decision
in the governments antitrust suit than
in conditions i'm the industry.
Weekly reviews of trade publications
put the Steel Corporations operations
at 81 per ,ent Of inGot capacity,
shade better than last week. It is pre-
dicted that mills viii continue on the
present scale, and that even though or
oers have been light this month, spring
demand viii be better in the April
period. Structural conditions are more
hopeful, and beginning Of increase in
the East reported IN building plans for
February may mean the start Of con-
siderable new construction.
Monetary conditions here showed lit
tie change from long continued ease,
call loans renewing at per cent and
time money being offered at low rates,
with few takers. Sterling exchange
was shade easier, but marks were
firm This continued strength Of eX-
change on Berlin lends support to ru-
mors that subscriptions TO the German
war loan are reaching large proper
tons. Here the S15,00o,000 of Swiss
per cent notes were all sold the first
dav offered, and negotiations were re
ported under way to strengthen the
credit of Uruguay i'm this market.
Great Britain's e50,0O0.000 Offering
Of exchequer bonds was oversubscrlbed
without any disturbance to the London
money market. and securities in Lon
don were fairly active.