New Britain herald., 1925-03-12
WaH Street Briefs

Several largo brokerage houses attribute the recent weakness of the stock market to a combination of developments which, however, has resulted in an orderly recession. Lit- tie forced liquidation has been noted it was said. but there has been q great deal of short selling with the result that the short interest is now larger than 1t was been for some heavy selling by professional trad CTS was reported In such issues as U. s, Steel. American Can, Radio, Baldwin. Y. $. smelting Texas Gulf sulphur, '. s. Independent Al- cohol and some of the oils. The bull ish attitude Of large interests was said to have shown no change.
 The financial district hears that the annual report of the '. s, Steel Corporation to be made public in a week or two will show the com panys strongest financial structure since It's organization 24 years ago.
 Prices Of heavy melting steel in the Chicago district have been re- duced 2 scents ton, quotations ranging from s16.75 to $17.25, the lowest level this year, Compressed Sheet Scrap also Is 25 cents lower at s13,75 to s1A26.
 The Baltimore & Ohio railroad holdings of Reading coal rights have not yet been sold, as the road can- not get the price it seeks, accord ins 10 President Daniel Willard. Wall street thinks they will be sold to a syndicate in New York, 1t be- ing reported there had been no fur ther negotiations for their purchase by the First National bank.
 Wall street bankers look for con- tinued tightness in money rates into next month, anticipating that com- mercal and agricultural borrowing hy the interior will be extended at
 least 30 days. Operations involving interior withdrawals, tax payments and treasury financing all tended, 1t was said. 10 give the market a firm undertone which would be felt until after March 20.
 Bookings of structural steel last week dropped to about 1s,oo0 tons compared with about 35,000 tons the week before. New inquiries were placed at about 14,0O0 tons.
 Conversion Of the New York Gen. tral railroads debenture 6S into stock is expected 10 be stimulated the rest of the month in order to derive the benefits of the regular dividend declared yesterday on stock of record April 1. More than $S6,- nN0. 900 of the debentures already have been converted. The privilege expires April 50 and the common dividend is payable the day after
 To meet the growing demand for electric power in Japan, the Ioklo Electric Light Co. has awarded a S?,000,O00 contract to the Westing- house Electric International Co. for l high tension electrical transnissi9n equipment. The expansion of public utility operations in Japan has been reflected in the large volume of new financing already arranged or under negotiations here by these industries
 The S5 cash dividend proposed by the Western Pacific railroad corpor- ation will be payable only on com mon stock now outstanding and will not apply 10 the new shares which will be distributed through the medium of stock dividend. 1t was explained today, Although the distribution of the B Ia per cent stock dividend long had been eX- pccted, Wall street was greatly sur prised by the directors decision 10 draw upon surplus for a cash pay ment. This was reflected in 16 point jump.
 Stock of Slab Zinc in the hands of American producers or March l aggregated 16,703 tons, decrease of 2.29S tons compared with the month before. February shipments were 49,1O4 tons against 52,59S in January and 54,175 in November 19.4, the high level that year Pro- auction in February was 46,Sl1 tons against 50,2S6 in January.
 The preliminary report of tho Martin-Parry corporation for 12G shows a drop in net income to S5HI- 407 equal to $&.S1 a share on th" no par value stock, compared with about S65S,000 or s6.53 share in