It's not just your macro. The same thing happens when you enter those key-ins into the Key-In Browser. I'm actually surprised the Place Text key-in is still available. According to the documentation all of the older text editor interfaces are no longer supported in CONNECT, only the word processor dialog interface is supported for text element creation.
I would suggest you take a look at the CreateTextElement1 function in the VBA Help and use that.
I would suggest you take a look at the CreateTextElement1 function in the VBA Help and use that.