The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-05-29


Wall Street Iron Market" in the cur
rent issue OF The Iron Age that jour
nal says: Influences tending toward
lower prices which have recently &C.
Cured are we'll understood in the iron
trade, although imperfectly compre
hended in Wall Street. The price OF
pig iron is falling, but it had been ad
vanced to an abnormal height by the
scarcity Of cars. shortage OF motive
power ard general inadequacy of trans
portation facilities to handle the extra
ordinary traffic of the last year. which
prevented furnacemen from securing
regular supply of coke from the coke
regions, and also from delivering iron
regularly to customers. The anthracite
miners strike also contributed to the
restriction Of the fuel supply for blast
furnaces. II every furnaceman had been
able to get enough fuel to run his
furnaces to their capacity last sum
mer and winter. 1t is not likely
that much pig iron would have been
imported and prices would certainly
not have been nearly so high.
The reductions now being made are
merely bringing prices down to their
natural level. They do not Indicate
collapse, but, on the contrary, will avert
the collapse which would have occurred
II high prices had been maintained long
enough to check consumption seriously.
The reductions may. in fact, be regard
ed simply the wiping out of premiums
for prompt delivery"
For the month of May the net earnings
of the United States Steel Corporation
will. it is said, exceed s1S.000,000. They
were about s12, 600, 900 in April. and n
June are expected to be above that fig
| ure
Some bankers there are in Wall Street
who do not hesitate to declare that this
! is a liquidating market, and that from
| this time on until after the Presidential
I election. stocks Will be for sale on every
show of strength, the belief being that
the Presidential contest will OF itself
tend to unsettle business and make capt.
tai timid and hesitant pending the nnai
result These bankers, il may be said,
| are of opinion that already the turn !
in the business world has come and that
| the present market decline is nothing
other than discounting of the poorer
times to come. On the other hand,
there are other bankers of equal stand
ing and Importance as those slready re-
ferred to, who say they see no signs
of any turn" or any end TO the present
prosperity, and, who, though inclined to
welcome stock market inactivity for
some time-oppcsing themselves 20 any
effort to make a bull marlset-insist new
ertheless that at present prices the
market has discounted very great
deal that is unfavorable, and is there
fore at an attractive level for in
vestors.
The Continental Tobacco Company has
declared the usual quarterly dividend of
IL per cent on its preferred stock. and
a dividend of 4 per cent on its common
stock.
Banks have withdrawn from the sub
treasury s650,000 gold coin in exchange
| for gold certificates. It is understood
| that the gold will go TO Canada.
The plan for the readjustment Of the
National Railroad of Mexico's capital
by which the Mexican government will
become a large stakeholder OF the com
pany, while the railroad will receive Z
number Of most valuable concessions. is
a most fortunate development for pres
ent owners Of the stocks and bonds OF
the corporation. People who now OWL
the common stock may naturally lool
forward to an advance in this issue, u
its equities have been largely increased
in value, while as under the plan. tbs
new second preferred stock, which i:
entitled TO per cent preferential diyi
dends, and ranking with the deferre'
stock IN profits above that amount, vii
give the present common stock a value o
upward OF $50 share, or over points
above in current market level. TIL
Mexican government will hold all tn