The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-06-10
STEEL AFFECTS MARKET.
Relieved Prices Will BE Cut in Ev-
erything Except Rails-De-
crease OF Idle Cars.


NEW YORK, June 9-The long
persisting rumors OF a general cut in
the price of steel products gained
more authoritative form today, and
it came to be generally believed dur
ing the session that substantial re-
auctions would be announced imme-
diately for all lines except steel rails.
The policy of the steel trade in hold
ing prices at present has been the
subject of varying criticism ever
since IL was formulated, and the con-
viction is general that the marking
down of prices will be the most eff
fective manner of reviving activity
in the trade. The analogy of the
textile trade is the favorite one to
reinforce this argument, where cur
tailment of production, wage read
justment and price reductions have
had the consequence of revived de-
mand and large resumption of pro-
ducing activity.
The misgivings over the new step
contemplated by the steel trade, and
which were reflected in the depress-
ing of the days stock market, have
to do more with the delay in its
adoption than with question of its
desirability. The good effects which
might be felt from the Interior re-
suits to be expected from the price
cut are likely to be obscured, in part,
at least. by the record of protest COM
ing constantly from official sources
since rumors first gained currency of
the intention to cut prices. These
official utterances having taken the
form of protestafions that price re-
auctions could not be hoped to revive
demand and that customers were not
DESTROYS of concessions, there is left
now the show of the doubt thus i'm
piled of the efficiency of the state
ment The fear that the wage read
justment which must follow the price
revision may lead 10 controversy in
the midst of the national political
campaign is an additional factor mil
itating against the favorable effect
the market has had in this incident
The total of s722. 652,154, TO
which the new issues since the first
of the year have risen, represent an
unprecedented figure for that period
\ proportion of this new financing
which is devoted 10 refunding cannot
be ascertained. but the rapid rate of
fAIdBSlbu VI AdHAldl AidbiillltS hl
period of business concentration
which naturally limits the rate of
capital replenishment commands the
attention of bankers and investors
The additional security proposed for
the Union Pacific bond issue was re-
garded as significant of the taste of
investors at this time in that direc-
ton, as much as for the rate of re-
turn offered. The understanding that
the Union Pacific bonds would not be
offered for public subscription until
the middle of the week kept open the
question of what would be the treat
ment of the market by the forces
which have sought to pave the way
for these Rotations when IL is fairly
on the way.
An excellent effect was produced
by the report of further decrease in
the number of idle freight cars in the
two weeks ending May 81. which was
ordered by the American Railway as
ISOLATION, the reduction of 22,505
bringing the number down to 3S1.-
904, compared with the maximum of
413.33S reported on April 30. The
early strength in stocks was connect
ed with the report. The latter recov-
cry is due to the government crop
report and its effect on wheat
Bonds steady. Total sales, par
value. $2.025,000 United States IS
and Is registered advanced u per
cent on call.