The Washington herald., 1909-07-02
WALL STREET NEWS
Liquidating Pressure Ruling
Faction in Market.
PRICES AGAIN MOVE UPWARD
stock Exchange Governed More
Than Ever by Influences OF a HOli-
day Charaeter-An Exhibition OF
Strength of L. 5. Steel Common a
Feature OF the Days Business.

New York July Even more unnis-
takably than was the case yesterday, the
stock market was governor by influences
OF a holiday character. Transactions were
even less to-day than they were on We'd
nesday. At the outset there was a con-
tinuance Of the same moderate liQuidat-
ing pressure IN the market that was tho
ruling factor in business on the preceding
day, but before midday all this had
completely run its course.
From then on the tendency in the mar
ket was entirely reversed and prices
moved upward until shortly before the
close Of the day in an even and IN
checked manner.
Just previous 10 the end OF business
the usual proft-taking by the room trad
ing element set IN. with the result that
closing quotations were generally a little
under the best. but the great majority
OF the active stocks stiE showed advances,
nevertheless, that were IN most instances
rather larger than yesterdays declines.
Steel Trading n Feature.
A further exhibition OF strength IN the
United States Steel common stock was
the feature OF business, II anything was
and the stock, although not making a
new high record. yet sold oz5se to this
and higher than It has at any time since
II touched its high record price In the
first days OF June.
The buying Of the stock might have
been based on the disappointment Of spec
ulators for the decline over the failure
Of the market to become disturbed by
the shutting down Of the union plants
OF the American Sheet Steel and Tin
Plate Company in consequence Of the
'open-shop' order promulgated by the
United States Steel Corporation.
But Wall street was disposed to view
this affair as a matter Of small moment
Reasons for such judgment have already
been sufficiently emphasized. The union
men who have left their work IN the
plants referred TO for some little time
may decline 10 resume II under the con-
ditions laid down by their employers.
But it is obvious they viii have 70 re
sumo Il under these conditions sooner OF
later and IN the meantime trouble" OF tn,
customary sort is avoided b. the deter
mination Of the steel corporation 10 ouer
nonUnion mills II necessary, in other ant
far-distant places. so that the business
Of the corporation can go on without dan
ger Of harassment.
Due 10 Increasing Business.
1t IS more than probable, however, tha
the reason Of the sharp recovery in Unit
ed States Steel stock has been due princt
pally 20 the simple or ordinary reason o
increasing business profits and broadening
business prospects. With the close yes
terday Of June quarter Of corporation
Wall street is full Of estimates as 20 The
net earnings Of the concern in this period
and guesses as &c the amount run be-
tween S26.Oo0 coo and s30,OOO,000.
1t would not be surprising If the figures
when formally made public on July 2
should be found 10 exceed the highes
OF these estimates
The greater cheerfulness noticed in tn
foreign markets yesterday upon the sue
cessful wind-up Of the midyeaTly settle
menJs was again the Distinguishing ele
ment IN business there to-day.