The Washington herald., 1909-04-28
STEEL PRICES GO UP
Considered Most Important
Development Of Month.
TURNING POINT IN BUSINESS
Favorable Report by Big Corpora
tioa Comes at Same Time as Ad-
vsaee En Price, and Together These
Indicate Most Hopeful Condition.
General Market Receivers.

New York. April 27.-By far the most
important financial or business develop
nent OF the present month and transcend
Ing in its significance even the extraOrdi-
partly favorable reports Of the United
States steel Corporations business for
: the March quarter. published after 2
o'clock this afternoon, was the announce
ment late IN the business day OF an ad-
vance in the price Of steel bars. plates,
and shapes made by the Carnegie Steel
Company. one Of the most important sub
ordinate organizations Of the United
States Steel Corporation
This is the first time since the reduc-
tioa in prices made by the steel corpora
hon on February g, OF the date when the
so-caIled open market IN steel products
was inaUgurated, that there has been any
advance IN the steel markets; and while,
of course, absolute certainty on the point
Is not possible. yet for every reasonable
Indication IS that from now on the his
tory OF these prices viii be that Of con-
tiRued rising movement
Steel Depression Is Over.
It became evident some tine since that
the depression in the steel trade, as well
as IN general business. was over in the
same sense that there were a multitude
Of indications that prices had touched
bottom; but In to-day's news, however.
was presented the first sign Of an ad-
vance.
Although. so far as could be learned,
no general advance in prices was made
to-day in the steel trade as a whole, It
was yet understood that the low prices
quoted as late as a few days ago by
some Of the leading independent pro-
ducers were no longer offered This stiff
fening Of prices is admittedly due 10 the
immense volume OF orders for al kinds
OF steel products. with the single excep-
ton OF steel rails that has poured into
the producing corporations since the first
Of the present month
Il Is a matter Of open knowledge that
three weeks ago orders had been entered
for structural steel in q larger volume
than any previously known, and that a
little later II was possible TO make the
same statement regarding orders for
many other trade commodities
stances. an advancing tendency in prices
has been created; or, 10 put the matter
In plain words. IL is. all things considered.
reasonably safe 10 affirm that to-day
marked the turning point IN the country S
iron and steel business that viii be long
remembered.
Earnings Are Satisfactory.
These indications received couobora-
ton. too. in the United States Steel Cor
poration's report for the last quarter, tC
which reference has been made. Despite
the intense slackness OF trade in the first
three months Of the year, the corporation
reported the earnings in this tine Of 80
HeIO00. as compared with S25.25.000 for the
quarter ending December 81, 1888, and SIS
g2a.0e0 for the quarter ending March g.
1888
It is true that IN the present year the
management OF the corporation saw Al
to reduce their special appropriations for
depreciation by about S1.500,o0o. a proceed
ure which viii be readily pardOned II
view OF the enormous sums charged foE
other similar purposes in recent years and
That tO-day's report bears witness 10, and
In the most emphatic manner IS indeed
the results OF the ecOnOmizing processes
introduced by. the. steel corporation in this
period
So far as the stock market itself to-day
was concerned. the general tendency OF
values there was toward a recovery from
what was universally conceded 10 be yes
terday afternoons raid made by speculs-
tors for the fall Rather particular hesvi-
ness was displayed by Reading common
stock. in which movements either IN aI
upward direction or downward are apt tC
b, both excessive and mysterious.
@r.pv sTarE.TExT