The Washington herald., 1909-07-17
WALL STREET NEWS
Steel Shares Again the Fea-
ture of Market.
IMPROVEMENT IN BUSINESS
Railroads Now Waiting Until Crops
Are Harvested Before Giving Orders
Long in COntemplatiOn-DrO I'm
Southwest Causes Decline in Cot
ton Options-Prospecfs Good.

New York, July 16--Much the same
general considerations actuated commit
ments in the stock market to-day as in
duced the heavy buying OF the Steel
shares and gave strength 10 the market
as a whole yesterday. The feature OF the
day was again the strong demand for the
Steel shares. and the prominence Of these
stocks was. II anything. greater than on
yesterdays market. for the reason that
the preferred stock, as well as the com
mon. sold al higher prices and was traded
In heavily
No new developments accompanied yes
terday's advance in these shares. but K
was evident from the very beginning OF
The trading that the force Of the favor
able developments earlier IN the week
lad by no means been spent
In houses from which some OF the
heaviest buying orders originated there
was no abatement OF the enthusiasm
aroused BY the advance in prices made
BY many Of the steel companies early in
the week in important products OF the
trade by the reports Of business Improve
ment far 81 advance Of expectations and
by the seemingly now we'll understood
fact that the United States Steel Cor
poration, though not yet operating at fun
capacity, is turning out a greater pro-
duction than at any previous time IN its
history.
Decline in Cotton.
Sentiment favorable to the Steel shares
also arose from another sharp decline in
the price OF cotton, which was really the
most important development OF the day
from stock market standpoint and from
weather reports favorable TO the ce-
reals. These developments also impaired
strength 70 the railroad stocks and other
NiEdustrials, but il IS realized that the
crops this year have a much more I'm
portaut bearing on the steel business than
IS frequently the case.
The important difference relates 10 the
condition OF the rail business. which.
though il has improved considerably, Is
stil no better than to warrant operation
OF the rail plants at more than 90 Der
cent Of capacity. A further improvement.
Il appears. Is principally contingent upon
The realization Of the present bright pros
poets regarding the crops, many railroads
Withholding already long deferred orders
funul the crops In their respective terri
tories are actually made. A keen mid
summer and fall business in rails is ac-
cordingly dependent TO a degree never
before equaled, upon the development and
harvest Of cotton and grain. and there
was much more discussion OF this Pc
culiar advantage derivable by the steel
companies from this years crops than
there was Of yesterdays rumor that the
dividend on the common stock OF The
United States Steel Corporation would be
increased at the dividend meeting Of the
directors July q. n that connection IL
was generally noted that II any purchase
OF the stock was made on this expecta-
ton, buying OF this sort was not at all
encouraged by men whose information
regarding the affairs OF the company IS
q Idinarily accurate
Steel shares Are Active.
Though The transactions IN the steel
shares aggregated more than a third Of
the days total, amounting TO 1900
shares Of common and 5000 shares OF
preferred out Of total Of $4,000 shares,
movements IN some of the other stocks
possessed more than usual interest
As a logical consequence, seemingly, Of
TIE conclusion OF the drought in the
Southwest, aud the resulting decline be-
low u cents IN the cotton options. the
stocks OF railroads traversipg the cotton
belt were strong. with Louisville and
Nashville, Atlantic Coast Line, and ST.
Louis and san Francisco second pre-
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