The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-19
HEAVY CUT MADE IN STEEL BARS
AND LIST AGAIN TURNS >ON
DOWN GRADE.

NEW YORK. Feb. 10 p. m.-The
announcement Of the cut I'm steel prices
came from the Carnegie Steel Com
pany. the chief subsidiary company OF
the Steel corporation. The cut was
about 81 a ton on steel bars-the first
cut since the general reduction last
June This is taken TO indicate general
cuts along the line.
On this announcement Steel common
touched 4SIR, the low point Of the day.
Reading also slumped to 1912, Union
Pacific to I77Ss, and New York Central
to 1853. Proportionate declines were
evident throughout the list
NEW YORK. Feb. ii p. m.-With
the immediate opening the market was
very feverish with rapid declines and
some recoveTies. Little Steel was
cause of anxiety, as it is now under
stood that there are to be drastic cuts
IN prices Of finished product, and re-
port says that the big corporation Will
also take steps to even up matters by
cutting wages. This dropping Of the
stand-pat policy by the United States
Steel Corporation is said to be due to
the knowledge that the Independents
have been making slashes on the quiet.
4 no conferences ltiQ NGSlbINdN IGAitu
70 have any soothing effect on the stu
alton. It IS expected, however, that the
abandonment Of the stand-pat policy
will result in the booking of many more
orders and the employment Of more
men. It Is said TO he the intention of
the steel people to go independent. each
Individual company making its own
price.
Announcement After Close.
1t was expected and announced this
morning that the Steel Corporation
would make a statement this noon, but
st that time A bulletin was issued that
nothing for the public would be given
out until after the close Of the market.
Naturally all these reports were efFec-
tive in knocking the props from under
Steel common. Except for a consider
able block Of stock that came out under
90, The market was not embarrassing
TO the bull pool that has been steadying
Steels for many a day
Whatever the effect the decline from
Do Of z few days ago TO 1875 has about
Discounted it.
London a Seller of Stocks.
London sold about 5000 shares yes
terday, and dumped stocks rather free
~ at the opening.
iAt tNAdbAASl4llEA4N OA a SilOtL A4lt
on Tuesday, Wednesday, and Thursday
probably caused the steadier tone that
developed after the weaker opening
The profits were tempting, and. reaIiz-
ing that with impending bond issues to
market, it was likely that the powers
that he would take a new hold and
check the loss, the rush 10 gather the
profits turned the market from the
low point of the day to prices generally
above the closing figures Of yesterday.
Bond Issues Coming.
It is expected that announcement will
be made in dav or two of an $4,000 COO
bond issue by Southern Pacific and a
S2l 100000 issue by Southern railway
OF course. the market must be steadied
or these bonds VIII net find q quick
market. On the other hand, the Issue
OF the bonds should be bear argument !
against the stock.
Regular dividends were declared By
The Hartman leaders, Union and South
en- Pacific but this did not exert the
slightest effect one way Or the other,
as they had been confidently expected. /
From PittsbUrg came the story that
Wabash had caused CONSERVATION in
q. drastic freight rate cut, which also
threatened to reduce the earnings of
some Of the roads doing business in
that section
Decline on Opening.
n number or holders OF stocks who
have followed the market in it's long
rise without taking profits decided 10
get out this morning after q bad night
and this. added 10 the liberal selling
TUNED values into lower channels at
the opening.
On these declines Union Pacific
touched 1442s. Reading. the low for the
year, at 1875, little Steel, fS5s or IL
Of, preferred Steel, 1928, and the list
probably an average of = 10 = 70 a
point below yesterdays closing.
II was then that the profit To king bv
the bears turned the market in higher
channels
In the recoveries the stocks were fair
" well sustained, but they met some
selling and, from about noon, moved
upward rather slowly, and entering the
sustain the gains save in exceptional
cases.
Little Steel. which had sold 10 4gss.
dropped back 70 40. the preferred from
1925 TO III, Baltimore and Ohio, one
fourth Of point, Reading from 1901
back an eighth, and other stocks more
or less in fractional amounts Union
Pacific was hrmeT aS the large short
interest covered rather freely
Except IN exceptional cases, and chief 1
u in the indus trials. particularly the
iron and steel stocks, the ] o'clock
prices were a little better than last
n, the preferred point. SIoss-Shef-
field IL, Railway Springs IA, Pressed
Steel Car ~. Republic steel point
New York Central was strong al q
advance. Union Pacihcs gain was =
end DenNcr'S "a