New-York tribune., 1910-09-22
FINANCIAL MARKET
Wall Street NeedIeSSly Alarmed
Over Steel Trade Situation.

on 2 light volume Of business STOCK
market U-ices moved within narrow
limits until the final trading, when the
general list enjoyed decided improve
ment under the influence Of a rapid COW
erfng movement by the shorts Com
mission houses We're not active IN the
dealings on either side Of the account
and the general course Of speculation
did not extend the hope Of the develop
r1ent in the near future OF aE active
outside inquiry for securities. except to
some extent for railroad mortgage issues
for investment account The decision OF
-ba directors Of the Minneapolis, St
Paul & SauIt Ste Marie 10 issue 5000
O,O.O bonds evidently is based on the IN
djcatfons OF growing interest n the bond
market. and a successful outcome Of the
500" financing doubtless VIII be fol-
lowed By offerings by other roads, un-
less there should be a radical change in
money. market conditions. The railroads
viii be active bidders for new capital
lust as soon as they see any prospect Of
securiug. accommodations on satisfactory
terms.
Present quiet tendencies in the stock
market are strengthening the chances
OF an active bull speculation at some
future time. ara the fact that stocks are
being accumulated on all favorable op-
portuntties by substantial interests is
one Of the best signs of & coming bull
movement. despite the possibility Of
lower quotations IN the course OF the
next Two months. According 10 the
opinion OF the best informed men in the
Street-who. Of course. are the lea ding
bankers-the next bull movement on the
Stock Exchange VIII be one Of trench
dous proportions. and in connection with
this view il IS interesting TO note that
the best buying IN United States Steel
issues in recent weeks has been for the
account Of people identified with the
southeast corner OF Wall and Broad
streets and the northeast corner OF Wall
street and Broadway Any one familiar
with the topography Of the financial
district VIII realize the significance Of
buyIng from The sources named. The
general market was strong III The last
J
throughout the list Of prominent issues,
the movement being based on decision
favorable 10 The railroads II Minnesota
in the so-caIIed Minnesota rate case.
Z 4 Gary. chairman OF the board OF
directors Of Ihe United States Steel Cor
poration. knows NOR, about the actual
position of The iron ana steel industry
than any other man II this country. and
ms statement that "A wide open cut in
prices u finished steel products will not
be made therefore should set at rest the
ioea ia Wall Street that q disastrous
price var n the steel trade is about 10
develop. Quotations for steel are under
the prices prevailing earlier in the sea
SOL ana while some OF the smaller pro
ducers are Offering their goods under
the so-calied official level the figures
quoted by the large concerns are in
favor Of the buyer New business in
the market fo- finished steel products at
present IS Jess than The producing
capacity of the mills. owing chiefly 70
the fact that the railroads are not buy
ing I'D 10 their needs, but according to
Judge Gary the general steel industry Is
returning satisfactory results, with all
indications pointing 70 Improvement In
the nea- future Tho export business Of
the United States Steel Corporation is
moving III the rate Of 25llyO tons in ex-
cess of the shipments reported at this
time IN 1909 Duiness a. this period Of
the year Is wholly in line With prece-
dent. afld while ar present 1t is iutensi-
fed by the uuwiilinauess Of consumers
70 make extended cCnmitnents for the
future pending the outcome Of po-
Iitical uncertainties. there Is no reason
- suppose that buying movement of
large proportions VIII not develop IN the
course OF the next six months. Stocks
IL consumers hands are extremely light
and the railroads soon VIII be- compelled
10 come into the market. The outlook
Is far from diEcOuraginE