The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-28
WALL STREET NEWS
Steel Dividend Increase Al
ready Loses Its Interest.
GENERAL SELLING RENEWED
Speculative Interests Hostile to the
Market Trying TO Make Capital OF
Conditions-Advance I'm Cali Money
Factor I'm the Display of Market
weakness of the Day.

New York, April 27,-Wlth the readiness
to forget so characteristic Of Wall street.
the greater number Of spectators in
stocks seemed to dismiss from their minds
to-day any consideration OF the report OF
the business Of the United States Steel
Corporation made public yesterday and
Of the action Of the management OF the
corporation IN placing the common stock
OF the company upon 8 per cent annual
basis
II was all looked upon seemingly as a
matter of ancient history. and attention
was almost entirely devoted. so far as the
market valuation Of the stocks OF the
steel corporation was concerned. to the
future prospects of the iron and steel
business. a certain amount of pessimistic
criticism OF the report undoubtedly CEN
tered upon the point that the earnings
OF the corporation for the quarter were
much lower than had been anticipated
Speculative interests hostile 70 the mar
ket also made as much as they could
out Of rumors, coming ostensibly from
various iron and steel producing centers.
that business there was not as good as it
siderable shading OF prices for various
steel materials. There IS no doubt that
some of these stories are true 10 a GER
tain degree. at least as regards a cur
rent weakness in pig iron.
business Not UnfayorabIc.
The depression here has passed into a
phase where talk OF an organized move
ment for the reduction OF the pig iron
output and surplus stocks Is becoming
common. and according to to-day's sum
mary Of conditions I'm the IrUn Age, a
proposition has been made that the mer-
chant furnaces in some Of the largest
Pennsylvania districts close for thirty
days between now and July T. on the
other hand. there is no proof at tho mo-
ment that the steel business proper is
decidedly less now than it has been re-
Gently, and the large volume Of orders on
hand shown by the steel corporation at
the end of last quarter indicates. IL any
thing. that the trade generally IS IN a
highly satisfactory condition.
Nevertheless, whether because OF an
outbreak Of real liquidation or because of
resumption OF short selling. an opening
advance to-day in the United States Steel
shares and other prominent stocks was
the signal for a renewal for a general
selling movement The decline I'm the
early part of the day was not violent.
but toward the end It went on more rap
idly, and 1t left most Of the leading
stocks at net declines Of from one 10
three points.
Pressure on Rail- stocks.
Pressure upon the standard railroad Is
sues seemed TO be greater than in any
other quarter. and the current specu-
lative explanation for this was that In
umation Of large impending bond issues
by the Chicago, Milwaukee and st. Paul
Baltimore and Ohio. Union Pacific and
other railway companies were 10 be clas-
sihed as an unfavorable market influence
Whether this reasoning was or was not
correct. there is no question that an
advance in the call money rates 70 4
per cent the highest figure touched for
three weeks, did play a part in the dis
play Of market weakness. This advance
in the price OF money was not maintained
and the greater portion Of the days
loans were made at a rate nearer 8 per
cent than l.