The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-06-04

hands, and possibly, II one could trace
an occurrence like the above back to
its origin, 1t might be found to center
in the distribution of some large buy
ing orders by influential banking inter-
ests in such a manner that the buyer
becomes known. OF course persons I'M
initiated in the mysteries of Wall Street
have little appreciation Of the fact of
how many times broker on the floor
Of the Exchange executes orders for un-
known principals. In the case OF a
large pool or manipulated market, the
order may pass through several hands
before II Is actually executed, but II a
very important banking interest wants
to make it's position known. and such
seems to have been the case during the
week, he can do so without difficulty,
and such Is always the case when sup
porting orders are placed in the market;
Naturally the chief development OF
the interval In industrial circles was the
reduction announced on Monday even
ing OF from 81 to 81 a ton on various
classes of finished steel products. Such
a revision of prices was. of course,
practically inevitable following the
lower quotations on steel bars. Atten-
ton was called to the fact week ago
that opinions were widely divided
among steel manufacturers as to the
desirability of reducing prices at this
time, as many of the independents held
that a revision now, in view OF many
restraining influences, was not calcu-
lated to stimulate buying.
Steel Cuts and Business.
Practically all the trade authorities
reporting on this matter during the
week dwell upon this feature of the
price reductions. Thus far 1t is pointed
out the cuts have tended to accenuate
the feeling of uncertainty In the steel
industry, and a further restriction of
business rather than its stimulation has
been the result. While admitting this to
be the situation at the present time the
Iron Age points out that as soon as
buyers can become convinced that prices
have reached rock bottom buying will
commence. Two or three weeks may
elapse before correction comes, but, in
the meanwhile, the railroads, which
have long held aloof. have been selling
bonds and notes, and have placed them
selves in funds, and speedy resumption
of their purchases. which must stimu-
late the steel industry, is confidently
looked for in the near future.
While the leading commercial authorf-
ties still report that the chief charac-
teristics of general business at the pres
ent time are curtailment, readjustment
of prices, and moderate purchases in
satisfaction of immediate wants. they
report, also, a feeling Of growing con-
fdence, which Is naturally traceable to
the very favorable crop prospects In
some reports. perhaps. the later reports
concerning winter wheat have not been
up to the early promises. but CONNECT
ing reports on crop conditions are TO De
expected at this season of the year. 1t
is one Of normal uncertainty. In this
what every one should bear
in mind Is that the brilliant conditions
at the outset will admit of consider
able revision of estimates and still give
assurances of large yields.
Crops and New Financing.
Internationally the most important de-
velopment of the whole business week
was the first Government report Of the
season on the cotton crop, which indi-