The Washington herald., 1911-06-15

New York. June 14.-By all means the
most important financial DEVELOPMENT to-
day was the news. for the first time since
the cut in prices Of iron and steel prod
ucts, of definite Improvement In the
steel trade. Certain small signs of this
Improvement have been visible for sew
eral days past, but to-day they gathered
decided force.
The Iron Age, ia its weekly report, del
clared that the picking up appeared TO
be due to a general feeling that the de-
preston in steel touched its lowest point
some time since, and that the reduction
In prices had actually stimulated livery
considerable volume of new business.
Business il ImprcvIng.
The Iron Trade Review declared that
the optimism in the trade was due to
more cheerful business sentiment in the
West and was directly connected with
improving crop prospects. At the mo-
ment, the quickening in the trade appears
to be centered in railway orders, there
being strong indications that some large
orders for steel rails will be placed during
the next week. Inquiries for steel rails,
1t is said, aggregate a total of very
nearly 100000 tons
1t is known also that the American
Steel and Wire Company made a new
high record in orders last month, with
but two exceptions, and the more favor
able news of the day also included that
of q better demand for sheet and a large
increase in the production of steel bars.
The result of all this was, OF course, a
brisk upward movement in United States
Steel common stock; and it must be said
that this movement has been preceded
during the week by strong symptoms of
an attempt to accumulate the stock.
Other strong stocks to-day were Balti-
more and Ohio common, which rose be-
cause of the growing belief that the pres
ent dividend distribution upon the stock
is no longer in danger of reduction, and
the Chesapeake and Ohio, Missouri, KAN
sas and Texas, and Louisville and Nash
Vile shares all for more or less specific
reasons bearing upon the properties con-
cerned
News from: the agricultural section was
mixed, and resulted in irregular cotton
and grain markets. To the reports of
dry weather in the Southwest that have
been heard for several days were added
stories OF damage to the spring wheat
crop in certain sections of the lower
Northwest These stories were, however,
contradicted later in the day. Dispatches
were also received telling of cloudy and
unsettled weather with indications of
rain in the Southwest and South, and,
therefore, while grain prices showed a
SlIOHSSE ISHuSilCyr. lHe COIlOn OpllOuS SUI
fered a decline.
aThe governments full statement of the
May foreign trade, which was published
this morning, rather quickly following
yesterdays report of the exports of do
mestic products, alone made interesting
reading. The total volume of\exports and
imports for the month was the largest
ever shown In May, which will be taken
as sufficient proof that trade, as whole,
is in no way sluggish.
Panama Bonds Up.
In the curb market to-day the new
government canal bonds. when issued
rose to a price of 1O35t, the highest fig
ure yet touched in these transactions,
Doubtless this quotation was due in part
to purchases made to cover short sales
of these bonds Nevertheless the occur