The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-05-28


Wall Street is concerned the burst or
speculative enthusiasm which follow
ed the Supreme Court decision in the
preceding week was not well sus-
tanned, and though the market started
off with a fair display of activity on
Monday. 1t fell away with each sue
ceeding day until, in the closing ses-
sions of the Exchange trading had
again dwindled to small proportions.
There were, to be sure, some spe-
cial reasons for conservatism and
moderate dealings, imposed by the
expectation of the Supreme Courts
decision in the American Tobacco case
on Monday, and the impending clos
ure of the Exchange on Tuesday for
the observance of Decoration Day.
No doubt, also, the impending con-
ference Of the steel manufacturers of
, the country on Monday, at which time
the important question of future
prices of steel products-other than
bars, which have been cut wide
open"-may be determined, exerted
restraining influence.
| Prices Well Maintained.
All things considered stocks were
very well maintained last week.
Prices sagged off, to be sure. but that
/ was to be expected, and irregularity
rather than weakness was the char
acteristic feature of the general Sc
curity list. Tempered TO some extent
| by the developments in the iron and
steel industry, the course of the
| weeks market was about as expert
enced observers predicted, Immediate
ly after the Standard Oil decision,
which was that general conditions,
seasonal uncertainty concerning the
crops. and unsettlement arising out
of political affairs. and tariff discus
sions, favored a quiet market but one
which. so far as anyone could see,
was likely to be marked by strength
rather than by weakness.
| Without doubt the development
which absorbed the greatest interest
in the financial district during the
| interval was the cut of $1.26 per hun
dredweight in the price OF steel bars.
by the Republic Iron and Steel Com
pany, which reduction was met by the
| Steel trust and by all Independent
manufacturers of bars. The cut was
! not wholly unexpected. for rumors
to that effect have been current off
\ ana on, IN ana steel
| circles, for a long time past Quite
| naturally this price revision in bars
has been made the basis of reports of
an open market for all finished steel
products. including rails, which have
! been maintained at the fixed figure
| of SIS per ton since 1901.
Steel Price Revision.
, Uncertainty as to future prices has
exerted an unfavora BILE influence on
the steel industry which Is only to
| be expected for, until the question of
price is fixed. consumers will place
no orders except for immediate needs
| In this particular, the cut in the price
of bars Isl not wholly comparable with
! the actions of the steel manufacturers
! in February, 1909, when an open
market was declared Although stock
prices broke severely on that occasion
| the cuts stimulated an active buying
movement in steel and Wall Street,
though much alarmed when the an
nouncement was first made dated its
improvement later in the year, to
the cut in steel, which ushered in a
decided revival IN industry.
| Upon the present occasion the cut
is not general enough to exert a slim
| ulating influence. and in steel trade
| circles 1t is estimated that not more
| than $4,000 to 5000 tons of business
! has been booked as a result of the
reduction in bars and most Of this, 1t
| is believed, represents orders under
negotiation which were made deflni-
| tive upon the announcement of the
| cut In consequence of this situation
| very much interest has been aroused
| over the outcome of the meeting of
| iron and steel manufacturers, which
Judge Gary has called for Monday.
Tho Troda Doeifio1
While 1t is generally believed that fol-
lowing the Steel meeting some an
nouncement will be made which will
right to some measure the present IN
settled condition in the steel trade,
| opinions are by no means unanimous as
| to whether 1t Is desirable to institute
a general reduction in the prices Of
rods, wire, plates. shapes, structural
! forms and the like. at the present time.
| There seems to be a considerable ele-
| ment of doubt as to whether a cut at
| this time would have the same results
| in stimulating industry as in 1909, in
consequence of the restraining infiu-
ences OF tariff agitation, which, it is
| feared, will continue until Congress ad-
| journs. Unless price revision Will slim
| ulate business they hold that one would
| be sheer waste.
Some persons, in fact, go so far as
| to express regret that any meeting of
manufacturers should have been called
| at all in view of the impending con-
! gressional investigation Of the United
| States Steel Corporation under the Stan
| ley resolution. Aside from this, steel
| manufacturers, or at least some of
| them, have not settled to their entire
| satisfaction the possible relation of the
| Sherman law, with the gatherings Of
| Steel manufacturers in price reduction
| or price maintenance conferences, and
| they regard 1t as impolitic to do any
| thing that night invite a test case
under the antitrust act.
Awaiting Tobacco Decision.
The speculative element in the Street
would dearly have loved an extra holt
day on Monday, preceding Decoration
day. extending their leaves of absence
from Saturday noon to Wednesday
morning, but, of course. with two such
| important events as the conference of
| steel manufacturers and possible de-
| cision of the Supreme Court in the
American Tobacco Company case, an
extra day on this occasion was out of
the question. Although probably the
majority Of experienced Wall Street
men are now Of the opinion that the
court will decide against the Tobacco
company, as it did against the Stand
ard Oil, American Tobacco stock. on
the curb, has scored an advance Of no
| less than 6s points since the eve of the
| oil decision, and 1t has retained the
larger portion of the gain, despite 20