The Washington herald., 1911-05-26

New York, May 2.-Wall street con-
tinued to-day to view the so-called unset
tlement in the steel trade with a surpris-
ing degree Of eQuanimity Perhaps this
was because there is a certain amount Of
cynicism in the financial district as to
whether there is any unsettlement at
sll-that is, of the old fashioned sort
and whether, yesterdays announcement
OF the cut in the price of steel bars by a
leading independent organization did not
have more reference either to stock-mar-
ket operations or to certain diplomatic
purposes than It did to intrinsic condi-
tions in the steel trade.
Probably a more important considera-
tion was, however, the fact that Wall
street remembered that cuts in iron and
steel prices, when proceeding from large
trade organizations for genuine busi-
ness reasons, usually mark the end. or
nearly the end. of a trade depression
rather than the beginning thereof.
At any rate, to-day. even If there was
for a time heavy selling Of United States
Steel common stock, buyers for the stock
sold were promptly forthcoming, and in
such quantity that the stock fell at no
time below yesterday afternoons closing
figure; and at the end Of business,
while dealings in the stock constituted
not far from one-third Of the days total
transactions, the net loss sustained by
the stock was but three-eights OF per
cent.
So. too. 1t was remarked by everybody
that whatever might be the case with
United States Steel common, the mass
OF stocks seemed to be inclined to move
upward. The leader in the railroad list,
Union Pacific common declined hardly at
all during the day, and left off at a frac-
uonal advance.
Atchison, Northern Pacific, Great North
ern preferred, and practically all the
prominent railroad shares; even in the
case Of Amalgamated Copper, distinct
residence was shown. Possibly this
might have been due to the fact that
much stronger undertone is now exhibit
ing itself in the market for copper
metal
Although there is much confusion of
feeling as to the present state Of af-
fairs in the iron and steel business. II
was authoritatively learned to-day that
there Is no prospect of a general "open
market" for iron and steel products. 1t
was said in the highest quarters that
certain amount of readjustment between
bar iron prices and those of structural
iron was proper, in view of the fact tina,
quotations for the first named commodity
are normally below those of structural
iron, while latterly both products have
been selling on the same basis.
While price cutting has been going on
in other directions by small manufac
turers. the aggregate amount of business
thus diverted from large concerns has,
1t is learned, been altogether inconsider-
able. The belief is, therefore, that con-
ditions must grow much worse than
they are now before any general reduc-
tion In iron and steel prices will have to
be inaugurated, and the hope is that be
fore many weeks are over the crop
promise of the country will impart a
fresh stimulus TO business itself The
of hope of this kind is. in fact.
clearly enough at work in the stock
market already.
The one notable news announcement
of the day was that pertaining to the
sale to bankers of s25.0 1000 of the per |
cent first mortgage and refundfng bonds |
Of the Oregon Washington Railroad and |
Navigation Company. guaranteed by the
Union Pacific. The company selling the 7
bonds Is, of course, the old Oregon Rail-
road and Navigation Company, the Union |
Pacific's chief subsidiary company. that |
has lately been reorganized under another |
name The new company takes in vari- |
Gus other small lines that were not In
cluded In the old one.