The Washington herald., 1913-10-08
SMALLER TRADE;
BETTER PRICES
Large Short Interest with
Stoppage Of the Liquida-
ton Steadies List.
STEEL co. AND TARIFF
Local Securities Remain Very Firm.
Railroad Earnings Show
Falling OFF.
STEEL co. AND TARIFF
by /. 4. FLEMING.

Wall Street watched and waited for
reaction yesterday and the big line q
shorts put out on Monday and in tn
closing days of last week warranted tn
expected recovery.
At the same time the Street kent clos
tab on Steel common, recognizing il a
the nub Of the list, and that as it lie
the rest of the list would follow.
At the immediate opening there wa
good covering. initial trading being a
about SIS advance. shorts taking profit
on the theory that a reaction was due
But the first show OF strength did no
last long. the market becoming very dul
and easing on steadily to a weak clos
ing little better than Tuesdays
II was a Gay Of unimportant develop
ments. The Union Pacific executive com
mittee passed a pleasant hour in lookinl
over routine matters and never even one,
limited that a melon OF any size shap,
or character was brewing, despite tn,
steady stewing of the anxious share
holders, wearied with longing and hope
ing for a slicing
All talk Of crops has stopped and the
entire Street has become expert on tariff
and its effect here and there. The very
people who are taking the most gloomy
views on the tariff question today, liz.
nored 1t absolutely six months ago, when
IL was Just as much a certainty of then
rs 1t is at this moment. They put Steel
up to Sc with the tariff facing enactment
to a certainty, and down to IS after il
Is a law. As Houseman remarked, sure
y the ways of Wall Street are remark
Iblc."
Expert Testimony.
In this connection the following from
the Ironmcnger may be interesting.
The lronmonger, the English iron and
steel authority, presents the foreign view
Of the new iron and steel tariff in this
country in the current issue. The article
Bays:
The question whether the alterations
In the United States iron and steel duty
Nill stimulate exports from this country
Or from the continent Of Europe is one of
considerable interest. If such a tariff as
Is now coming into course had been
enacted twenty-five or thirty years ago
there can be no doubt that it would have
been Of great Importance to British
trade: but the conditions are now entirely
changed. The United States then made
only about 10 per cent. of the worlds
iron and steel, whereas now they ma Ike
about 50 per cent. They have passed
through the period when they could only
work under the protection of prohibited
customs tariff, and they would now be
we'll able to abolish duties altogether il
they desired to do so. Take for instance
the reduction on steel bars from u per
cent to per cent The price of steel
bars in the United States is at the mo-
ment lower than in this country, and has
been so for about two years. The same
may be said Of bar iron. rails, plates and
other materials of this class: and vet
when the old tariff was set up. American
manufacturers Of this kind were twice
as dear as those of Europe. II is fairly
obvious therefore that no Imports from
this side are likely to be possible as
result of these particular reductions in
the United States tariff. the main ex-
port business in iron from Great Britain
10 the States consists OF special classes
of pig iron, of which in 1872 is given as
S3,l5S.CIO. Our tin plate exports to the
States, which We're not so long of great
importance. have dwindled to about $40
o. worth annually. The duty on tin plate
has been reduced from about 81 per cent
to l. per cent. and it is possible that
some little increase in business may re-
suit. but no great expansion may be ex-
pected The TACT is that the American
iron and steel trade is preparing not to
admit foreign competition. but to invade .
the outside markets of the world: and il (
will probably he cnjbled to do this by /
the ch"apenins uf the costs Of production I
through the lowering Of the duties upon
goods generally and the consequent re- |
duCtiuH In tn, cost Of living in the .
Stale