The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-01-24

airy for stOck-taking purposes and Tor
repairs OF buildings and machinery IS al
ways made the basis for cleyerly man
ipulated bear movements in stocks based
upon the mining and manufacturing OF
metal ike that which Is going on to-day
In North America and Europe something
Ike 100000 working people in the metal
trades and closely allied interests are
laid of because Of stOck-taking and the
repairing OF plants and machinery. By
February !, most Of these people viii
be at work In this market the only per
sons who are looking at the metal mar
kets through professional blue spectacles
are minor spectators on the bear side
Of manipulstlve deals concerned with
iron. steel. copper. silver. lead and zinc
stocks bottomed upon low class proper
ties.
Situation In Pig Iron
The dullest distributing points in pig
majority Of the general foundry plants
are Inactive owing 70 the taking OF in
ventories and repairs. In the Southwest
and South. the consumption OF pig iron
exhibits a considerable increase over the
amount melted IN the corresponding period
Of last year. Makers Of s. per cent Of
the agricultural machinery in the South
west. West. and South are operating fun
tine. and their requirements for pig iron
are well covered up 20 June %
II the Central West. Pennsylvania New
"a
sachusetts. the constitutional engineering
trades and the makers ~ Industrial ma
chinery for textile, Ieather-w0rking and
a few other industries are employed 20
about g. per cent Of full-rated capacity
All pig iron makers and consumers repre-
scented IN this market anticipate steady
going conditions for two Or three months
on the basis Of the present rate Of
monthly production OF pig iron
Prices are not likely % be materially
changed one way or the other for some
time. Ruling quotations for round ton
nagez at furnaces are these: Southern
foundry. No 2. Si3. Eastern Pennsly-
vania. No. *. 1s71s.5o; Valley Besse-
mer, SIS
Steel shows Betterment.
The steel mills report a very small de-
gree Of betterment IN new business, more
especially from the railroad interest
which in track and shop materials IS do
ing a fair amount Of buying for shipment
by makers through the summer
All makers OF steel cars viii put more
men al work in February. when q good
deal Of material now IN process at steel
mills viii be assembled at car-building
and locomotive plants. There are pigeon
hoIed IN Offices Of railroad purchasing
agents specifications that call for steel
products TO the estimated amount OF
$50 coc.o0a.
This great sum represents Just about
one-ha1f Of the amount OF goods re-
quired by the railroads. as FOR a Ions
time the railroads have been telling their
master. mechanics and civil and n1echani-
cal engineers 20 cut their acquisitions =
per cent" There IS story that a ne
chanicaI engineer or the Pennsylvania
lines obeyed this command so literally
that he ordered only one-half the re-
ouired length for a piece OF steam engine
betting.
Copper Stands Unchanged.
Producers Of hve-sevenths Of the
worlds copper say that the stories about
a reduction in prices that circulated ii
speculative circles here at the close Of
last week came from men who are neither
copper producers nor consumers The
great copper and brass mill operators in
this market tell the same story-tha,
prices are unchanged AZ 1910. d1fSsc. foi
lake: electrolytic 1850 d1Hzc.: casting
Fs
duCers 10 the larger consuming and job
bing interests.
Copper production from ell mines cor
troIled by American capital IS going or
at the volume OF 1.25e. 10000 pounds pei
annum. The amount Of copper IN rein
ing works and in transit IN North
America Is about 1a0.000o00 pounds. The
only channel Of copper. consumption that
IS sluggish Is WITHDRAWING within the
, United States In Germany and Great
Britain the wire-drawers are employed e
50 per cent Of the average capacity.
silver Now Improving.
The domestic silver markets are in
proving under fairly good demands by
silversm;ths and silver-plsters FOR bar
and sheet silver. Last weeks sales by
bullion dealers for account Of manufac-
turers in the Eastern and Middle States
ran well over 1890 ounces. STversmiths
and platers came to the beginning OF the
year with less silver a. plants than FOR
a number Of years.
The holiday trade exhausted stocks Of
solid and plated wares and sent makers
into the markets last week to provide
for enough silver 20 keep the big crews
at work that viii be put on pay rolls
early in February. Domestic makers q
solid silver worked Up ., 000,000 ounces OF
that metal last year, and the markets OF
silver-piated ware consumed 50 Per cent
Of the amount worked up IN 1906. which
was estimated ar 10000 ounces
A liberal export movement in pigs OF
silver has been going on some days
through the WeIls-Fargo. Adams and
American Express companies-an Of
whom refuse TO give information as 70
the consignees or consignOrs- Bullion
dealers say that the situation OF silver IS
improving here and IN Europe and Asia