The Washington times., 1910-12-25
BETTER DEMAND FOR BOND ISSUES
THE ONE BRIGHT FEATURE OF MARKET
January Largest $226OoOOoo
Anxousy Hoped FoSel Situation Is Causing Comment
Holidays Make for Neglect of Stock Lst-Carul Review.
JOHN GRANT OATER,
s.eeIaI nepre.enfative Munsey

would return more, even on the lower
basis OF distribution. than money is like
IS to command over a period OF time
MI al stocks are cheap, but many OF
IN explaining the stability Of the mar
kct, despite dullness and uncertainty
Watching the Barometer
At the present time. probably. the con-
dijion OF the iron and steel industry at
tracts more attention than anything else
in Wall Street No secret is made IN
trade circles that production has under
gone furth r cOntTaCtions in recent days,
and although this is in part due 70
seasonal closing OF works, the major
portion is attributed 10 the persistent
reports OF impending price cuts. With
The leading interest operating at only 80
per cent OF its capacity. and some OF
The Independent companies running at
not over 20 per cent OF production, con
sumeTs are confident that prices must be
reduced and they are. Withholding orders
IN consequence.
Wall Street knows a. little more about
the iron and steel industry than il did a
few wears ago. and II would see no great
cause for wOTriment over a cut IN steel
prices n one would stimulate business.
but the question that arises in its mind
IN the present instance is whether a re
OCCASION IN consequence OF the falling
on IN building operations throughout the
country and the marked reduction in
me purchasing power OF the railways
Rail orders are coming forward In mod
crate volume. but aside from that, the
DuElnE DE railroads is practically nil. In
connection with the from and steel IN
uuStTy, however, a point much empha-
sized OF late Is that owing to the In
creased capacity OF the plants the
present output, even diminished a. fl Is.
/ ~ra
oeen or record breaking proportion only
Few years ago
Copper and Conversation.
Scarcely second to the interest dis
played IN trOn and steel is that which
centers uTon copper metal a recog-
nlzed tTsde authority, IN writing or
/ copper during the week, points out
that, despite the fact that American
producers hold 22.614. s5s pounds less
copper this year than last, there has
/ been = falling OF IN the ma-ket price
/ OF Z cent a pound. and from this the
deduction IS drawn that the output the
world over has developed 10 a point
excessively great. and that an over
production OF the red metal IS destined
: to continue The review OF the copper
/ situation referred 10 concludes as fol-
/ lows Unless there IS a very much
! greater decrease IA stocks and output
| at an early date, cooperative restric-
i ton must be pronounced an inadequate
{ experiment The legitimate law OF SUD
i ply and demand and a liquid market
are the reliable factors for clearing up
I he whole situation and against which
/ there can be no law"
/ With nothing in the way OF business
10 distract its attention. speculative
Wall Street dwelt. chiefly, upon un-
favorable features during the week. and
. even placed q besvish construction
upon some happenings which. upon any
other occasion. could have been re-
earded as highly favorable This dis
position was clearly manifested ia con-
. necticn with the advance fn the I.ehigh
Valley dividend from 10 10 per cent
Ever since the stock was admitted "a
the New York exchange. IL has been
churned vigorously and bid Up. accom-
panied by 8 report of an adv nee In the
dividend. II - true that She predir
tons OF the Increase placed - y "
rate at y per cent. but fault wa
found not because the Company did
not declare the rate pred cted by the
rnanfpulators, but because the increass
/ az this tine from S 70 II per cent. z
lower rate, showed lack OF conserva-
tism-''
This shows how difficuIt il is ID