The Washington times., 1911-07-16
ABSENCE OF LIQUIDATION is ONLY
ENCOURAGEMENT FOR PROFESSIONALS
Issues Which Usually
Along So Limited
of the Burdens O he Transfer
BY JOHN GRANT DATER,
snecisl Repre.entatye

since the May report, and 1t seems 10
indicate that things are on the mend In
the iron and steel industry. Naturally a
stimulus was looked for as result of
the revision of prices, and that this is
progressive Is borne out by the adYices
from Pittsburg and from the recognized
trade authorities. Increased equipment
orders from the railways Is an interest
ing feature of the improvement, which,
it is believed, will expand materially
with determination of the harVests.
Improvement in Metals.
While the orders of the chief producer
in iron and steel are tncreasing, 1t is
noted with equal satisfaction among
observers of fundamental conditions,
that the surplus supplies of copper have
decreased. Mondays report Of the Pro-
ducers' Association made this quite ap-
parent. The reduction in surplus is not
heavy and a portion of 1t, 2,4OS,5H
pounds, is due TO diminished output, but
the stock of red metal in the market
was lessened by S,56l,7 pounds and this
despite domestic deliveries, smaller by
2,SS ,402 pounds than the takings in May.
Increas sod export shipments were .e-
sponsible for the betterment of the
statistical position of the metal.
, The surplus copper on % hand Is stu
heavy, amounting to 157, i34,l6i pounds,
but a more hopeful feelings prevails
among copper producers in consequence
of the reduction in supplies and the
more active foreign demand. Naturally,
so far as the general public and general
industry is concerned, there is always
encouragement when basic materials
like metals begin to move. Upon the
present occasion 1t must be admitted
that Improvement Is not very extensive,
to indicate that the Industrial swing
tends upward.
British Consols Decline.
The foreign situation which occa-
stoned some unse.tlement Of the Euro
pcan markets last week appears very
much better on the surface, and was
scarcely mentioned during the interval
either in the market advices or general
news reports. At the same time. how
ever. British consols. the worlds pre-
mier security. broke sharply to IS 3-16. or
the lowest price recorded since 1851,
eighty years aSo. This decline in con-
soils is interesting from an historical
point OF view, but 1t seems to be the
result Of combined Observation-Disclosures
some liquidation for the Birk beck Bank
purely local to Great Britain, and
therefore OF no great significance to
other markets :han London.
Though generally attributed to the
longdrawn out controversy between the
commons and the lords, other Influences
have certainly contributed to the long
continued depression OF the British
funds. such AS the amendment to the
British trustee AFT some years ago, by
which the scopa Of the trusI investments
was expanded to include q wide variety
OF colonial AMI municipal issues. there
tofOre excluded from the employment Of
trustee funds. Consols rallied from the
lowest point. but ii is interesting to note
that recent London financial authorities
such as the Economist in its last issue,
are drawing sharp contrasts between
ccnsols and Panama canal 8 per cent
bonds. very much 20 the favor Of the
latter security.
Wall Street. in the closing days Of the