The Washington times., 1911-01-29
Special

irregularly for the greater part Of Wall
Streets business week, showing a gen.
orally strong undertone throughout the
interval, however, and recovering easily
after every slight recession. The vol
ume of business was not large, and
dealings again were highly suggestive
of professional activity, which was as
clearly defined on the declines as on
the recoveries. Aside from the better
business reported in bonds there was
very little indication of an increasing
general public interest, but, as pointed
out last week, some institutions and
some large operators have acquired
stocks and are maintaining a firm posi-
ton on the long side of the market.
Speculative sentiment In influential
quarters is unquestionably better, but
SO far as one can determine the matter,
this is due chiefly to the relaxing ten
dencies of money, which checks liquida-
ton and facilitates investment opera
tions. There seems to be a growing
feeling that the railways, and such of
the corporations as are not too deeply
involved in the outcome of the indus
trial trust decisions OF the Supreme
ties or borrow all the funds necessary
for their requirements. and this, it is
argued, will apply a check to trade
reaction and insure a fair volume of
general business.
Improvement In Iron and Steel.
A matter which has contributed ma
teriaHy to the growing belief that
industrial conditions are undergoing a
change for the better. and that trade
reaction is not likely to run very far,
g the improving tendency noted in the
basic or barometric industry. Says a
recognized authority:
1T is now possible to discern definite
signs Of improvement in iron and steel,
and. as a result of the larger buying
Of finished materials, sentiment in the
trade has become increasingly opti-
mistic. Conditions in the pig iron di-
vision. where freedom of action is still
maintained, are far from satisfactory.
with further price concessions reported.
yet new orders in other lines are ex-
panding and consumers show more
disposition to cover future require
ments.
THE advance Of 81 ton in wire
products was closely followed by the
placing Of the important New York Cen
tral rail contract for 176,75O tons. En-
couraging developments are noted in
the structural department, where many
deferred orders are coming to the fabri-
eating mills, and the transporting COM
panies are giving out bridge work with
greater freedom. Tinplate operations
are on a more active scale than for sew
eral months past, and the outlook in
sheets Is also materially improved"
Reawakening Industry.
In tin plate, according to the trade
the improvement Is very
Up to two weeks or so
ago, the leading producers were run
ming at about 40 per cent OF capacity
on this product. but at present they are
operating at fully 80 per cent of normal
output. Naturally, some recovery in
iron and steel products was looked for,
as one is seasonal at this time, when
farmers are laying in their material.
and, aside from that, as already pointed
out in this column, steel has been
bottom with stocks worked
down to a minimum, so that any change
whatsoever was likely to be in the ma
ture of an upswing. But, of course,
steel is a barometer of trade, and, in
genuine improvement IN
that industry is regarded as foreshadow-
ing improvement all along the line.
No one who has studied trade condi-
tons can doubt but that there Is ample
room for betterment For instance, the
bank clearings of last week, amountinc
In the whole country to $3.50, 1857, re-
feet a loss of 2O5 per cent, as COM
pared with the corresponding week
year ago, but most of this loss is cred
tied to New York, where much of it is
for by the contraction in
speculative undertakings. However, it
Is pleasing to note that signs OF i'm
provement are remarked in other indus
tries than iron and steel. The dry goods
market, for instance, has exhibited a
more encouraging aspect In various
lines, despite the recently voted restric-
ton of output by textile mills. And in
this industry, also as in iron and steel,
low stocks appear to be chiefly RESPONSE
bic for the betterment. Where overpro-
duction is reported, as in copper, trade
conditions still languish.
New York City Bonds.
The most important development of
Wall Streets business week was the
successful disposition on Tuesday of the
s60, 100000 New York City f1fty-year AZ
per cent bonds. The offering, which is
oy far the largest ever made by the city,
and which, in magnitude, compares more
with government that a municipal
was covered by subscriptions
aggregating $324. 1885, ,O3O, or more than 51s
times the face of the issue. In all. 81
bids were received by the Comptroller,
and this seems a clear indication that
there is plenty of money awaiting in
vestment If the security is unquestiona-
Die, and the price attractive.
In some particulars, no doubt, the citysl
bond sale fell short of Wall Streets
This resulted more from
he failure Of the large oversubscription
10 stimulate stock market activity, than
concerning the price. |
rhe latter was low, averaging 1009O or
IN interest basis of 4.207 per cent, which |
contrasts with a price of 1W.2S and an |
income basis of 4.155 per cent for the ~
per cents sold on March q, 1910, which |
being 3D-50-year (optionaD bond, is a |
ess desirable issue than the straight |
ifty-year bond sold during the week. |
However. as Wall Street, until the pub
a. oppo,,poayraOf ruao ,ooda bod ax