The Washington times., 1911-06-18

vide the means for a tremendous indus
trial development, as soon as restrain
ing influences are removed.
Industrial Condition.
The domestic industry CT the country
makes q somewhat unfavorable showing
when contrasted with the foreign trade.
but naturally this is q between-seasons
period. and no very great activity Is
to be expected while any uncertainty
fingers regarding the harvests. Such
changes as have been noted in the grea;
industries. however. have been entirely
in the direction Of improvement and the
basis for further material recovery. as
frequently noted in this column, exists
in the fact that stocks in manufacture
ers', iobbers', and dealers hands are
low everywhere. In consequence any in
uuiry for merchandise, however slight,
is destined to set the wheels Of industry
in motion.
1t is noted by the trade authorities
that the recent cut in prices In iron
and steel Is now working as was ex-
pected in a considerable expansion in
new business, and a sustained recovery
is anticipated In steel trade circles.
Leading manufacturers are receiving an
increased number of orders, and mod
crate inquiry has been noted on the
part of the railways. Copper IL moving
more freely, and the better statistical
position of the red metal mas resulted
in a hardening of prices. The Improve
ment in the textile industry is reported
as more evident in sentiment than In
actual activity, but there has been
some slight betterment and freer buy
ing movement is reported In wool;
Railway gross earnings for the first 1ull
week of June show a decrease OF about
2.3 per cent compared with the preced-
ing year, but the bank exchanges Tor
the whole country for the present week
reflect a gain of IL per cent over the
same week last year; and there are
numerous other indications that go 70
show that trade is no worse. and that II
is probably a t.'ifle better than 1t has
been in the recent past.
Successful New Loans.
Bond dealers, while reporting a fair
investment demand, freely admit that
the inquiry Is not as good as II was,
and the volume of business in the bond
division contracted during the week,
Trading in that quarter also was made
up largely OF transactions in the specu-
lative descriptions, and the movement
in several active issues on the exchange
was strongly suggestive OF pool opera
! tions. While it is possible that the very
large recent flotation of bonds anc
notes, particularly the latter, has sur
/ feited the investment market for the
time being 1t is not at all unlikely that
some investors have held off, in order
to determine the outcome Of the Gov
ernment's offerings OF 100000 Panama
canal per cents and the S1,5OO,00 i'm
perlal Chinese per cents.
Much interest has been manifested al
the week in the Panama canal issue
/ and while practically all the newly is
! sued railway bonds were heavy on the
! curb, the Panama bonds advanced tC
! 1884, foreshadowing the successful Of
! fering. Second only to the Interest
aroused by the outcome Of the Panama
canal Offering. which II is believed may
! have a far-reaching effect on the in
! vestment market, is that occasioned BY
! the Chinese loan. the first ever Offered
/ for public subscription in The United