The Washington times., 1912-07-28

reference to consols. They would not
disappear from view entirely, he said,
and he intimated that 1t was about time
result consois showed a recovering ten
dency. The same idea will occur to
American investors in time. Perhaps
high grade railway bonds will 60 lower,
points below the high prices Of a dozen
years ago, the decline, whatever II may
pc. is measurably nearer the end, and
these issues are much more attractive
fSr ffnn purchase .at now than before deprecia-
should be borne In mind Is that with
the best bonds selling on an. attractive
basis. one need not buy poor bonds to
secure high yield.
Favorable Crop Condition.
The best features found in the weeks
news were the developments bearing
upon crop conditions and upon general
industry. Despite alarming reports of
damage to spring wheat through black
rusts and to corn through excessive
heat in the Southwest. put out by crop
killing spectators, the advices from the
crop growing districts in which men
place the greatest confidence are of a
favorable character, and the frmness
shown by securities Of railroads travers-
Ing the wheat belt was suggestive OF
thC aStNhy CApcCttu ldttT oh.
Advices. from the iron and steel indus
try were of an encouraging character.
Prices of wire products were further
advanced. while to secure prompt de-
liveries Of plates and forms, premiums
in instances. are being paid by con-
sumers. The reports Of increased build
ing opera tions and the demand for rail-
way equipment, fully confirm the ad-
vices OF sustained activity in the basic
iron and steel industry.
Thn taQtkSs,nnx, hrnt0hf a. haF q u -
arbitration board touching the inability
Of roads to Increase the pay Of loco
motive engineers, without advancing
freight rates, was regarded in banking
in respect to the possibility OF their
acquiring the privilege Of charging more
for their services. Certainly, as the sit
uation now is, the roads cannot grant
the wage increases and maintain divi.
dends on the present basis, but OF
right to mark up their freight sched-
ules, II does not OF necessity solve their
problems. for the chances are that II
this were followed by wage advances
other brotherhood of railway employees
fremen. conductors, shopmen, and the
like would come forward with like de-
mands for higher pay.
The international Money Market.
Developments of the interval In the
international money market were OF
absorbing interest to foreign bankers
Discounts advanced sharply In London
and ruled above the bank rate, which
is unusual. and Paris showed a marked
disposition to fortify its gold holdings
The higher money rates abroad resulted
in a sharp advance in sterling exchange
at this center. to the highest level In
two years, and II would have been a
simple matter for France to have with
drawn gold from New York. None was
drawn, however. and perhaps none will
be for Europe is we'll aware that at
this season we have little gold to spare.
The peculiar feature of the exchange
movement is thafo. ~ all the known
rules of foreign Da hiking. sterling ex-
change at this se' II should rule in our
favor. instead OF , cry much against US.
The bank statement today showed a
further increase In cash holdings and
strengthening of reserves, but Wall
street is not looking for easier money
In consequence, for the tendency Is all
in the other direction.