The Washington times., 1912-05-26

special issues, have a very good argu-
ment In tustifying the marking up OF
effect, 1t Is that the companies have
been subject to a very severe test
during the last two or three years Of
dull business during which interval
economies have been enforced, cam
ings have been maintained, and such
paying class have for the most part
renamed there. They argue that NE
business Is improving and the junior
properties are not likely to experience
in the past, that their earnings will
improve with improving business and
that this furnishes basis for better
prices.
Industry Headed Alright.
As to general industry, while reports
from the larger industries were not
perhaps as uniformly favorable as
they have been OF late. for a little
hesitation was again reported in GER
tain lines of textiles. foot wear, and
elsewhere, the volume of business as
a whole, according to the commercial
agencies, continues to expand. and
this IL borne out by such trade statiR-
ties as bank clearances, and gross
railway earnings. While the high
prices of copper areS said to have ap-
piled some check to buying. the re-
ports from the iron and steel industry
continue encouraging, both as to the
maintenance Of recent moderate price
enhancement and the volume of bus,-
ness, and II Is asserted that the chief
producer In this line. the United States
Steel Corporation, Is now operating
at s6 per cent of normal capacity.
That the final settlement of the an
thracite coal strike, by the convention
of miners, who accepted the basis OF
agreement, reached at the conference
OF miners and owners, had no infiu-
ence on the shares OF the anthracite
coal carrying roads. was not a matter
OF surprise to persons, who recall how
sharply these shares advanced, but
few weeks ago on the rumor of an
adjustment. What interests Wall
Street much more, was the aftermath
immediate advance of % cents a ION
for coal, with a fair prospect of further
enha ncement of price later on. While
without marked influence this incl
dent was widely commented upon and
1t served to check somewhat, the en-
thusiasm which Wall Street has re-
Gently displayed over the prospective
advance In the wages of railway en-
gineers and fremen, for though freight
rates might advance, IL wages are ad-
vanced, II Is quite evident, as In the
case Of the coal strike settlement, that
the increased cost will come out Of the
consumer.
New York Real Estate.
Not directly, associated with the imam.
cial market. but a Development, which
attrscte much attention in that quar-.
ter, was the receivership of the I'M
proved Property Holding Company. one
of the largest real estate concerns In
the city. The interest OF wall Street
IN the matter centcrs in the pred;c-
tions made many months ago OF ar
impending liquidation in New York
city real estate, which the failure OF
this concern and others Of lesser mag.
n.tude, recently, seem to confirm. The
failed company, though honding many
valuable parcels of real estate apart
like, was unable to secure tenants
Ter its more expensive property. in con.
sequence. in part. Of the spirit o.
economy, which prevails among all
classes II IS pointed out ttat the Same
condition exists with many real estate
owners, botn in the central business and
intermediate residential section of the
city.
through the sale In recent years OF
large quantities of debenturs bonds and
other unsecured issues. based OF rea
estate, by companies known to be con-
ducting speculative business. A re-
cent investigation by the State Banking
Department, which has been investtCat.
ing the matter has disclosed that there
are no less than 1S3 companies in The
city. selling some form Of real estate