New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-05

r,ore serious wall SIee' s0S N
ouiet peaceful place OF abode
Consumption Of Copper.
o,,s from copper interests indicate
,bat CD TO this time tonnage OF copper
cor 1918 delivery has been SOLD. ana IN
.,sased consumption Is expected oy all the
,orge corporations using copper 1t is
"a FOR instance, that the General Elec-
=. Germany will consume about 10000
80 nounds more copper during 1912 than
last year.
Better Earning Capacity.
r.. market activity Of Chesapeake &
Ills attention 10 the fact that this
"a during its last fiscal year earned
- IN IFS stock than during the year
,..,o,s The reason was not in the
so,al prosperity attending the roads
oro,,on. but in a development Of ef-
800 handling OF trains and increasing
Docb trainload. Instead of sos tons con-
s.,,utjnr a loaded train, the tonnage was
deceased 10 1855. with practically little
.dvance in cost of operation.
Railroad Requirements.
All sorts OF opinions are current on the
resent conditions Of the railroads and
.hs,r future prospects. 1t seems TO be
,r,rossible for certain futurity experts,
Tho IN months gone by, have predicted
eronc,sl embarrassment for American
-.uroads. 10 recognize that the danger
me II there were any, has been passed,
- that railroads now. with other Amer
It'd ~ al inc
,,ons are in the prosperity zone. or
course. wages have been advanced, the
a.. Of living has gone UP and the Inter
,,s,. Commerce Commission has checked
,nd,scr,minate rate advances. But the
railroads are increasing both gross and
ma, earnings, and there is no particular
indication that they cannot pay dividends.
Their assets are increasing in value, and
ash at present the bowling pessimists
bav. little 70 warrant the cry OF Wolf"
en-. point which critics OF our times lose
,rht OF ls that railroad managers are
stu6ytng efficiency, and that the old days
a, waste and extravaganza in railroad
+; opsrations are passing, and applied econo-
mics, with a high state OF efficiency, are
making UP for some Of the unavoidable
Increased expenses in some branches.
Iron and Steel Trade.
Reviewing the iron and steel trade THE
Iron Trade Review in part says; Heavy
rail buying by leading systems continues.
The Pennsylvania Railroad has distrib-
nted orders for about $4,000 tons at this
date which is earlier than usual, in order
TO insure itself Of deliveries soon after
January l, because rail mill schedules are
filing up rapidly. The total New York
Central rail requirement. still under nego-
tIation, may reach as high as 175,0Oo tons.
Advancing steam coal prices are being
given more attention in the iron and steel
trade. and some serious shortages have
developed The production last month
OF coke and anthracite pig iron
was at the daily rate Of Sl,2ol tons, an in
crease OF 81 tons over August. The total
output last month was 2,435Ol6 tons. loss
of64l47 tons. due 10 there being only thirty
days In September. The output for the
first nine months OF the year was 2l,2l6,576
tons, gain OF 4141.4 49, tons. compared
with the corresponding period Of 1911
"The Iron Age reports: THE ease with !.
which prices of steel-making pig iron |
have risen in the Central West and the
fact that there is considerable unsatlshed
inquiry for such iron still cause interest
to centre in that market Valley furnaces
have been prompt 10 ask advances, and |
to-day SIC 80 appears TO be the minimum
for Bessemer iron. In basic iron sales
Of 1900 tons are reported at SIS 80. VAL !
ley furnace, while SIG is now commonly |
quoted. The largest sales OF the week |
were made at st. Louis-l5,0O0 tons OF
Southern and 1000 tons Of Northern
basic. Inquiries from steel foundries in
that district call for a minimum OF 5000
tons, with a possible 5000 tons. Chicago |
and Valley producers being in competition
for this business"
No Stringeney Expected.
The money situation is covered by the
Fourth National Bank Of New York in its
monthly letter. In one paragraph is the
following:
One reason for the great activity in
the Wall Street loan market during the
closing days OF September was the heavy
increase in the amount which has to be
discussed this year in connection with the
October payments. Altogether Si73,ooo 900
VIII be paid out in connection with these
maturing obligations. II must be remem
bered also that there Is q considerable
Volume Of short term notes which fall
due before the close OF the year. A large
number Of these issues have already been
provided for. but there is still good deal
o. financing to be done in connection with
the large payments which invariably have
% be made toward the close Of each cal
ndar year. The New York banks have
not large surplus reserve, but there is
no reason 70 look for undue stringency In
The money market or for such an advance
IN discount rates as would really bring
hardship TO commercial borrowers. While
made Is as active as II is to-day Iner-
chants VIII have to borrow heavily. and
there is every reason why the banks
should afford them all the accommodation
ulAt they are entitled to. 1t takes great
oeal OF money TO operate the immense
steef plants and other manufacturing in
isFests on the rush order basis which Is
beng followed at many Industrial centres.
with gold flowing 10 the United states
rom Europe and with the Treasury pos
sessec OF sufficient working balance TO
pefmit Of large deposits OF government
'arcs with the banks should occasion re-
salre H. the money market would seem 70
ne fairly well protected at this time
against any very startling advances In
Discount rates"