The Washington times., 1912-05-12

depends very much of the industrial
activity of the immediate future. An
other development dealing with basic
matters concerned the iron and steel
industry, and there can be no doubt
but the advices from that quarter were
OF an encouraging nature. For In
stance. on Wednesday came the report
OF pig Iron production for April, show
ing a total output In the country OF
2,375 1876 tons for the month, or an aver
largest volume of production in two
years. and not far below the heaviest
output In the country's history
Following close upon this exhibit
ished steel standing on the books of the
United States Steel Corporation,
amounting to 5,6s4,ss5 tons, or the
largest since December 81, 1909. and an
increase Of S6o,o4 tons reported by the
corporation. as standing on its books
on March 81. AS indicated by the poor
earnings of the United States Steel Cor
poration. for the last quarter big orders
do not give big earnings, unless &C
cepted upon a profitable basis, and in
consequence the third development In
iron and steel of the weeks budget
rounded out the others in a satisfactory
manner, for 1t dealt with prospective
price advance Of about 81 a ton for bars
plates, and structural forms In ware
houses. Continued heavy buying Of iron
and steel by the railways was re-
ported as a distinctive feature, and the
increased volume of business taken with
the maintenance Of prices encouraged
the belief with many conservative per-
sons that the great industry had def
nitely turned a corner.
City Bond Sale.
or the sale of s65. 900 New York
city AZ per cent fifty-year bonds, 1t can
only be said in truth that the offering
was a qualified success. for while the
loan was oversubscribed the total num-
ber of bids was 366 compared with 5S
the number received on the previous
large sale of New York AZ per cents or
January q, 1911. and as against ar
average price on the former OF 10000
the present issue sold at 100. 747 Whether
| the lower price and the smaller number
! of bids marks the effect of the dispute
between the authorities and the Stock
! Exchange over the engraving OF the
! bonds, as a result Of which the former
| issue was denied a listing, cannot, OF
course, be determined. but naturally as
result the former issue has not tho
/ same marketability as other city bonds
and the present issue, for the same rea
son. will probably not be listed.
might have considerable influence witt
small investors, who like ready mar
ket for resale for the securities they
purchase. At any rate the feature which
|
| ceding ones was the almost entire alb
sence Of the small investor, and the bid
| ding was confined almost exclusively tc
banking syndicates and bond dealers
| Perhaps. considering the condition o
the bond market, and the extent o
the Offering the results were all tina
could be expected. but the fact remain
] that the bonds as gauged by the In
i come yield brought the lowest price o
any city issues, with. the exception o
the two AZ per cent loans. which wer
brought out, one on the eve OF the PAM
of 1907 and the other just after tina
cataclysm.
Changing Interest Rates.
1t cannot be said that the city bon'
sale determined anything whatever o
the bond and investment market beyon'
emphasizing, perhaps. that personal in
vestors are holding out for higher In
come yields from all bonds, even thos
of the highest class, and are thus fore