Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-23

thoroughly been brushed aside by on1cial
statistics state and national-the out
| look being for harvests that will be sat
| isfactory.
Industrial developments show trade ex-
pansion. In steel, for example. the mills
| are being rushed almost TO capacity, with
! bidders for supplies in large volume offer
| ing substantial premiums for early deliv-
| cries. This has not been the record for
year past. Yet the change into betterment
| has not come swiftly-the present rush
has been a matter of growth continued
| through two or three months past, eA-
| pansion in demand showing even when
! Wall streets oracles were biuest Ii may
be that the margin of profit is not snow
ing large in present prices; but II can De
fairly depended upon That when buyers
are urgent it will be the seller who gains
adyantage-and if orders outrun product,
profits can be counted on to take care or
themselves.
In copper metal the exhibit is extraor-
binary. Visible supplies Of material are
so diminished that trade calculations
which seemed reasonable in the carry
spring are no longer tenable-the price
for copper now approximatlng Is cents
pound, a figure untouched Tor years.
corporation securities which have been
long depressed, and almost contemptu-
ously regarded though stock exchange
quotations do not indicate that very
much interest, either speculative or IN
vestment has yet been awakened. one
| notable fact is that the group of imam,
ciers who represent Standard Oil capital
in copper mining have suddenly become
exceptionally busy. Many mines which
have been simply kept unwatered,
starting up. under the inspiration or
price for product 30 per cent higher than
could be obtained barely few months
back. One instance of this centers In an
rx-ha a
representatives have been rushed this
week to hasten the execution of plans for
the double-Quick exploitation or one prop
erty having a quarter OF mliilon TONS
of ore blocked out. This Is an enterprise
of which few outside of Standard on OF
ficia,s themselves have known anything,
development work having proceeoeo
quietly on an extensive scale through the
period of Iow-priced copper. One feature
TO be disclosed will appear through the
ACQUISITION of mineral concessions which
were granted to E. II. Hartman upon the
protection of his southern railroad anu
incidentally the merger into the property
of an extensive modern SINE ung alt
which when about ready to go into COM
mission, lost its opportunity through the
slump in the price Of metal.
The stock Of the company owning TINS
smeIter and its mineral possessions usea
To sell I'D around $40 per share and had
a collateral value there-the recent quota
tions being down to less than % cents
II will be concerning opportunities IKE
this. made possible by the sudden phe-
nomenal rise in copper, that W an street
VIII be chronicling the making of quick
new fortunes. But now. as usual, the
record is likely to be that not the pubic
but the insider will be the almost eA
elusive profiter. for they who bought at
high figures have doubtless sold largely
at the ebb and will be unprepared to
ride back on the rising pendulum.
Security Prices Up.
1t seems to be the popular impression
that security market prices have SO far
advanced as to make 1t improbable that
further movement upward can be rea-
sonably expected. This hardly states
vanced largely. manipulation having
whirled one up thirty points. while others
in the list have risen ten or dozen
points apiece. This does not. however
represent the market generally, but shows s
far diffeent from the actual record.
Wall street keeps a tabulation popu-
larly accepted in every brokerage oft1ce)
showing the movement day by day In
fifty stocks, half railroad shares, half IN
dustrial. The average price OF the twenty
five railroad stocks is now around ninety
two Back in February the figure was
as low as lightweight. 1t has In the
meantime been as high as ninety-sx the
twenty-five industrials average seventy
while sixty-one was scored as their low
point earlier this year. This shows that
the present railway quotation Is only TOUR
points above where 1t has been at It's
lowest in 1872 while the industrials are
up from nine to ten points. With the
bare exception Of Canadian Pacific and
one or two other railways. 1t is in the
industrial list that all the buoyancy is
shown. It may be that the industrials
have been previously more than relatively
depressed. 1t may be that the railroad
stocks will be entitled to the chief i'm
provement, IL and when the new market
life appears.
European politics and European finance
seem alike confused. High grade foreign
securities paying low rates of interest
have continuously declined throughout
this year; and they yet show no sign
of recovery This is not in isolated in
stances-it is the rule. 1t isn't only SO
at London-where British consolS are
selling at the barest fraction above the
lowest figure touched in a hundred years
1T is so elsewhere throughout Europe.
Manifold reasons are quoted by way OF
expla nation Sufficient appears in the
fact that every market is congested with
new securities, offering higher returns
than the old standbys-and investment
Judgment falls before speculative spirit,
the older and standard issues being sac
rificed to the attractions which the richer
yielding newcomers offer.
1t is unfortunate that to more than
slight extent some parallel can be noted
here During the first half Of 1912 1t will
be found that more new stocks and bonds
have been issued or arranged for than
ever registered In any preceding similar
period.
This lends potency to the belief that
when our market does start up anew 1t
will be the lower priced securities which