The Washington times., 1912-07-14

Street has concerned itself with the pos
slollities OF an acutely stringent money
market that the discussions added zest
10 the dull routine of the market
Ihe disclosure Of the fact that, though
eighteen banks of the association were
under their reserves, the entire deficit
was made UP of the heavy loss In cash
py one very large institution robbed the
inCiuent OF some elements of disquie-
tnue, Tor 1t was more than ever appar-
ent tnat an explanation rested In some
special operations. the nature of which
Is not yet disclosed.
II would seem. however, as though
tne supply of available banking funds
bull stock market movement coincident
win an active harvest demand, and
an expansion of industrial activity, and
ms was accentuated by general hard
ening OF time and call money and mer-
cantlle paper. but In case OF a pinch
II Is pointed out that the local banks
nave very heavy loans to Berlin, which
VIII be available in an emergency pinch!
Conflicting Metal Development.
1t Is rather odd coincident that
each Of the three important news de-
velopments of the week were accom-
panied by others. which served to mini
mize their influence. Thus on the very
day that the Copper Producers Asso-
citation reported a decrease for the
month Of June OF 5.2s0,637 pounds In the
surplus copper supplies, COPPER metal
broke In London no less than $50 a
ton, to a price abroad equivalent to
about is cents pound compared with
quoted price Of 17% cents in New
York The local quotation, however. is
merely nominal. for II Is admitted that
the series of declines abroad have un-
settled the domestic copper market and
curtailed the buying demand.
The reports of the hidden supplies
Of copper" still persiTt In the Euro
pean markets, despite all denials to the
contrary. Naturally. the check to the
free buying movement OF copper Is re-
cetving the closest attention, for Il was
with the upswing in that metal that the
! first signs Of Industrial revival were
noted.
Something very similar to these con-
Trajectory developments in copper hap
pened also in steel, for on the very
day that the United States Steel Cor
poration reported an increase in the
untitled orders for the month Of june
Of 1888 tons. the leading trade author.
ity reported market shrinkage in the
activity Of the iron and steel industry
Some part of this is attributed to a
seasonal contraction in business, al
! ways noted at this time OF the year
and some part to the recent advance In
prices In the best Informed circles the
slowing down in iron and steel Is not
IeSdfueu ds slnuiCdtiHB seTlous set
hack or a turning Of the tide, for the
leading producer is still operating about
| 80 per cent of It's normal capacity and
| its untitled orders on hand amount tc
5,SN. .3i6 tons or the largest since De-
cember 81. 1909.
Harvest Conditions.
The third Of the condolences noted
| above was with the Government cror
report. Following a July spring wheat
condition Of Ss.3 reported on Tuesday
which compares with one Of 73S for the
same time last year and indicates a
yield of 271,OO0,OO0 bushels contrasted
with 245, 900, 900, have come reports oi
damage to the crop in the Northwest
through black rust, which was respon'
sible for a sharp recovery IN the price
! OF the cereal.
| with wheat and partly as a result OF
alleged disappointment over the condl'
| tions Of Sl.5 reported by the Govern
| ment. But II Is really difficult to see
wherein the condition OF corn can be
held to be disappointing. for the in.
dicated yield Is for harvest of 2,S1l.'
000.000 bushels, which II harvested
| would be the third largest crop in the
country's history and nearly 800 ,00
| bushels larger than last year s harvest
Although spring wheat and corn are
by no means out of danger, there really
seems no justification for alarmist re-
general consensus among disinterested
| observers Is that fair average harvest;
seem reasonably assured for practically