The Washington herald., 1912-02-14
WALL STREET NEWS
End of Labor Troubles and Better
Relations Between Germany and
England Good Signs.
nr THoMAs c. sHoTwELL.

New York, Feb. Ia-Although formal
strike notices were served to-day by sew
eral thousand coal miners in Great Brit
sin, confidential advices from London to-
night stated that an agreement had been
reached that would prevent the National
Miners strike announced for March 1.
1t Is not expected that the labor troubles
in the American anthracite coal flelds
will go even as far as English trouble
has gone. This is not good year for
strikes. Public sentiment is against any,
thing Of the kind. Everybody is too anx-
ious to see business moving to tolerate
any unreasonable action by either capital
and labor. and both parties 10 the gath
ering dispute in the anthracite fields will
be expected to make concessions that
will keep business moving.
In addition to the report OF settlement
Of the labor troubles abroad New York
bankers were assured yesterday that po-
Iitical affairs had taken q better turn
as between England and Germany.
Furthermore, United States Steel stock
was leaning to-day at IL per cent, which
was x per cent under The call money
rate. This indicates a rye short In
terest. Standard on sold It q high rec
ord price.
Steel and the copper shares were con-
spicuous in the trading with Reading and
Erie. Erie has been accumulated for
weeks and the results OF good manage
ment are becoming apparent. Placing
Of Southern Railroad preferred on a
dividend basis has encouraged holders OF
Erie preferred stocks to expect some divi-
dends soon. Republic Iron and Steel was
weak throughout the session Tobacco
stocks continued highly erratic.
Copper Exports Heavy.
Heavy exports of copper metal in 1911
were made by producers, and particu-
larly by the United Metal Selling Com
pany, in excess Of sales. The shipments
were probably made under the theory
that with business abroad increasing
rapidly it would be unwise to confine
shipments to actual sales.
According to figures now issued ON.
Csally and covering the whole world, the
surplus of metal is under $50, ,Oo0, ,oOC
pounds, which is less than month S
supply. Reputable interests vouch for
the correctness of the American figures,
and in the last ten years experience has
proved that the European figures are
correct The increase in consumption
has been altogether in Europe, America
barely holding its own. In normal times
Europe takes only 40 per cent Of the
American production, but in 1910 Europe
took J6 per cent, ana IN the laSl year
has been taking more than 60 per cent
IT. under these conditions, the American
consumption should rise 10 the normal
the condition of the copper metal mar
ket would be surprisingly good
Another peculiar development in con-
nection with copper has been the great
mechanical improvements that have en-
abled mining companies to operate witt
thousands fewer men and still do more
work than ever. In the Butte camI
alone the number of miners is perhap:
1900 less than it was five years ago. II
those days numberless steam engines
were employed and hundreds Of small
tram cars. Now the camp is using 5000
horsepower Of electric current. The In
terror workings have been so readtustec
that ore can be mined from the twenty
elght-foot level in competition with sur
face mining Methods Of reduction hav'
been so improved that lower grade or
can be taken. Everything is taken nov
down to 2 per cent And. furthermore
it has been proved that the Butte de
posit is primary, so that no man car
guess how deep the deposits run