Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-08-03
Bond Plot Charge Worries.


| cusation Of concerted purpose among
| few New York banks to depress the
price Of United States per cent bonds
with the object Of defeating the cur
rency bill. A diversion OF congressional
attention to the agitation against the
| money trust was dreaded as q conse-
Quence.
The deposit Of government funds now.
1t was thought, might discourage the
lending Of foreign money in the New
York market, which had commenced as
result of the easing Of the foreign
money markets during July. London
| amount during the week. In the same
| way. efforts to enlist funds abroad to
help In our crop movement might be
out further recourse to Treasury relief
in case Of need.
The rapidity with which this country
wheat Is being marketed is another reas-
surlng factor, although this weeks move
| ment showed heavy decline from last
week, indicating the passing Of the crest
OF the winter wheat movement The
worlds demand for our wheat, however,
Is expected to continue large, and II
must, Of course. be paid for. The dam
age to the corn crop by drought is an
offset that must be taken into account,
and this was q sustaining influence In
the weeks demand for stocks.
In Check, Despite Earnings.
The mixed crop outlook leaves opinion
undecided as to revived demand this fall
for manufactured products. It was this
uncertain future demand which held
United States Steel in check in spite OF
the brilliant showing of earnings for the
last quarter. only once exceeded In a
times in any quarter. Another advance
In price of refined copper also failed to
pull copper stocks out of the line OF the
general trend Of the market. General
mercantile activity, however: is reported
Reduction Of the Illinois Central divi-
dend clearly aroused fears regarding the
Chesapeake and Ohio dividend. Publica-
ton OF June net earnings Of railroads
prompts summing up of results for the
past fiscal year. Increases in operating
cost there shown are read in the light
of the pending arbitration of wage in
creases and increases In interest charges
In the light of the difficulty Of selling
new bonds
Mills 80 Per Cent Busy.
The average rate Of operation OF the
steel mills Of tthe United States Steel
Corporation In July was about 80 per
cent, indicating that 1,24S,OOO tons Of
ingots and $4,000 tons Of rolled steel
products were turned out The orders
booked by the subsidiary companies dur
ing the same time averaged close to 50
per cent of capacity, indicating about
$1,000 tons daily or 35S.OOO for the
twenty-six active days of the month. II
shipments were equal to the output Of
untitled orders of 100000 tons last
month.
The Independent steel companies. ap-
parently. have not done as we'll as the
(~k4 foo 1~A1 he
and last week was not an exception. The
railroad orders for cars and locomotives
in July were the smallest of any month
this year, or for many years, but rail
contracts aggregated 1Oo.OOO tons, and
gotiation for next years shipment.
There was more activity In fabricated
structural steel last week, contracts for
bridges and buildings calling for about
q. 600 tons Of shapes.
Mills Competing for Orders.
In July the fabricating shops booked
100000 tons, the placing Of orders being
stimulated by the active competition
among the shops and mills. The United
States government viii receive tenders
Tuesday for 1900 tons Of steel plates
and structural shapes for the construc-
ton of new battleship.
The low prices prevailing Tor pig iron
finally developed something like q buy
ing movement last week.
Contracts were placed for upward Of
2OO, 600 tons, of which $4,000 tons were
basic and standard Bessemer iron. The
bulk OF the buying was in the Pittsburgh
district, where sales Of steel-making
iron were close to 5000 tons. Sales of
foundry goods aggregated $1,000 to IS.
900 tons, about half OF this tonnage going
to Buffalo furnaces. where prices were
Irregular, ranging from Is cents to 81
per ton on No. 2 foundry. The result
Of the heavier buying was an advance of
% to 50 cents per ton on foundry grades.
and furnaces also were asking more for
steel-making iron.