Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-06-05
CAPITAL CAN Be
HAD At OWN PRICE
World Wide Range of Credit
Stringency Not Due to the
Lack of Funds.

New York. June 1.-The financial mar
kcts received another example and a
warning of the credit stringency in the
ST. Louis q San Francisco receivership.
This broadened the differences of the
week before drawn from the New York
city bond sale and the Chinese loan, that
the supplying of capital requirements was
a question of price rather than lack of
funds. The danger that capital might be
wanting TO meet the needs of maturing
obligations weighed on markets all
around. although the special features in
the ST. Louis Il San Francisco position
are appreciated.
The Worldwide range of credit strin-
gency was corroborated by many ndica-
tons. Warning came simultaneously
from influential banking authorities at
home and abroad. Immediate money
market conditions in New York inclined
to ease. and there We're no further TAX
ings of gold for export Berlin engaged
gold in London, however. and imperial
banking authorities warned German
banks not to pay out gold. Our own
banks are insisting on short maturities
and are subjecting loans to severe scru-
tiny in anticipation of autumn and har-
vest needs. Growth of the movement 10
expedite currency legislation is given
weight in the discussion Of the financial
outlook.
The small use of credits in speculation
is shown by the volume Of dealings in
stocks which are smaller for five months
than in any year since 1897. The same is
true of dealings in bonds excepting the
| year 1907. The Union Pacific plan OF
! dissolution was announced too late for
thorough digestion by speculative opin.
ion. With the underwriting price for
Southern Pacific unfxed and the Central
Pacihc's final disposition undetermined
the solution lacks finality
Scarcity of new orders Is the distinctive
feature of business, but testimony seem
ed agreed that conditions are sound
! The wheat market has reflected some in
| evitable reaction from the brilliant early
| promise of winter wheat with less favor
able weather conditions in parts OF the
| belt The government report on cottor
on Monday is expected to show higt
percentage condition and an increase il
planted area.
Peace between Turkey and the Balkan
allies is complicated with fresh quarrel!
among the allies themselves The Japan
ese question still engages attention In tn,
financial markets.
IRON AND STEEL REVIEW.
Preliminary returns Indicate that tn
steel companies established a new higl
record In pig iron output in May, clos
! to 5000 tons per day. The operation
of the merchant furnaces are not 81
readily gagged but such production prob
ably averaged about $500 tons per day
Ihls indicates that the country as
whole is now producing pig metal at tn
rate of 100000 tons per year.
steel ingot output, too, next to tn
October 1912, production was the larg
est In the history Of the industry. Tn
steel corporation alone produced approxi
mately l,6D,Oo0 tons. Another impressv
FACTOR is that open hearth furnaces no,
building with an approximate capacity o
2,WU'Vo tons annually. will become actiy
before the close of the year while an
other or 100000 tons capacity will be
come available during the first half O
1914.