Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-09
FOCUS OF INTEREST
Speculation Shifts to lnterna-
tionaI Money Markets.
CALL FOR GOLD BY BERLIN
Temporary Allegiance Of influence
Of Home Politics on Market.
NATIONAL BANK RESERVES
February Reports Show Decline
From Same Period Last Year.
Steel and Cotton.
CALL FOR GOLD BY BERLIN
NATIONAL BANK RESERVES

NEW YORK. March S-The focus Of
speculative interest shifted this week
from domestic politics to international
money markets. owing to the acute
stringency in Berlin. Financial opinion
does not believe that the influence Of
home politics on the market has passed,
but that It is held In allegiance. The
interval until the call for the extra ses-
sion of Congress holds this influence in
suspense.
The specific questions raised during the
week had to do with the action Of the
Attorney General toward the Union Pa
cific dissolution plan and toward the pos
sible reopening of proceedings against
the already dissolved industrial combi-
nations, as well as with probable new
actions. The course to be taken by Con-
gress on the Pujo report is another SUBJ
ject of keen interest.
With these problems still in the future
and the fresh injection into the situation
of Berlins money troubles. there arises
new confusion in interpreting the real
course of the markets depression. The
perception grows Of the ebbing Of the
wave of prosperity in Germany.
Berlin Calls for Gold.
Berlin's call on London and New York
for gold dissipated the hope OF early
relaxation OF money markets. Reports
are heard Of possible advances in the
Imperial Bank Of Gerbany and the Bank
Of England official discount rates. The
5 per cent Bank Of England rate since
last October represents the longest period
in fifty years for unchanged maintenance
Of SO high a rate.
Reserves of our 1925 national banks
reporting on February 4, while higher
than in November. are not so great as in
February of last year. The large ex-
of the week give emphatic warning OF
the prolongation of strain at a time
when relief was expected. Considering
the manifold requirements ahead of the
money market. this condition may ex-
plain the caution. conservatism and prep
aration that are manifest III the Sc
curity markets.
Continued activity in the steel trade
was shown by February's record daily
rate OF iron production. the further in
capacity and the excess of steel speci-
7cations over shipments from the mills
In February. The revival of foreign de-
mand for copper also was feature of
than last year. Bank clearings show
expansion. Building operations exceed
those of last year. Industrial capacity
is well employed.
Decrease in Steel Orders.
TSinse, March 1 there has been some
decrease in orders placed for finished
steel products. but even so the bookings
have been but little less than the total
capacity of the mills. In February pro-
duction and shipments were record
breaking. and new contracts booked ex-
ceeded the dailys-average placed in jan
uary. Specifications exceeded shipments
and because of the heavy deliveries, rath-
err than of the decrease in the volume
of business. the statement of the United
States Steel Corporation for the month
Of February, to be issued Monday, Is
expected to show a decrease In untitled
orders in excess of 10000 tons.
Car builders placed some large con-
tracts for steel bars. plates and shapes
!, last week. but the new orders for rail
road equipment were small Heavy con-
tracts for motive power are still pend
ing, including 1O1 locomotives for the
New York Central. IA for the Pennsyl-
vania railroad. 100 for the Grand Trunk.
60 for the Norfolk and Western. Con-
tracts for cars pending still aggregate
fully 10000
steel building work was less active,
but a number of small orders were
placed in the interior and in the west
placed.
The output of pig iron by the blast
furnaces in February made a. new
meximum record. the significant fea-
ture being that the merchant furnaces
at least eclipsed the high daily record
of production made in March, 1910.
Cotton Goods Stationary.
The cotton goods markets held steady
throughout the week without any spe-
cial increase in the volume of trading
Jobbers and retailers are doing better
than year ago. Their bordering is
steady, but in small lots, tending to
keep values even. The lack or ac-
cumuations in first hands is regarded
as a strong indication of the well
sold position of the market.
On many lines of domestics the mills
cannot give additional deliveries with
in thirty days. Printed draperies are
being offered for next season and
prices will be named about April /.
Prints were in fair demand Cling
broad for all low-priced dressed lines
Bleached cottons were quiet and firm.
Duck was firm and well sold. DeniTns
and other colored cottOns were under
order for sixty days ahead. Fine and
fancy wash fabrics sold actively. Fall
River sold 100000 pieces Of print cloths.
Of which half were for spot delivery.
ket was Of fair volume. Fancy gray
cloths were ordered literally.
Prices on cloths are as follows:
Print cloths, 2S4inch 64x64s, &c; 64x
SOS, 3Nc; 3Sh-inch 64x64s. SIC: stand
ard sheetings. southern. SC; denims, 8
prints. 514c; staple ginghams SIC;
6roocad OfnUhamS. 9AC.