The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-08-09
COMMERCE AND FINANCE

other ofilcials Of other railroads and has
secured practically unanimous consent to
the plan and the London committee has
been cabled to that effect. Railroad off,
ciais in this city say there will be no Diff
Guilty over the plaa.
Steel buying probably will steady down
for the next few weeks, although good
volume will be placed, according to man
| ufacturers at the new pricee. The
scarcity of pig tin and ferro-manganese
| Is being felt, of course. and unless there
is q good tonnage OF the latter brought
in within the next few weeks some Of
the smaller independent steel companies
may have to sharply curtail operations
There is little tin-plate being contracted
for on account Of the scarcity OF pig
tin which has reached almost unheard
OF prices and manufacturers have no
means OF knowing when the supply will
be augmented. Steel prices both here
and on the Pacific Coast have been ad-
vanced from s. to 50 per ton in the last
three weeks, but the advance has been
orderly on account OF the comparatively
light demand. With better buying there
are expectations Of higher prices before
long.
Just how important the effect of the
European war will be on leather prices
II is yet too early to determine. The
hostiIities have cut OF supplies Of hides
from Europe and possibly from India
and Africa, and already prices have been
advanced . cents q pound The Central
Leather Company, which instituted the
advance, obtains most Of the importa-
tons of hides from South America and
II is hoped that there will be little in |
terruption in shipping between ports in |
that Continent and this country. Most
OF the boats bringing leather to the |
United States fly the British nag and It |
is hoped that Britain will be able to |
give full protection to her shipping
An excellent demand for leather Is re-
ported.
Report that General Villa has ordered
the smeting plants TO reopen in Northern
Mexico. or else be penalized with double ,
evidently does not apply to the
American Smelling and Refining Com
pany, according to an official. since the
company's two smelters In Villas terri
tory are already open
According to last reports, the chihuahua
plant was operating two furnaces and
one furnace. which Is about
the best that can be done at present I'M
der shortage Of labor and supplies. De-
lay in obtaining coke has postponed re-
sumption at the Velardena plant. It is
suggested that the Villa decree probably
apples to smelling interests in Northern
Mexico who have made no effort TO
resume operauonA
Stoppage Of all capital investment from
foreign sources by the war is certain
o have a marked effect on the deveop-
nent of a number OF public utility prop
ositions now under way or in opera !
ion in this country, as well as in Can
ida and Mexico. Ii
1t is probable that the two largest
projects in the utility line now under
way in this country which have been ,
financed almost entirely abroad, are the :
Alabama Traction, Light & Power Co.. /
n Alabama and the Southern Aluminium
20, in North Carolina. The Alabama
traction. Light & Power Co. financed
y English capital is fortunate in that
is now practically completed and is in ,
10 present need Of new capital.
A telegram from New York to W. B
Iibbs & Co. states. Two Wall street
ouses have received word from Their
>ondon correspondents canceling all SELL {
ng orders that were sent for execution
n Friday. July 81. the day the New York
took exchange closed.
A New York banking house has re-
eived two cables from London. each
rdering the purchase OF $4,000 high
rade listed railroad bonds at the mar q
ct. The orders will not be executed
ntil the exchange opens. L
This house also has a local order for
lie purchase of $4,000 bonds. Another
ouse has a single order for $500 900 bonds. r
The weekly actual bank statement is
Jed in New York yesterday showed the
blowing changes: Surplus, decrease,
j, 119, 0j0. loans, increase, SIS SIS. 900: le-
ais decrease. s6.Oi5.ooc: specie. decrease
j 800, coo; deposits decrease, SCI, So 0o); r,
ROTATIONS. increase. 39,5l5.ooO: reserve RI
elicit, S43, l160o0. Ia