The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1916-07-16
Money Rates in y. S.
Tend to Strengthen

Having passed through a period Of
hsart-breaking liquidation. speculative
Wall Street succeeded in the closing
days of the week In checking slightly
the downward trend through a covering
of short interests.
Following rise in the rate Of the
Bank Of England from 5 to per cent,
the first advance made by that institu-
ton since August. 1914. money rates in
this country tended to strengthen,
The next most important develop
ment Of the week was the announce
ment Of a new S100.0O0.000 French loan
on a 6ls per cent basis. A powerful
Morgan & Co. and Brown Brothers &
Co. to underwrite public offering of
the new three-year loan.
Meanwhile. seasonal influences which
usually effect the larger Industrial lines
have never before been so negligible.
and. consequently. q relatively note
worthy degree Of activity prevails.
vailed In the stock market is attributed
to efforts on the part OF banking in
terests which last year made loans on
war order stocks to set their houses in
order for, the readjustment which they
know will come with peace. a condition
which many of them are now inclined
to believe Is not SO far distant as to
be disregarded.
The iron and steel market continues
In strong position. made somewhat
stronger by the fact that production
now shows decrease because of the
extremely hot weather. The weather
has affected the price Of Connellsville
coke. among other factors. having cut
down production. and prompt furnace
coke is now bringing $2.75 per ton at
the oven.
One of the chief developments of the
N
the mills and the manufacturers OF agi-
cultural machinery In the matter of
merchant bar prices.
Aside from this domestic developments
have been more marked. II not more
important. Russia has closed It's rail
negotiations, as predicted In these col
Sthes forern have been
In many lines.
Bradstreet's journal says: A quite
reliable gauge of the prosperity of the
country. especially OF young nation
money put into neSv buildings, whether
homes or business structures. designed
TO house Its rapidly growing populati ton
This year. despite the high costs Of all
materials and labor. partly, perhaps
because Of these high prices. the ex.
penditures for such purposes have seer
all previous monthly totals surpassed
while those for the half year about
equal tnOso OF lVo, tne Earliest yea
giving identical comparisons for ~
cities. These returns point naturally u
the possession OF hitherto unprecs
6ented volume OF floating capital avail
able for transference into what nigh
be termed a fixed form.
Returns for June are sufficiently com
plete to allow Of a fairly goot
resume OF the years building activities
to date. and 1t Is safe to say that tn,
past six months have seen a close /,
high record total Of building expendi
lures
x total Of lss. 200 permits were re
corded In the first half Of the year a
al cities. a gain of 2S per cent owe
the like period OF 1915 In the sam
period the expenditures at the 14l citie
aggregated $40. sol, 500, a gain of 27.6 pc
cent. Every group OF cities shove,
gains in value Of building these rang
Ing from an increase OF 6.3 per cent 4
the Northwest to only per cent In tn
Southwest. The middle group. whic
INCLUDES New York city. gains 20 Pc
cent In expenditures while decreasin
4 per cent In permits. The Southwes,
ern and far Western cities also showe
fewer permits but good gains In value
OF work done.
Henry Ciews. in his weekly CONNER
on general conditions. says:
VERY little real change can be detect
ed In the financial situation, for bette
or for worse. Tho war drift 10 peace