OCR Text |
Show FIGURES SHOW 600D 1 DEIi FOR COPPER May Statistics in Line With the Reports of Better Conditions Con-ditions in Metal Trade. FINANCIERS ARE CAUTIOUS Speculators Perplexed Over the Prospect of Government Inquiry In-quiry Into Steel Business. NEW YOKK. June 11. Affalrf nf tho Lulled Slates Steel corporation In particular par-ticular and the condition of tho steel trade in general occupied a large sharo pf the attention of speculative operators In stocks lust week. Tho halting und Irregular movement grew out of the perplexities caused by developments In that Held. The attitude of the government furnished ground for apprehension, which was kept awake by the progress of the congressional Inquiry Into the affalrf of the United States btee! corpora I Ion reports of Investigations Investiga-tions in the same- Held by the bureau of corporations and by the department of justice and finally by the grand. Jury inquiry in-quiry In Pittsburg Into tho relations between be-tween the United States Steel corporation corpora-tion and the Pittsburg Coal company. Trade reports Indicated that the cut in prices of steel products still found the demand laggard. The decrease In May iron output to the lowest daily average since January was taken as an Index of the trade situation. situa-tion. Ihe monthly statement of unfilled orders, however, was unexpectedly favorable, fa-vorable, tho decrease of 105,000 tons being only about imc-half of expected reduction. reduc-tion. Mav copper statistics wore in line with previous reports or better conditions in that metal trade. Tho expansion of copper cop-per consumption by an amount almost j as great as the growth In production gave an impression of vitality to tho trade. Crop conditions held their Influcnre for encouragement. In spile of some disappointments disap-pointments in tho government crop report. re-port. The decline in condition of winter wheat in .May proved greater than expected ex-pected and the Increase in spring wheat acreage rather less than was looked for. This still left room for estimates of a tinal yield of a record wheat i-rop. Much interest Is expected to center this week on the offering of Panama bonds next Saturday. The large oversubscription over-subscription expected would Implv plentiful plen-tiful supplies of capital seeking Investment. Invest-ment. On the other hand, a hcavv demand de-mand for this bond for pure investment might be taken to show a spirit of caution cau-tion among Investors. Bonds, however, kept in good demand, with continued case of money. |