Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-07-06

FEW AND FAR BETWEEN
Railroads Show Small Increase in
Their Orders for Cars and
Locomotives.
NEW YORK, july 5--Dlllness was the
chief chara cteristic Of the week in the
stock market. with the impending triple
holiday and the oppressive heat as extra
factors. Dealings We're almost cxclU-
s'vely In the hands OF professional trad
ers aud the market displayed the teaden-
cles resulting from such operations, based
as they were on flying impressions of bui
lrtin news or mere rumors.
.An example was the shifting effect OF
the final stages Of the Union Pacific DIS
solution negotiations. news Of which.
while rejecting no vital change from day
t. Gay. caused wide fluctuations III the
stocks affected. Another evidence Of the
marrow professionalism 81 the market
VAS secu in its thinnrss which was so
pronounced that orders to sell at the
market" 4 usually active stock might
neccSSitate a wide concession from the
preceding sale. An equally wide advance
M sGt result when the room traders turn
cd buyers owing to the scarcity OF offer
insS- II evident that while free
from material selling pressure there was
no substantial buying demand
Money Market Easier.
The money market showed its expected
easing tendency. both here and abroad.
with the turn of the half year. In Ber
lin especially, which was the point of
admittedly greatest strain, the private
discount rate yielded substantial frac-
tian. and Il was made manifest that
anxious preparation for the stress of the
settlement period had been overdone.
Were there any assurances that this re-
Taxation Was more than temporary. de-
cided Improvement in SECURITY markets
might he looked for Even IL is there
was perceptible an increase in the de-
mand for bonds which was ascribed to
the reinvestment Of sums disbursed for
July interest and dividends.
Some increased demand for commercial
pa1eT also WAS noted. Fundamental con
ditions in the capital market however.
are unchanged. and there is not much ex-
pectation cf the present year seeing any
deduction IF official discount rates by
the great government banks abroad.
Bankers see 4 necessity for continued
caution to insure a solution of the prob
TENS Of resources 10 move the autumn
crops The renewed outbreak in the
Balkans is recognized as a complicatinG
factor.
Mercantile Ventures Restrained.
III some directions stifr money rates
ar reported already to have put re-
straint on mercantile ventures On the
other hand the high ratio Of operative
cost Of railroads shown IN current re-
ports IS due % a policy II very liberal
expenditure for upkeep. in expectation Of
coming heavy pressure Of traffic The
sustained steel and iron output for June
and particularly the springing up OF de-
lnand for piS iron in larger volume dur
lnS the last week. OWN. 70 price con
srSS5ons. made for encouTa cement. The
COPPER trade looks for some accumulation
IT stocks - be shown in the July report.
Crops PROSPECTS are allowed increasing
Importance and the government estimate
IN cotton SVaS regarded highly salts
factory Reports of rain for corn and
spring wheat relieved apprehensions al
though the amount of deterioration
caused by dry weather in the northwest
Is the occasion Of some anxiety.
Steel Trade Felt Holiday.
business in the steel trade last week
suffered from the July holiday obser-
walton. and many rolling mills were
closed down Some companies will
take advantage from the Iull 10 make
needed repairs. and not a few will even
wait for orders 10 accumulate before
resuming operations. In some lines
specifications as well as new orders
are smaller. and less pressure upon
the aar. plate and structural mills is
reflected in the reduction Of So per
ton en store prices for bars, plates and
shapes.
The falling off in business in iron
"rd steel in the last few months is
tcast notable in steel rails and pig
iron. there having been decrease Of
s. FER cent in rail orders and so per
cent in pig iron contracts placed dur
ing the FIRST half Of the current year.
as conpa red with the first six months
of 1872 Car and locomotive orders.
however. increased To per cent dur
1rg the same time. but the June con-
tracts for rolling stock and motive
Pov er were small
Last week rail contracts aggregated
ABOUT 2S.tap tons including eighteen tons
for the Southern Railway 10 be rolled at
i-n-ley dnC 5,Vo tons To he rolled at
aGarrows Point for this years delivery.
Structural Orders Placed.
Among the more important structural
orders were 400 tons for the Fort Motor
Company. at Detroit. 1890 tons for
bridges on The Pennsylvania railroad and
= lf0 sons FOR lock gates at Dallas. ore.
THE Michigan Central also ordered 7ul
ions fer "a bridge at Saginaw Mich.
Among the rev INQUIRIES are $50 tons
FOR the American Steel and Manufacture
jp- Comuany al Lebanon. Pa and 2G0o
TONS for another addition to ne Ritz Carr
RON Hotel at Philadelphia. Structural
work on the Weliand canal. Canada viii
require about lo.or0 tons. bars. shapes and
sheet piling.
SeEeral fatr-sjzed contracts for pig iron
We're placed east and west, bat other
iaEs- consumers continued 10 hold taloof
Up a1 sections upward of $500 tons were
hca-Er Tor THIRD and fourth quarter 1913
Shipment and about 1oN.ta1 tons more
are aeaGiuS- Buyers generally antici-
Int@ b. t.rther decline. although the dead
hrr ri cost has been touched il some in
sr&mres
r is estimated that the steel companies
8~ 81 wrole in June reduced untitled or
NV St@.Wo tons, Of which close to
-sH.ts1 tons was by the subsidiary COM
uauies of the United States Steel Corpo-
ration
CATTLE MARKETS.