Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-09-28
Unsettled Business Outlook Is
Keeping Buyers Out of
the Market.
BANKS HAVE THE CASH
TO FINANCE TRADING
But Other Causes Operate to Hold
Back the Long Promised Bull
Movement.

NEW YORK. September 27.-Uncer-
tainty over the outlook for business
was believed to be the principal cause
of the hating tendency Of stock prices
during the week. The easing OF the
money market, in spite Of seasonable
demands. left no obstacle from that
cause to the use of funds in the stock
market
Opinions over trade prospects are
conflicting Mercantile and commercial
circles express confidence. That tone
is perceptible also in the great textile
centers The iron and steel trade and
railroad traffic officials are not so con-
fdent. The decline in the price of re-
fined copper, in spite of the strong
statistical position, also affects trade
sentiment. Corn-carrying railroads are
estimating the probable losses OF traf
nc by reason Of damage to that crop.
Steel makers are giving some atten-
ton to the effects to follow operation
of the new tariff. but their principal
preoccupation is with future buying
10y railroads. Earnings and prospects OF
railroads therefore are given prime i'm
portance in speculative forecasts.
Increase May Hurt Roads.
An increase Of s2ss.o0o.000 in the
operating income Of the steam rail-
roads Is shown in the report compiled
by the interstate commerce commission
for the fiscal year ended June so. Such
growth, even with a parallel in
crease in expenses which leaves but
$4,000. 900 for the increase in net earn
ings, does not bear out a plea of pow
erty or OF oppression of the railroads.
The exhibit is dreaded. neyerth eless.
for the force IL may give TO claims of
all sorts on the railroads. Ii was sim
liar increase that was made the prin-
cipal grounds for the refusal by the
interstate commerce commission Of the
petition of the railroads for a gen
eral increase in freight rates three
roads also is advanced by the trainmen
TO justify their claim for higher
wages. The immediate returns now
coming in-those for August-make 30
poor a showing OF net earnings that
ure of the expected September new
orders for steel products is attributed
partly to this cause.
Help to Money Market.
The domestic money market was ben
Gifted decidedly by the Treasury de-
posits with national banks in the south
and west. Part of these funds were
transmitted directly to New York. some
for payment for the government bonds
TO be used as collateral security for
them. The approach of the october set
Elements hardened discount rates abroad.
but confidence was maintained that ease
would follow the settlements and posi-
bly, gold imports to New York. Disquiet
I'm the Balkans also disturbed foreign
markets.
strength of a few individual stocks.
including Union Pacific. Reading and
Peoples Gas. from rumored special
causes. was lacking in sympathetic ef-
feet on the general list. owing to the OBJ
vious attempts of profit-taking sellers to
take advantage of their sustaining ef-
feet.
The one encouraging feature in the
steel trade this week was the awakening
OF railroad interest in equipment the re-
prices made by car builders and manu-
facturers of motive power equipment.
Orders placed by the railroads. however.
were small outside of one hundred loco
and west OF Pittsburgh. Car shops
booked orders for only 322 cars. but the
Chicago and Northwestern asked tenders
on $500 steel gondolas and the distribu-
ton OF one large rail contract for next
year is imminent. Rail buying last week
amounted to only 10000 tons. including
I 600 tons more for export to Peru. In
quiries are out for 10000 tons for Aus
tralia.
Effect of the Tariff.
The impending new tariff had a more
depressing effect, consumers being more
awake TO the prospect of lower prices
'or rolled steel generally. Steel sheets
we're again lower, 81 to 50 per ton. and
business in wire. plates and shapes was
reduced Is TO 90 per cent. Specifca-
tons on bar contracts from railroads
and agricultural implement manufac-
:urers were more satisfactory.
More new inquiries came out for fabri-
Gated steel for bridges and buildings.
but the market was soft, and orders
actually placed called for only 1000 tons
steel shapes. including 1000 tons for a
bridge over the Gunpowder river. at
Baltimore; 1000 tons for pier sheds at
Providence. 1900 tons OF a copper
sme!ter for the Anaconda Company. $50
tons for bridges at Philadelphia for
he Philadelphia and Reading railroad
and 500 tons for the Orpheum Theater
II Kansas city Bids were submitted.
however, on $4,000 to 10000 tons addi-
ional. including hotels banks, stores
warehouses and bridges. Considerable
interest was conferred I'm the prospective
'equirements at Buffalo for railroad and
barge canal terminals, which, IL is es-
dmated, will call for 10000 to $4,000
:ons OF structural shapes.
Merchant sales OF pig iron in ALI dis.