Evening star., 1913-07-27
EUROPE |SbUY|NG
US. STOCK ISSUES
Demand From Abroad Helps
Sustain Price Level in New
York Market.
CAPITAL Is STILL SHY;
new ADVENTURES DRAG
Steel and Iron Mills Continue Busy,
But Only Small Orders Are
Placed.

NEW YORK, July 26.-The action Of
the weeks stock market indicated the
maintenance of increased confidence.
This was partly due to the further
necessities of bearish traders, who per-
sisted In putting out fresh lines on
advances only to be obliged to buy
again as the rise proceeded. Buying
for foreign account was a feature OF
the weeks events and this had a SEN
timental effect in strengthening the
market.
The declining tendency of discount
rates abroad. however. was arrested
The great central banks. especially the
Bank of France and the Imperial Bank
Of Germany, continued their policy OF
| upbuilding and conserving gold hold
ings, as though in expectation of fur
ther strain. Nevertheless there was
appreciable relaxation of the New York
money market banks showing more
willingness to put out time loans for
the shorter periods. up to ninety days.
In consonance with this there was i'm
provement in the bond market and
some notable price recoveries in low
grade bonds.
Capital Is Still Shy.
On the other hand. there were re-
minders that difficulties in the enlist
ment of capital still remain. The an
nouncement of a proposed large issue
Of New Haven convertible bonds re-
suited in an abrupt fall in price OF
the outstanding 6s to the lowest price
ever recorded. The stock also receded
to about it's previous low level. Oniteo
States government bonds broke into
new low ground. The special
trouble which beset the New Haven
and the question of treatment OF out
standing government bonds In the new
currency law had some part IN snese
movements, but they were signihcant
also Of the general investment sltua-
ton. The analogy of foreign govern
ment bond prices does not encourage
hope of prices at par for United ,as states
nrivilege. even with the interest rate
Increased from 2 to per cent.
The question of increase OF wages TO
eastern railroad trainmen possesses an
interest to security holders beyond the
immediate solution of the arbitration
problem. That an award viii carry some
increases is generally expected.
Hope for Higher Rates.
There is a belief, also, that such an out
come might help the contention OF tne
railroads for higher freight rates H1gner
charges. 1t is believed, would not lessen
the volume Of traffic. Much of the re-
turn would find itself back into In
creased outlay, both for wages and up
keep. 1t is argued. also, that the I'M,
movement Of the railroads credit WOuiu
help the sale of bonds and the pushing
a wide variety of industries.
Possibility of ultimate good TO corpo-
rations having interests In Mexico was
inferred from the new policy outineo
corn crop was recognized from the not
wave, but not enough to destroy hopes or
a profitable harvest. Ihe CROWN OF 'ne
idle freight car supplies at this Tune In
dency marks the divergent course OF
trade activity this year from last.
Buying Of Steel Bars.
The most encouraging features of the
steel trade this week were the larger
buying of steel bars by the agricultural
implement manufacturers. heavy speci-
fications for steel pipe and some improve
ment in railroad equipment orders. Soft
steel bar orders, I'm the last ten days,
were close to 10000 tons. 1t is under
stood that buying was stimulated py
protecting prices against decllnes ooo
The rail mills secured orders for S,OOO
tons from the Memphis. Dallas and CUR,
5000 from the Tampa and Northwestern,
1900 tons from Cuba, and l,OOo tons
from Lisbon, Spain. The Southern rail-
way orders for 2S000 tons, previously
noted. have been practically consum,
mated The Baltimore and Ohio ordered
1850 tons for bridge work.
The Carnegie Steel Company establish
ed a price Of "a cents per bundle on
steel cotton ties for the season. 1t is es-
timated that 2,SOO,00o bundles will be
needed for the cotton crop about to be
gathered and baled. The American Steel
and Wire Company met competition on
orders for plain wire and wire nails at
81 per ton under its previous asking
prices. but made no announcement of
change in the base prices, as other lines
We're not affected
Fabricators in Competition.
The settlement of the building trades
strike at Chicago is expected to bring
out more orders for fabricated steel in
that territory.
In other sections there was mod
crate volume Of business developed by
the keen competition among fabrica-
tors, most of the contracts being for
small tonnages. Among the more i'm
DOrlanl OTucEo WSEc fsoVV touo Aol SuC
Ritz-Carlton Hotel at Philadelphia and
I.475 tons for export to Cuba. Another
contract for a Panama-Pacific exposi-
ton building, 500 tons, was placed In
San Francisco.
The largest steel companies are again
operating 80 to 100 per cent of capac-
ity. but the output for the current
month will be considerably below the
June average. The same is true Of
orders and specifications. Steel is in
SunnlV in the m q rk ct.
but thus far prices are well sustained.
A better sentiment was reported in
the pig iron trade but business was
spasmodic, and prices were irregular.
In the Buffalo territory prices dropped
close to 1900 on some round tonnages,
although open quotations were not
under 1850 at furnace. In the last ten
days Buffalo furnaces have booked