Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-08-10
STOCKS MOVED UP
DESPITE BAD NEWS
UnfayCrabIe Factors OF Week
Not Able to Check Ad-
vance in Values.
GOOD REPORT ON WHEAT
BOOSTS CROP OUTLOOK
Money Is Easier and Demand for
Commercial Paper Shows
Improvement.

NEW YORK, August 9.-The notable
feature of the weeks stock market has
been the manner in which the advance
in prices persisted in face of unfavorable
factors. Uncovered bears who sought to
take advantage Of these factors to close
their contracts by buying found that no
important selling was induced. Specu-
lative sentiment evidently held the bal
ance OF influence to be in favor of values.
The most serious matter the market
had to contend with was the damage to
the corn crop. Even the government re-
port Friday was held not to cover the
full amount OF harm from the drought,
which went on after the date Of the re-
port. The indifference shown was due
partly to knowledge Of the large re-
serves OF corn from last years crop.
This fact did not prevent a rise in corn
to the seasons highest. thus affording
another Offset to the farmers loss from
decreased yield.
Corn Higher Than Wheat.
Corn. in fact. sold higher than wheat in
many portions of the corn belt. Still
dant wheat yield. Enormous marketings
of grain bore further testimony to conf
dence in the supplies. This was po-
tent factor, also, in building up railroad
traffic (Which made JGlys earnings a rec
ord on western railroads), in liquidattng
grain bills at the banks and in sustain
ing the volume of export trade
While the prevailing stock market mood
was one Of indifference to the corn crop
odufNnH
tons affected indicated that merchants
were paying more attention to the matter.
Industrial news was Interpreted in the
same optimistic spirit. Against drop
velopment OF new buying and f1rmer
prices. The lowering Of prices Of finished
products. 1t was urged. represented no
actual decline from prices realized on
tracts before schedule rates were ad-
vanced. Concessions from schedule rates,
however, are relied on to bring new or
ders, thus promising to correct the loss
shown in United States Steers untitled
orders.
Copper at Higher Level.
The higher prices Of copper similarly
fortified the speculation against the fear
OF a large addition to stocks Of refined
copper for the preceding month.
Undoubtedly the prevailing hopeful
spirit comes from larger causes at work
In all markets. Money conditions be-
came easier everywhere. The Balkan
peace treaty was taken as the main in
centive for this. 1t is expected to set q
definite end to stupendous rate Of de-
struction. Of capital, and will set the
FORCES OF repair at work. Obviously a
great task Of financial reconstruction is
to be faced. Return of confidence, how
ever. is expected to release boarded
funds The London money market is re-
ceiving timely assistance by receipt of
gold from South America.
The determination of the Secretary of
the Treasury to deposit surplus funds
In southern and western banks brings
increased offers to lend in the money
market. Demand for mercantile paper
is notably increased, owing to the de-
cision to accept 1t as collateral secur-
ity for government deposits
New Orders Not Large.
New orders for rolled steel products
came to the mills this week at the
rate Of IS to SO per cent of total ca
pacity. Specifications on old contracts
for steel plates. shapes and bars were
not sufficient to keep up the general
average. The tendency OF prices was
downward. Concessions were made on
marine plates in the east; sheets con-
tinued easy with more mills agrees
sive for business. Car shops and rail-
roads bought some structural shapes
and bars to cover old contracts, but
new buying of railroad equipment was
light. Rail orders were confined to
miscellaneous small lots aggregating TO-
900 tons. Car orders were insignificant
and locomotive shops received orders
for only twenty-four engines, includ-
ing ten for the Pere Marquette and
eight for the Cuban Central railways.
The Canadian Pacific, however. asked
for tenders on thirty engines and the
Norfolk and Western railroad on ten.
The Lehigh Valley bought 500 steel
under frames and the car builders are
figuring on about 5000 cars including
$500 for the Northern Pacific. The
rail inquiries for 1914 rolling are esti-
mated at 100000 tons. but few of such
contracts are expected to be closed in
the next sixty days.
Building Demand Light.
Steel building and bridge orders were
very disappointing, the total calling for
scarcely 1900 tons of fabricated shapes
The July orders of the United States
Corporation subsidiaries were 4O7, 981
tons less than shipments. the latter be-
ing estimated at $4,000 tons. indicating
new orders at the rate Of 20. 400 tons per
day for the twenty-six active days in
July. UNIFIED orders July 81 were $780,
358 tons.
Sales Of pig iron aggregated about 1OO,-
COO tons in all sections, including about
10000 tons additional OF basic iron at
minimum prices The higher prices asked
for foundry iron confined new business
within narrower limits. The feature Of
the week was the numerous small sales.
The July output was sharply curtailed
nv steel companies and merchant fur
naces but some Of the decrease was due
to the holidays early in the month.
TO PRISON BY WATER.
District Expects to Effect Economy