Evening star., 1914-08-16
New York Stock Market Mani
tests Greater Hope in
General Situation.
NOTES REDUCED TENSION
IN FOREIGN EXCHANGES
Contracts Placed for Flat Steel and
Wire Products-Congestion in
Exports Gives Concern.

NEW YORK. August 15-The end Of
the second week of enforced idleness In
the stock market disclosed increasing
ease and hope in the general situation.
Conditions were being made much clear
er by the reduced tension in the money
and foreign exchange markets, and the
recent conferences at Washington have
afforded much encouragement.
In the securities market itself much of
the tangle created by the collapse of
prices in the days Immediately preceding
the suspension of activities has been un-
raveled by private settlements. OF the
commitments outstanding at the close Of
business July 80 1t is said that fully 80
per cent have been concluded in a man.
ner satisfactory to buyers and sellers.
There has been some private trading
aside from this. but for the most part it
has been among stock exchange firms or
individuals. Eqfforts to establish an out
side" market for listed securities failed,
and practically all trading of the past
week has been on a cash basis at prices
invariably above financial quotations Of
July 80
Embargo on Shipping.
The financial district is quite as much
concerned regarding other lines Of busi-
ness as it is in the future Of the securi-
ties markets. The embargo on shipping
has given an almost unparalleled setback
to trade, as disclosed by the weeks bank
clearings, which show countrywide de-
crease of 20 per cent.
Total shipments of gold to Canada have
thus far failed to aggregate the amount
feared and expedients now under consid-
Grafton will. 1t is believed. keep the out
flow across the, border down to minor
proportions. There still exists a diversity
Of opinion among eminent bankers as to
the best means for the discharge of this
country's foreign obligations, but that
problem forms a part of the many COM
plexities connected with the foreign ex-
change situation as a whole
Iron and Steel.
Manufacturers of desks at Chicago
placed large contracts for fiat steel with
the American Steel and Wire Company
this week. and several manufacturers
in the eastern territory placed with the
same interests two or three contracts Of
10000 to 1900 tons each for wire prod
ucts for shipment over the second half
of the year.
There was better demand for blue
annealed and black and galvanized sheets
for early shipment, followed by an ad-
vance Of from 81 to s. per ton The
greatest appreciation was on galvanized
Tin plate was up 10 cents to % cents
per box. but pig tin reacted sharply at
the close Of the week The Carnegie
Steel Company advanced prices on hoops
and bands 81 per ton, and on cotton ties
5 to ~ cents per bundle. Billets and
sheet bars were 81 higher, and cold rolled
shafting was advanced by reducing the
discount. One order for 22 miles of
Pinch pipe was placed with Pittsburgh
mills but not a few orders for oil coun-
try goods were Cancelled because of the
suspension Of activities in the oil dis
trcts.
Effects Of Export Congestion.
AS result Of the congestion in the ex-
port trade. twenty tin hot mills suspend
ed. and the American Steel and Wire
Company reduced its output of WIRE
Schedules Of the open hearth furnaces
Of the corporation are to be reduced 8
per cent to 5 per cent as a result of de-
creased activity at the finishing mills.
One interesting development was the
sale of 5000 to 10000 tons Of structural
steel for shipment to the Pacific coast,
by way of the Panama canal, for deliv-
cry in October.
Structural steel was little more