Evening star., 1914-07-19
SELLING OF RAILS
FEATURES MARKET
New Low Records Are Made
by Non-Dividend Pay
ing Issues.
OUTLOOK is FOR BETTER
CONDITIONS IN TRADE
Wall Street Remains Uneasy, How
ever. as to What May Happen
in Washington.

non -d1Niuend railway issues was resumed
at the outset of today's short session ant
a few more new low records were estab
lished- Features of especial weakness!
included Toledo, ST. Louis and Western
common and preferred. Missouri. kansa!
and Texas issues. Texas and Pacific anc
New York, Chicago and st. Louis. Erie
and Baltimore and Ohio equaled theil
recent low prices. More foreign selling
Of Baltimore and Ohio preferred for fu
ture delivery was reported.
Standard stocks were steady after the
first half hour. prior to which some ma
terial recessions were recorded. Unior
at that juncture and New York Centra
was under bearish influence. Short COW
erins in the later trading changed the
entire course of the market. net gains
being the rule. especially in New Ha-
Ven.
London Moderate Seller
London was a moderate seller here,
preceding that operation with further
liquidation of Americans at home Ac-
cording to trustworthy accounts, London
brokers were acting for Berlin and Am
mainly upon trade conditions, which in
the judgment of the mercantile agencies
points toward betterment in the general
situation
Further criticism of the Claf1in failure
and its outcome were INDUCED in.
From steel trade centers came word of
increasing operations at higher prices.
The United States Steel Corporation and
nf.,
advances in rates for various manufac-
tured products.
An actual cash gain of S9.636, 600 was
maze by the local banks with a loan de-
crease approximating S35.OOOOOO and an
expansion in reserves of almost SI5.-
100000 $'
The bond market was again irregular.
with weakness in minor issues. Total
sales. par value, were S1S7,OOO
Panama IS declined IL per cent on call
on the week.
Congress Inquiry Feared.
The stock market proved unable to re-
sist wholly the sinister influence of
weakness in individual stock this week
special causes for that weakness were
were given some general application. The
: severity of the interstate commerce COM
missions arraignment of New Haven ap-
unfriendly attitude to the railroads claim
for freight increases.
There were rumors also of intended
congressional Investigations of other
railroads The adjudsed right of Union
Pacific to distribute its extra dividend
was a favorable influence, but even that
carried weakness to Baltimore and Ohio
as a result. owing to the threatened in
crease of market offerings.
Political motives found play in foreign
markets as well. where reports of Aus
trian complications in the Balkans block
ed the good effect of the French loans
success. Huertas abdication proved a
small factor. The dispute and delay over
the federal reserve board membership
were not liked.
Restraint thus was exercised on the
influence Of bountiful crop promises and
reports of industrial assumptions and
trade revival. Steel trad authorities
were inclined to deprecate excess of en-
thusiasm over mild Improvement" :"
Black rust damage figured in the wheat
market. The feature there, however. was
rather the deluge of new wheat moved.
Resources thus acquired. whether applied
to paying debts or buying commodities.
insured financial and business quicken
ing. Lenders views of interest rates were
affected moderately by this. but rates
were not materially altered. Caution was
manifest in foreign markets from polita-
cal causes. The wage dispute on west
ern railroads aroused slight misgivings.
Demand for Cheap Steel.
An encouraging feature of the steel
trade is the large volume of business
that could be transacted if the mills
would accept current prices for deliv-
cries extending beyond the third quarter
of the year, but as yet few consumers
find incentive to anticipate future re-
aurements. The American Steel and
Njra Counapy has taken the initiative
toward better feeling by advancing
z wire products 81 per ton, effective today
The prospective advance was preceded
by some increase in specifications and
contracts for both wire and nails.
In the railroad field the principal point
of interest this week was an increase in
rail orders. amounting to 1900 tons,
the largest being $1,000 tons for the
Southern railway The New York Cen
tral bought 2.5fO gondola cars, the Della
ware, Lackawanna and Western ordered
200 mining cars and the Pittsburgh and
Shawmut 25 refrigerator cars.
Locomotive shops reported orders fol
eighteen engines.
Structural steel contracts were again
light. calling for scarcely 10000 tons OF
fabricated shapes. but more large con-
tracts are being revived. Railroad
bridge orders were small. New pros
pective contracts call for about 100000
tons of steel shapes.
The pig iron trade was again light. and
tracts placed in all sections last week