Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-09-26

| Ine impression mas been gaming
ground that Europe's demand for motor
vehicles will be very greatly increased,
| and that an enormous quantity OF
American automobiles will be neces-
sary to fill these requirements.
! Profit Not Evenly Distributed.
The market has not been profiting
uniformly by the favorable course
which has been taken by information
| al matters in which we are now en-
gagged. and this quite possibly for the
reason that the investment attitude
at the moment is one of waiting. This
| is not unnatural in view of the fact
that the largest issue of investment
securities ever made in this country
! is now under negotiation. On the other
hand, speculation feels no such re-
straint, and that has found an outlet
in those stocks which because of the
circumstances of the moment have ap-
pea1ed most to the Spectator. The
sphere of influence eXerted by the two
clearly defined. but in the movements
in some stocks it is easy to see the
effect of the speculative fever which
has accounted for many of the market
incidents of recent months
October will have the distinction Of
being the first month since the out
break of the war to record substan-
tial increase in total dividends Ac
cording to returns compiled by the
Journal of Commerce, investors will
receive in the way of interest and divi-
dends the sum of s1S1,022,S3S, as
against s161,992.710. Stockholders will
receive $94.922.s3s, an increase of s14.-
pay out sso,257,752. against s47,255,231
in october year ago, the increase
being due in large part to the initial
SO share dividend on General
Motors common. which is payable the
Of
number of other additions figure in the
returns, as we'll as large disbursements
interest payments will total $S6, 900.
The dividend outlook is regarded as
expectations are fulfilled. number of
increased disbursements will be in
order before the close of the current
year.
Not satisfactory. but improving"
These. four words most accurately
summarize domestic business condi-
lions. according to reports from the
various commercial and industrial CEN
tiers. There has never been any mis-
giving as to the prosperous condition
cent weeks more substantial. evidence
of the rehabilitation of many indus
tries that were wholly or partially
suspended have been forthcoming. Re
ports from the great steel industry in
dictate that the steel mills are now
operating at the highest rate since
1912, while the tonnage production Is
the greatest in the country's history,
since number Of productive units have
been added since the boom Of 1912.
Prices are still below the high figures
of 1912 and 1910 also, but the advances
in steel prices have not yet halted.
The pig iron production by steel works
in August was at the rate of $500
tons day. a new high record. and the
rate thus far this month has closely
approached 10000 tons a day. In July
$1,000 tons a day were produced by the
steel works.
The production of finished steel is
not reported. but it ranges around the
pig iron production. Railroads have
entered the market for structural
material and rails for next year, hav-
ling been induced to abandon their
waiting policy by the manner in which
steel mills are filled up with war
over to bar making and the carriers
realized that If they are to secure
deliveries early in 1916 the orders must
be placed now. Structural business
placed now cannot we'll be delivered
in time for work this year, but by
placing the business now the roads will
be in a position to start work as soon
road ordering for 1916 will be large.
From now on the volume Of freight to
be handled by the railroads will in
crease steadily, thus causing an in
creasing strain on the roadbed and
equipment. That the railroads have
been practicing the most rigid econ
omy for the past eighteen months was
brought out as part of the testimony
In the rate cases. Therefore, they must
provide for past as well as future track
W. s. COUSINS.