Evening star., 1915-03-28
BETHLEHEM STEEL
IS MARKET LEADER
Rises by Leaps and Bounds
and Reaches a New
High Level.
LIST MOVED GENERALLY
BY THE UPWARD TREND

Steel Mills Booking More Orders and
More Hopeful View Is Taken
of Business Outlook.
NEW YORK, March 27.-One of the
so-cal1ed war specialties," Bethlehem
Steel. furnished the sensation of to-
days active and broad market. On
publication of the companys annual
statement. showing earnings In excess
of 80 per cent, applicable to dividends,
the stock rose by leaps and bounds
from yesterdays closing price Of GA
to 16. an advance of 3 points from its
previous record price. closing with a
net gain of ~ points.
The rise was accelerated to a degree
by hasty covering of the short inter-
est. which had made that stock the
object of it's recent operations because
of reiterated statements from semi
official quarters that dividends were q
matter of distant consideration. Deal
ings in Bethlehem Steel, while mainly
in small individual lots. approximated
10000 shares, making it the second
most active issue of the session.
General Motors also made another
spectacular advance to the new high
price of 40. a gain of points. but
yielded part of it's gain in the later
dealings. United States. which changed
hands in blocks of a thousand or
more shares, sold up to 49A. its best
quotation since the suspension of divi-
dends
High Prices for Rails.
Anthracite shares New Haven Cana
lian Pacific and Great Northern led the
better known railroad issues with
revival of activity at higher prices in
the former Gould stocks and Western
Maryland. Inactive specialties. like
American Sugar. Beet Sugar and Mon
tana Power figured in the rise. Profit
taking in the later dealings caused
general recessions from best quota
tions at the close.
General news of the day included
the governments detailed statement
of the country's foreign trade for Feb
ruary. the chief feature being the huge
gain of merchandise exports over i'm
ports. Domestic trade conditions. as
reported by recognized authorities,
show expansion in some sections and
slight arrest elsewhere.
The bank statement disclosed an actual
cash gain Of almost s15.000,0O0. and
reserve increase of slightly more than
ed to 264, 800 shares.
Bonds were firm, New York Central
SIS being the only exception. Total sales
(par value) were $1,550,000.
United States bonds were unchanged on
call during the week.
High Levels Attained.
Stocks went this week to highest prices.
and were sold in large volume since the
resumption Of market sessions interrupted
by the war. The speculative factor was
revealed in the proft-taldng sales on ad-
vance. especially for London. and in the
buying under pressure from uncovered
shorts.
Starting from specialties affected by
large war orders. the movement broad
ened to the whole list. Extraordinary
foreign trade conditions were the prime
influence. Chances of early ending of the
war also were discussed. The fall of
Przemysl and Italy's apparent readiness
to take the field furnished added material
for speculation and surmise.
Dominance Of the bullish spirit was
shown in the way contradictory factors
were reconciled. Ending of the war and
the wars requirements for our goods
figured equally. Increase Of February net
earnings Of railroads was largely re-
suit Of drastic economies, involving heavy
cuts in orders for equipment and material.
Reduced imports shared with expanded
exports in the phenomenal trade balances,
depriUng various industries OF material
for production.
Operations Of steel mills were increased
by orders for war supplies Large ship
ments of copper were made under agree
ment with British authorities assuring
destination Cotton continued to go under
extension Of time allowed for shipments
to Germany. Copper and cotton both
touched highest prices since the war.
Prospects for an unprecedented wheat
crop entered into calculations
Large entries OF gold afforded partial
relief to the depression of foreign ex-
change. Argentina obtained loan OF
SIS 100000 and Germany loan of $10.-
| 100000, and negotiations for credits to
half a dozen other countries were under
way. Encroachment on the clearing
house reserve limit as it would have stood
under the old banking law affects the at
titude Of bankers, in spite Of the permis-
sions Of the new law.
Iron and Steel Trade.
Heavy export orders for rolled steel.
satisfactory specifications against con-
tracts and increased shipments by tho
steel mills this week overshadowed the
fact of smaller buying by domestic
manufacturers.
One dramatic development was the
drive for business made by blast fur
mace interests at Buffalo. resulting in
q break or 81 TO $15O per ton In the
prices Of foundry iron, sales Of 100000
tons for shipment over the last half
of the year, and a subsequent rise of
81 so to 81 per ton following the restora-
ton Of peace among the belligerent
furnaces.
In the south the liquidation of $4,000
tons speculative holdings of Tennessee
pig iron warrants brought out 50 per
ton for No. foundry-base, Birming-
ham.
Among the most important export
sales this month have been $4,000 tons
wire products. 1900 tons wire rods.
| SO, 600 tons rails, 1900 tons skelp, as
600 tons steel plates and 1900 tons
tin plate for shipment to Great Britain,
France, Russia, Italy. Japan, China and
Greece; also $4,000 steel rounds sold to
domestic manufacturers Of shrapnel for
export to Europe. Great Britain and
italy have also taken $4,000 tons Of pig
iron.
Domestic rail orders included $500
tons for the Northern Pacific, 1000 tons
for the Great Northern. and 10000 tons
light sections for industrial roads. The
New York Central. east Of Buffalo, will
order $4,000 tons of rails for 1915.
which will call for 10000 tons more
specifications to the Buffalo mill.
The largest building steel order
placed was 1900 tons TOR the Aver
building in New York Small bridge
orders were placed by the waha al