Evening star., 1915-05-23
MARKET AFFECTED
BY |TALYS ACTION
New York Spectators Believe
Development Tends to Short
en- European Conflict.
STRIKING GAINS, HOWEVER,
ON THE WAR SPECIALTlES
Large Orders for Steel Booked.
Output of Plants Increased to
rs Per Cent.

rs Per Cent.
NEW YORK. May 22.-Judging from
the course of today's stock market Wall
street, or at least the speculative fra
ternity, is proceeding on the theory that
Italy's participation in the war is call
culated to shorten the conflict. This
theory is hardly to be reconciled, how
ever, with the fact that the most strik-
ing gains of the brief session were
again made by the war specialties, Cru
cible Steel and Bethlehem Steel leading.
Should the war come to speedy end it
is obvious that demand for munitions
and other supplies of like character
would be materially reduced. Crucible
Steel. which made a maximum gain of
As points. contributed 25 per cent to the
first hours business.
The entire list took part in the rise.
which was most active in the first thirty
minutes, after which trading dwindled.
with some effect on values. In numer-
Gus instances higher prices were made
in the second hour, but general recess
sions from the best ruled at the close.
Bethlehem Steel yielding all it's advance.
Reports of an anti-American demonstra-
tion at Berlin caused some late selling.
Total sales of stocks amounted to
$4,000 shares.
No Guidance From London.
London was observing a holiday. so
the local market was without guidance
from that quarter. Private cables from
London and other international centers
threw no new light upon the interna-
iional situation, but in local circles the
belief prevailed that Germany's reply to
this government regarding the Lusitania
incident would pave the way to a better
Berlin.
The statement Of the president Of the
United States Steel Corporation that the
output Of the company's plants has in
per cent Of last January, was doubtless
responsible for the strength OF steel
shares. Mercantile agencies also reported
more favorable conditions in general
lines. Kansas crop reports estimating
wheat yield of 80 per cent show de-
probation Of almost 13 per cent from
last months estimates.
moderate loan contraction and a
small increase Of reserves were the only
features Of the bank statement, which
cash
Bonds were steady. with total sales
(par value) of $1.060.o00
United States coupon and registered 3s
advanced u per cent on call during the
week.
Steel Mills Book Large Orders.
Steel mills are better provided with
orders than at any time since the
European war began. and railroad
equipment contracts. just placed. mean
of
from Since May the average daily
orders booked by the Steel Corpora
tion alone have increased 10 per cent
Specifications against contracts. do
nestle and foreign. have gained pro-
portionately and plant operations are
now but little below SO per cent of
ingot capacity. the greatest activity in
year.
The Pennsylvania Railroad Com
pany's orders for $4,000 cars and fifty
locomotives helped to counteract the
chill resulting from political develop
ments Car builders in the last week
placed orders for 20. 900 tons of plates
and shapes and 5000 tons of sheets
Shipyards bought 5000 tons of plates,
and two boats. ordered by the Mexi
can Navigation Company. call for
les. heavy, but $4,000 tons were or
dered. including wire. plates and skelp.
while Russia closed for an additional
ID, 900 tons Of rails. Domestic rail or
ders we're insignificant.
Building Demands Light.
Steel buildings and bridge work were
light The principal orders were 1900
for the Backer loft at New York and
1000 tons. Detroit library. The Penn
sylvania Baltimore and Ohio. New
Haven and New York Central each
placed small bridge orders. The Oscar
Daniels Company submitted the lowest
tender on the construction of section
=, route 40. an elevated extension of
the subway system in Brooklyn. and
the American Bridge Company un-
doubtedly will furnish the 1900 tons
of steel required.
Galvanized sheets were advanced 81
per ton by the American Sheet and Tin
Plate Company because of the further
advance in spelter
placed in all sections, half of which
was southern iron.
Stock Spectators Timid.
The weeks stock speculation adopted
a hesitating attitude, Germanys reply
to the protest of the United States be-
ing the event awaited. Even Italy's
decision in favor of war was construed
as a probable factor of delay by Ger
many. A market contraction In deal
ings and some covering of short con-
tracts marked the speculative pause,
but prices were lifted again in the
Anal session, war stocks being the
most active and strong.
The commanding credit position of
the United States received further dem
onstration in the responses to the
weeks news. Foreign exchange rates
at New York sank to low levels on all
financial centers. quotations to London
being the lowest since 1873, and francs
and lires being recorded at minimum
figures of many years. In fact, rates
on Paris and Rome were lower than t
any time within the recollection of
veteran dealers
Transfer of 500, ,0oo, 900 in Gold.
frances s1oo.ooo.oo gold transfer to
the Bank Of England with esta adjustment
of a 5000 900. 900 credit, was utilized to re-
init gold 10 New York from Ottawa Ad-
ditional gold direct from France and a
shipment from Japan also were announc-
ed, but the feeling grows that new and
larger credits will have to be placed here
II foreign exchange is not to become ut
terly demoralized.
Foreign sales Of American securities
still press on the New York market, but
without appreciable effect, although inter
na ational bonds at times moved heavily
New South American credits were sought
here. with negotiations still in progress