Evening star., 1915-09-26
FURTHER ADVANCE
SPECIAL ISSUES
Excessive Speculation in
Shares Of Companies Sup
rlylna War Materials.
BETTER CLASS RAILWAYS
REACH RECORD FIGURES
Confidence in Completion of Foreign
,.oan Representatives, Of Iron
and Steel.

>~~>s
and Steel.
NEW YORK, September 25.-The ex-
cessive speculation in shares of COM
pan:es enjoying profitable contracts in
war materials flou-ished anew in this
weeks market, but WIS tempered to-
ward the end hy n general revival OF
sc;ivity in the better class railway Is
sues. some of which moved to the high
est prices of the year. The SO per cent
dividend of the General Motors Conn
pany and the increased dividend OF the
Westinghouse Company were contrib
utins factors in the further advance OF
special issues, and these developments
were supplemented by flood of ru-
1nors of the most glowing description.
Steel trade advices reported an in
creasing proportion of demand for eX-
port. Growth OF traffic n.trunk lines
is reported mostly toward the Atlantic
seaboard. rejecting much the same
cause. Signs of car shortage already
appear, although the movement is ex-
pecfed to continue to a maximum n
October or November. August export
business brought the export excess
since January I last to owe: a billion
dollars. and weekly foreign trade
statements show the movement fully
sustained.
Evidences of Trades Tendency.
These unmistakable evidences of the
main currents of trade explain the
speculative fancy for securities Of COM
panies engaged in these export orders.
Better business conditions growing out
of the grain movement were also re-
ported from the west. where trade in
general Is said to be flowing more
freely in consequence of better season.
al conditions, and the fedora: advisory
council reported similar tendencies In
all parts of the country. August state
ments of railroad earn ngs ind Gated
substantial improvement, Southern Pa
cific. Baltimore and Ohio and Aichison
being especially favorable. The pass
ing Of the cold snap relieved apprehen-
sion of frost damage to corn.
The course of foreign trade empha-
sized the necessity of the credit sought
by the Anglo French commission. Con-
iidence was unimparied In its COM
pietion. in spite of signs of differences
IN the course of the bargaining. So
prodigious a lodgment Of capital and
its effect upon supplies for other pur
poses and upon interest rates engaged
financial calculation. Latest authorita-
tive advices respecting the negotiation
led TO the belief that the sum will
not exceed half a billion dollars and
that the investor will receive a frac-
tion over per cent.
Feature of the Market.
Free absorption of investment shares.
chiefly the high-class railways. on the
largest scale witnessed in many weeks.
was the distinguishing feature of to-
days two-hour session. In which trans
actions approximated 100000 shares, or
on the basis of 100000 shares TOR
full day. Gains in the railways were
of a substantial character. Pennsyl-
vania, the most active stock OF It's
class. advancing 2A points TO IA.
New York Central and Baltimore and
Ohio gained ! to points
Inquiry for the railways seemed to
derive its chief impulse from banking
quarters, but commission houses with
western connections also reported an
increased demand from speculative
quarters recently conspicuous in the
sensational movement of the special
ties. The latter were not entirely neg
lected, Baldwin Locomotive gaining "a
to the new high price of 95B. whine
Lackawanna Steel. up 10 to 79, and
Texas Company. up 3k to 1864. also
surpassed all previous quotations.
q Fluctuation Manifested.
Bethlehem Steel and few other war
shares made slight improvement on
small dealings. but Bethlehem Steel
preferred declined l3 to 10. and some
of the less prominent industrials fell
away moderately. United States Steel
was less active than usual, but showed
underlying strength. Most of the
motor issues showed the continued Ell
fects of realizing sales. but General
Motors retained virtually all OF its
point advance to 345.
The bank statement furnished q
genuine surprise in that the estimated
large cash gain proved to be an act
ual loss of almost s13.0o0.0oo. reserves
reducing the excess reserves from last
weeks unprecedented total of S220,-
o00,000 to $1es,000.000. The loan ex-
pansion of S57,079,000 was accepted as
an Indication of the weeks active
stock market.
General news of the day included the
Afchison statement for August. show
reviews of the mercantile agencies
which reported a general expansion OF
trade.
Bonds were strong: with total sales
per value. Of S2.90O.Oo0.
United States bonds were unchanged
on call during the week.
!. Iron and Steel Trade.
Negotiations continued the past weei
on an enormous tonnage OF steel fol
war munitions. Contracts were placed
in the United States and Canada fol
about 100000 tons more forgings ant
rolled steel for projectiles. covering
shipments in December and over the
first quarter of next year.
New inquiries were mado for nearl.
1900, 900 six 70 sixteen inch high ex
plosive shells for manufacture and de
livery in 1916 for Great Britain ane
France and for 100000 three-iuci
shells for Russia. The sixteen-inci
shells will weigh over ton each an,
the six to twelve inch range from i5'
TO 1000 pounds each. The largest in
euiries for Great Britain and France
came from Canada. The steel for thu
projectiles in the Canadian inquiry
aggregates about 100000 tons. Ital!
bought small lots of blllets. but wa.
slow in closing contracts for ingots. o
which $4,000 tons are pending.
Railroad equipment orders were NOR
encouraging, including $4,000 tons rail
for the Chicago. Burlington and Quincy
$4,000 tons for the Wheeling and LAX
Erie. and 10000 tons for the Erie. Th
New York Central reserved rollinl
space on an indefinite tonnage for 1916
th. ONT y, II, he ~lr at fr