Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-18
WAR STOCKS CLOSE
WEEK WITH BOOM
Several Specially Issues
Reach a High Level Never
Before Attained.
u. S. STEEL SHARES IN
UPLIFT OF INDUSTRIALS
Orders for Shells and Other NUM-
lions Call for Huge Output
of Steel Shops.

| Crucible Steel was again the most con-
| spicious feature, advancing to 81, with
! the preferred at 104. Other issues in
! this class which touched quotations
never before equaled included Bethle-
hem Steel at 1911, Baldwin Locomotive
| at d4B, American Can preferred at
| 1857 and General Motors at 1914.
| Numerous minor industrials, such as
! Republic Steel common and preferred,
! Sloss Sheffield and Allis Chalmers COM
mon and preferred made striking gains
on fairly large absorption. In fact,
every issue in the so-called industrial
and equipment divisions of the stock
list was in demand. including some
| stocks long dormant.
U. s. Steel Joins Uplift.
| only one of the former market leaders
to take part in today's movement, ris-
ing to IS. its highest quotation of the
| year. Steel ranked second to Crucible
Steel in point of activity, but such
erstwhile favorites as Amalgamated
| Copper, Reading and Union Pacific
were inclined to heaviness, when not
suffering from actual neglect. Total
sales of stocks amounted to 42S,OOO
shares.
Among the stocks without especial
classification, Pacific Mail was strong
as a result of rumorS indicating an
early sale of the companys steamship
holdings on highly favorable terms.
Among the few offsetting features of
the short session was new low record
for Missouri, Kansas and Texas pre-
ferred at 13H.
News features bearing upon the finan-
cial situation included reports from
leading centers showing an expansion
of demand for merchandise and a fur
| Their accumulation of constructive fac
tors
Improvement is most pronounced in
the principal agricultural sections of
| the country.
An increase of about 100000 in
loans and a gain of 100000 in ex-
cess reserves were the only features
| of the weekly bank statement.
Trading in bonds was light with a
steady undertone. Total sales (par val
ue) aggregated $s90.000.
Panama registered IS advanced V per
cent on call during the week.
Weekly Market Review.
The way was opened to this weeks
| stock market recovery Ny a partial
check to foreign liquidation. owing to
the closing of the British war loan
subscriptions. The influence of the ia
vorable trade and financial position
then reasserted itself.
Munition stocks were increasingly
high eecords in these issues. Bethlehem
Steel and Crucible Steel being most
conspicuous in this regard. United
| States Steel supplied more effective
price than early in the preceding
month. when the federal court handed
down its anti-dissolution decree. The
reported increase In June steel tonnage
was supplemented by large buying this
month, since old contracts at lower
prices have expired. This result is
achieved with railroad orders still
! lacking.
Factors Affecting Market.
Decrease shown in freight car sur
plus must allow for the fact that re-
placement of new cars is scanty. June's
high record consumption of 1880
bales of cotton by American mills was
an item in the industrial news. The
Remington Arms strike in no wise
affected war order stocks.
| A belief that the German note at
| forded basis for further exchanges
created good impression. The news
| OF the Orduna incident came too late
to have any market effect. Disputed
| rights of neutrals still offer possible
| grounds for anxiety.
British war loan subscriptions to be
paid next Tuesday will throw the Lon
don money market into the hands Of
the Bank of England. A higher bank
rate is suggested with a view to cor
rect New York exchange. Fresh in
ducement to liquidate Americans
| would doubtless result.
1t is understood that all the details
| connected with a moderately large
French credit have been completed by
| our bankers, and the raising of addi-
strongly intimated. Foreign exchange
was fairly steady during the week,
with a marked hardening of remittances
| to Paris.
Steel for Export Trade.
One of the most significant develop
ments during the week was the pur-
chase of about 10000 tons Of special
steel by the United States Steel Cor
poration for the National Tube Com
pany. the latter having large export
contract to fill. In June the Carnegie
| Steel Company booked orders for 100,-
| the export department of the corpora
ton and since July l similar contracts
| have been placed with the corporation
and Independent mills calling for about
| $4,000 tons Of steel rounds
A Chicago manufacturer has con-
| tracted with the Crucible Steel Com
pany for 10000 tons of steel bars to
cover the manufacture of 100000 four
and one-half inch shells. weighing
| nifty pounds each. An eastern manu-
facturer has bought 5000 tons of
rounds for shells. Great Britain is on
| the point of closing for 100000 eight
and one-half to nine inch shells. weigh
| ing 400 pounds each. calling for $4,000
tons of steel blooms: also for 100000
six-inch shells to weigh sixty-seven
pounds each and for 100000 three
inch shells, weighing twenty-seven
pounds each. calling for $500 tons and
1880 tons OF steel. respectively.
Similar prospective contracts for
high explosive shells for France call
for $4,000 tons of steel, while Russian
inquiries. more definite. call for $4,000
| to 100000 tons of steel. Russia has
also finally closed for 100000 tons of
rails with independent American mills
and is still negotiating for another
100000 tons Of rails.
The United States Steel Corporation
purchased additional lots of open
hearth billets In eastern Pennsylvania.
making its total steel purchases In the
open market between $4,000 and 100000
tons. although over 80 per cent of its
steel ingot capacity is active.
The Burlington railroad has placed
contracts for 1000 cars and for nifty
heavy machine tools. Three other rail-
roads are in the market for machine
shop equipment. Steel building and
bridge work IL active. and the fabrf-
eating shops have taken orders for
$4,000 tons structural shapes since
July l. Bars, plates and shapes have
been advanced to 1.S0 C. base for third