Evening star., 1915-06-20

clearing house institutions>to 100000
900 In excess of the legal requirements,
with the federal rediscount but slight
ly encroached upon.
Wise employment of this prodigious
mass of credits is the foremost anan-
our foreign debtors evidently are most
pressing, involving also continuance of
trade advantages which the wars
necessities have brought to US. A plan
favored by American bankers, and pro-
posed by French and English govern
ment authorities, looks to the deposit
here as collateral for loan to them
by American bankers of American Sc
curities now held in Europe.
Superior to War Bonds.
Superiority Of this collateral over war
bonds is emphasized by Great Britains
proposal for additional issue OF $1.750,-
100000 and by statistics Of the huge to-
tai aggregate of such bonds in all coun-
tries. The depressing influence on prices
Of the liquidation of these American Sc
curities also would be avoided.
Definite details dealing with these
phases of the international situation are
looked for in the coming week.
The respective effect of the unsettled
dispute with Germany was manifest to
some extent largel vim curtailed ma rk ct
question in view of exhibits of earnings.
A fall in September wheat to one dollar
modified western cheerfulness. Shading
of copper and lead prices induced Teac-
moved violently. without advantage to
the general list Steel trade journals re-
ported an increase in domestic orders
and encouraging prospects.
Loss of the governments criminal suit
against the National Cash Register Com
pany, following the United States Steel
decision. was made the occasion of specu-
latfve inferences regarding other suits
and Of the final Interpretation Of the
Sherman law.
Steel Prices Advanced.
Because Of the recent heavy orders
booked for rolled steel products the steel
mills consider their position strong enough
to justify a further advance of 81 per
ton on bars. plates and shapes. Three
OF the largest companies now hold at
$1.25 base for these forms. but few
Of the mills are still in need Of business
and consequently are taking orders at
81. 20 for plates and $1.15 for shapes. The
large orders for locomotives have been
followed by an advance Of 81 per ton
in the price of boiler tubes. Shafting
and steel bands are also stronger.
The most encouraging feature during
the week was the heavy buying of rail
road equipment for export. Russia
closed for $50 locomotives, France and
Serbia for 64 and 20 locomotives re-
spectively. France also consummated
contracts for $4,000 tons Of rails and
for 3.745 cars. Domestic roads bought
IL locomotives. 1000 cars and 10000
tons of rails. The cars were for the
Rock Island road and the principal rail
contract was q. 900 for the st. Louis
and San Francisco. In all. railroad
equipment orders called for 100000 tons
of rolled steel. Miscellaneous export
orders amounted to about 5000 tons.
shipbuilders Busy.
Marine work also was gratifying. The
Munson line ordered one boat from the
Maryland Steel Company and the
Lukenbach interests one large freight
boat from the Fore River yard The
Ward line is about to close for one
passenger and one freight boat and the
Standard Oil Company for another tank
teamship. The latter company also
bought 10000 tons of plates from an
eastern mill. Steel building and bridge
work is again quiet. Most notable
among the new orders We're $500 tons
for extensions to the plants of the
Winchester Arms Company and the
Scoville Manufacturing Company. The
Standard Steel Car Company also placed
an order for 800 tons for new ship.