Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-22
|NDUSTR|ALS ADVANCE;
BALDWIN IN THE LEAD
Bethlehem Steel Touches 600.
Motor Shares All Move Up
Sharply-Market Active.

MOCOr onaTeS AL move up
Sharply-Market Active.
Rails Attract More Attention, Max
ing Fractional to Point Gains.
News of Wall Street.
NEW YORK, October 22.-The under
tone of the New York stock market is
strong and the trend of values Is to a
higher range.
Traders who have watched the con-
tinued improvement in conditions and
the marked advances in values aver
that they can see no reason for any Sc
rious reaction.
The claim is made that the action of
the brokerage houses. spurred on by
the banking element of the city, seek
ing safety, in enforcing much larger
| margins. has been a great strengthen
ing factor in putting from $25 to $50 a
share back of speculation, and more
| than this in the stocks that have sky
rocketed like Bethlehem Steel, Stude-
baker. General Motors, Winchester
Arms and other specialties in the war
share list.
After decidedly firm opening in the
1ndustrials, a selling movement devel-
oped with reactionary price move
ments during the latter part of the
| first hour This trend was checked
| quickly by an active demand for the
| rails. extending throughout the grang-
ers and many of the coalers as well.
Improvement in Rails.
| This demand was attended with a de-
cided1y strong tone and advances
reached better than point on Union
Pacific. Northern Pacific, Canadian Pa
cific, Southern Pacific, Atchison, Erie
and New York Central and fractions on
a number of important rails while Nor
folk and Western moved up to 1857, a
gain of / Y Reading to 81, :. like i'm
provement.
| The steadiness in the rails acted like
a tonic to the rest of the list, tho de-
cline in the industrials being checked
and general recovery followed, al
though the high prices of the first hour
of trading had not been reached up to
the noon hour.
feature of the session and seemed to
have been a movement in the direction
of steadying the market.
! Observers of the market were of the
opinion Indl the was less pro-
miscuous throughout the list; that larg-
,er operations attended certain stocks
and that the GENERALIZATION movement
would become more marked.
There was the usual crop of rumors
| concerning this and that stock, one of
the latest being that Baldwin Locomo-
| tive would be taken over by the Mid
| vale Steel Company.
New Highs Made.
| Bethlehem Steel common stock touch
ed 900 share. an eighth over its pre-
| vious record and IL points above the
closing of Thursday.
| General Motors advanced 10 points
above all records when it sold at 375,
| while Studebaker kept the ball moving
! with a APPOINT gain, to 1876.
| All the motor stocks followed suit:
| Willys-Overland to 1854, a 3-point
| vance. and United States Industrial
Alcohol to 1914, a IN point better
ment.
Increasing Productive Capacity.
! Independent steel companies are
working hard to keep pace with the
1 demand, and much new construction
work is under way.
| The Republic Iron and Steel Com
| pany has practically completed work
that will double the by-product coke
| ovens, and will have a capacity of g.
| 900 tons by-product day.
A new benzol plant will be in opera
ton with November and the product Of
benzol and toluol will be doubled, while
new construction work will give the
| company a total capacity for 1,250,000
| tons of ingots annually.
| Demand Exceeds Production.
| Owing to the urgency of the demand
| for products of all kinds, steel makers
are refusing many orders.
! The railroads have added their orders
to the bunch of commissions for war
munitions, etc. and for export. and the
demand can be but partially filled.
Should the building business improve
and large orders for shapes and struc-
! tural steel be placed, it would be a
question of delivery, and such profits
for steel companies as they have never
made before. Naturally prices are on a
rising scale.
Baldwin Moves Up to 142.
During the noon hour the market
moved along at about morning prices
with the rails becoming gradually less
active, but still holding the greater
part of their advances.
In the second hour of the afternoon
Baldwin Locomotive advanced to 142
and the chances were for further ad-
vance before the close of the session
1t closed yesterday at 1929, SO that
there has been practical improvement
of 10 points for the session.
/ There were many rumors as to Bald
win on which the advance was based
but 1t did not, carry other shares uI
with it. most of the industrials re.
naming about where they were al
noon
Bethlehem Steel sold to 5S4N. the
low of the session, to the end of the
second hour.
In the minor stocks Inspiration Cop.
per gained y. Industrial Alcohol I
! points. Can NJ and Distillers' the bet
ter part of 3 points.
Steel common went Off after the
opening quite sharply in the first wave
Of weakness. but rallied and remained
strong throughout the day.
Baldwin Locomotive led the lis,
through the last hour of the Afternoon
and made another new high at 147.
Bethlehem Steel preferred advanced
sharply Is points.
Crucible Steel rose to 94N, while
Steel common was steady around 86M
The list was quite active and the
itone one OF strength.