Evening star., 1915-06-13
MARKET NOT WIDE
DESPITE ACTIVITY
Standard Shares Are Almost
Neglected in the Half
Days Trading.
WAR ORDERS PLAY A BIG
PART IN BUSINESS RUSH
Buying for Railroad Account Given
Encouragement Which Other
wise Might Be Lacking.

NEW YORK, June 12.-Dealings in
stocks today would have been more
!! impressive had the movement shown
greater breadth. Most of the standard
shares were neglected. activity and
greatest advance again converging
about war specialties and other stocks
more or less remotely within that
special class.
For instance. Federal Mining and
Smelling common and preferred, one
of the obscure issues in the Guggen-
helm group, scored temporary gains
of 90 and 5 points. respectively.
partly as result of the higher prices
for refined copper and lead. and Ameri-
can Smelling, Guggenheim Exploration,
Amalgamated Copper and National
Lead rose l to 81. points.
Bethlehem Steel Goes Up.
lehem Steel preferred rose to the new
high price of 1191a, with smart ad-
vances in the common stock, New
York Air Brake. General Electric and
half score of other industrial and
equipments sharing in the manufacture
of munitions of war. Motors were
relatively inactive. though firm.
Seasoned railway shares. including
Union Pacific. Lehigh Valley. New
York Central and Atchison. were up
point and United States Steel also
held steady until the close. when pres
sure wiped out much if not all their
early advantage. Reading was heavy
throughout. but the first preferred
stock gained points.
Irregular at Close.
The final dealings were enlivened by
marked activity in American Can and
Central Leather, which rose from
to 3 points, but the list as whole
became increasingly irregular at the
close. Total sales amounted to no.
600 shares
In their bearing upon industrial con-
ditions neW/high export quotation of
2O1a cents for copper of the best grade
and a local rise in lead to cents were
the chief features of the session. More
gold was received from Canada, max
ing the return flow of the metal from
all sources since January l approXi-
mate $100,000,000.
Actual bank loans expanded almost
S16,000,000 during the week, with "a
cash gain close to s16.500.000 reserves
increasing about $S,900,0O0.
Bonds were steady today. total sales
(par value) amounting to S1,3S5,000.
United States bonds were unchanged
on call during the week
Hopeful of the Future.
The weeks stock market registered
confident and hopeful views of the
future. slightly restrained by solicit
tude over the outcome of the contro-
versy with Germany. The resignation
of Secretary Bryan momentarily deep
ened fears of an imminent rupture with
Germany. but later opinion became !
more hopeful of an adjustment.
Extraordinary trade conditions oper-
ated favorably on stocks. The advan-
tage from war orders was reflected
again in the discrimination of demand
in favor of securities thus benefited.
Warnings against eXaggeration in re-
ports of war orders came from trade
authorities The Department of Com
merce also pointed out that the years
increase OF exports was traceable to
foodstufs, with decrease of manufac- !
lures, trade with non -belligerent coun-
tries, especially in the western hemi- |
sphere, showing declines. The problems
of adjustment thus presented and of the !
wise disposition of enormous credit re-
sources accruing to this country en- |
eminent financial and banking authori- |
ties.
Low Price for Wheat.
Lowest price for the new crop OF
wheat was touched under the influence |
of the promise of record yield and
reported falling. Off in export buying. |
The rise of refined copper to 201a cents
a pound. with advances in other metals
required for ammunition, indicated the |
special effect of the wars demands |
Motor shares were all affected by fe- |
vorable financial exhibits and further !
contracts from the warning nations. |
United ctatss Stools May gain in un- |
flIed tthnaEe. With mill activity fully |
sustained, gave subskantial evidence Of
expanded business. Steel trade senti- :