Evening star., 1915-04-04
WAR ORDERS ARE GIVING
TRADE A CHEERFUL TONE
Railroads Make Showing by Cutting
Upkeep, But Gross Earnings
Are Still Low

ness was restricted to minor issues IKE
| he local traction group, Rock Island.
| Eries and specialties. The various
motor shares also contributed more
| than a fair share to the whole.
Rock Island continued it's erratic
course, declining almost 3 points at the
| outset, but recovering later. Numer-
| Gus specialties ranging from tobacco
| subsidiaries to Continental Can rose 2
| points or more. while Cuban-Amerlcan
Sugar rose 10 points to the accompani-
ment of stock or cash dividend rumors-
Leading stocks moved irregularly at
times. but became more steady in the
la ter dealings, with numerous net gains
and large individual transactions in
United States Steel and Reading. Beth'e-
hem Steel regained some of its decline
of the early week and few of the
equipment shares made favorable re-
sponse to betterment in that industry.
Steel Export Orders Heavy.
Respecting the steel trade. 1t was
stated that export orders are running
at double the rate of the closing
months of 1914. Progress of general
trade was traceable to Easter demands.
but in the south and northwest back
ward conditions prevail.
The days railroad news included
February statements of earnings by
New Haven and the Atlantic Coast Line.
the latter showing decrease in oper
ating income of sIS7,O00. while the
former decreased it's deficit by $4,000.
No changes of Importance were dis
closed by the bank statement, aside
from s14.222.000 expansion of actual
loans. Cash changes We're nominal and
excess reserves decreased by S1,61S, 900.
Total sales of stocks amounted to
2S5,000 shares.
The bond market was broad. but ir-
regular in the main. Total sales (par
value) aggregated 1851, 900.
United States registered Is declined 4
per cent and the coupon Is y per cent
on call during the week.
Open Market Again.
Growing recognition of the safe
guards enjoyed by this country against
the financial effects of the war was
registered in the weeks stock market
Abolition of minimum prices marked
the re-establishment of n wholly free
and open market. Expanded volume
of dealings further reflected the re-
turn of normal conditions. Both in
stocks and bonds March business rose
well above the corresponding month
last year, the final day of the month
rising to the maximum and the highest
prices since the outbreak of the war
Speculative caution and manipulative
excesses prompted the realizing which
resulted in the irregularity at the
week end.
The advantage to our foreign trade
of the necessities Of belligerents con-
tinues the dominant factor. War or
ders for steel in the last two weeks
were the largest since the foreign
clouds gathered. The s50.000,000 one
year French government bonds taken
by New York bankers. an equal amount
for Russia and twice as much for Eng
land under negotiation are all for pur-
chases of materials here.
Foreign Exchange Weak.
Renewed weakness of foreign ex-
change in face of these operations in
dicated the further pressure of the
same causes. Subsidence of expecta-
tion of early peace was a natural con-
sequence. A sharp expansion in mer-
chandise imports was another effect of
the pressure in foreign exchanges. Rise
in prices of stocks also brought some
added foreign selling.
As a contrast to foreign loans, new
March fell to s5S,oOO.00O. compared
with $264.o00,000 in the preceding
month. Home trade still hesitates
Better net returns for railroads are
from economies near starvation for up
keep. March gross returns are unsat-
isfactory. Record acreage for wheat
is estimated, with drastic reduction of
cotton.
Diplomatic exchanges over neutral
watched for possibilities of anxiety.
The Mexican situation also came in for
renewed consideration.
Railroad Steel Orders.
The Erie Railroad Company has ordered
80 900 tons Of rails, of which 21,0OO tons
Will be rolled by the Steel Corporation
Company in April. May and Juno. 5000
tons by the Buffalo mill and 5000 tons by
the Bethlehem Steel Company in April.
May, June and July. The Oklahoma
and Gulf ordered 1000 tons from the
Tennessee Company, and miscellane-
ed to 5000 tons. making the total rail
orders booked In March 287 900 tons.
The car shops and locomotive works
experienced another lean week, but the
locomotive builders, as well as the car
manufacturers, have turned with alac-
rity to shrapnel orders for export, and
In turn, need about $4,000 tons OF steel
bars. In consequence there are likely
orders placed by railroad equipment
manufacturers
Round Bars for France.
French interests have bought 100000
tons more round bars in this country,
and supplementary orders for plates,
shapes and sheets amounted to 10000
tons. Domestic merchant interests also
placed additional substantial miscel-
laneous orders for export. March ex-
port sales aggregated 100000 tons, In
| cluding bars to cover shrapnel forged
| in this country. Great Britain. France
and Russia are still negotiating for
rails.
| Steel building orders this week were
| small, but the March structural book
| ings reached 100000 tons. The United
| States Steel Corporation is now op-
Grating more than II per cent total ca
pacity Shipments in March gained
| nearly 10 per cent, while new orders
| decreased about per cent, indicating
| small change in untitled orders. South
ern blast furnaces sold 100000 tons Of
| foundry iron at 1925 Birmingham for
| No. Q Buffalo furnaces sold $4,000
| tons additional The total merchant
| sales In March were nearly 100000
| tons.
TREASURY STATEMENT.