The Washington times., 1915-07-28
INDUSTRIAL STOCKS
DOMINATE MARKET

NEW YORK. July 2s.-while the rail-
road stocks. which yesterday afternoon
launched upon a boom, continued today
to attract attention. and In the early
trading recorded substantial gains, the
market was again dominated by the in
dustrials. with steel issues serving as
leaders.
Bethlehem Steel made another sensa-
uonal advance. soaring twenty-five
points to establish a new high rtcord.
at 49, Crucible Steel, with a gain OF
ten points. touched the highest leved in
Its history. at bsh; United States Steel
common. on the strength of the splendid
showing OF earnings made In the Sec
ond quarter. advanced TO 66s&, a gain Of
one and one-half points: Republic Steel
and Iron. at 3sh. was up one and one
fourth points. and Sloss- Sheffield gained
one point. by selling at 70. with the ex-
ceptlon Of crucible these stocks all
receded slightly from their high points
during the second hour.
The strength OF the steel stocl:s
was attributable in large measure
TO the state OF tho trade as revealed
n me quarterly statement Of the
which was announced after the close
Of the market yesterday. The not
earnings OF the. company, after al
ioWanee o had been made for the main ,1 :
ssSssse sampsTea OF psrts S M e s n
the preceding three monthf. This
statement fulhlled expectations Of
the trade to the fullest extent. The
preferred dividend payment required
s:ss77,s .ppis.Se to div,dsnd. iSTHSs on
the common stock or at a rate equiv
alent to nearly 81 per cent per an
mum. The dividend on the common
was not paid, however. and the
money was covered into the surplus
In the industrial group American
Smelling and Refining. Mexican Pc
troleum. and Westinghouse stood out
prominently with gains ranging from
approximately to more than 3
The Copper issues. for several days
quite weak, sold UP. with gains ranging
from fractions to 2. points. the advance
Canad Pacific. lent f,rmness to the
railroad list with an early advance OF
w points to 17ss. but later receded.
New Haven, as a result OF the much
improved annual statement. advanced TO
back before noon to 81. Minneapolis.
st. Paul. and Sault Ste. Marie regis
tered a gain OF full points. and Sea-
board Air Line common led the low
leSucs, WIN Oil duNdHSc ots IA
points.
While much long stock was brought
out with the advance In prices. caus-
ing general recession from the high
est points OF the forenoon. brokers
reported that outside buying was In.
creasing.
j. p. Morgan & Co. and Brown Bros.
4 Co.. OF New York. offer. subject TO
prior sale and change In price. the un-
sold portion Of t3.tCO.0D Atlanta and
Charlotte Air Line Railway Company
first mortgage per cent bonds. series
"B." at 100 and accrued interest. These
bonds are due July !, 1914.
The total authorized issue is so 900. ON
and the company's present surplus is
stated to be materially in excess OF the
maximum interest on the entire au-
thorized amount Of the mortgage. The
proceeds OF this s.. 800. 900 issue are to be
used for double-track!ng and improve.
ments.
The Atlanta and Charlotte Air Line
| railway Is leased In perpetuitS by the
Southern Railway Company, and when
its double-tracking is completed and
work Of the same character on a portion
OF the Southern railway main line 5e.
ished. the Southern system will have q
double tracked main line for the entire
distance between Washington and At.
lanta.
This improvement. 1t is we'll under.
stood. will result In increasing incomt
and in large economies of operation.