The Washington times., 1915-05-05
INFLUENCE OF WAR
DOMINATES MARKET
Complications In Far East Serve
to CompIicate Situation on
New York Exchange.

NEW YORK. May 6-war influences
again dominated the stock market to-
day.
The railroad issues found light mar
ket. with such changes as were estab-
lished inclined fractionally downward.
but a few of the industrials. particu-
larly Bethlehem Steel and the copper
group. on the strength of large orders
and higher prices made Substantial
gains.
Traders, while disregardins the Gulf
light incident. turned to the apparently
complicated situation between Japan
and China. and endeavored to bear
the market with talk that strained
relations between the two Oriental pow
ers would incvolve the United States.
Reports that the Bethlehem Stel Cor
poration had obtained another war or
der calling for $s3.000.0o0 worth OF sup
plies. caused that stock to sell pu from
LIZ to IA, gain Of nine points for the
day. but later trading wiped out a por-
ton OF the advance. Interests In close
touch with the Bethlehem Company fig-
ured that an order Of proportions re-
ported would yield 20 per cent profit.
1t was also said that January l the
pany amounted to approximately S6.-
100000. the largest in the history Of the
corporation. The war" orders. which
have accumulated since then. II is said.
will make record return for the years
1915 and 1916.
Copper stocks enjoyed a good rally or
the advance of copper metal In the
London market. London prices fell last
week. with the result that the copper
stocks suffered a rather sharp decline
Today. however. both Amalgamated and
Utah were UP point. at AN. and SIN
respectively. and Chino and Ray regis.
tered large fractional gains.
United States Steel. after advancing
s pS!n cosnS sG I sSe areDPss &c. 0san Smer
can Car Foundry sold off point, tc
54k
American Locomotive. National Lead
American Sugar Refining, Studebaker
point.
New Haven and the issues OF the
Kansas CITY Southern we're the strong.
| est of the railers.
James Pollitz. owner OF 40 shares OF
New York Central stock. yesterday ap-
piled for an Injunction to restrain the
issuance Of $lO0, ,00O,O 900 per cent de.
benture bonds. authorized April 20. The
| bonds were actally issued and disposed
! Of on May l.
The plaintiff declares the payment OF
commissions to J. P. Morgan & Co. as
| fiscal agents. "exorbitant and uncon'
scionable." and objects to the issue or
the further ground that II Is to be ex-
| pended in alleged violation of laws OF
| New York. Pennsylvania, Ohio, Indiana
Michigan. and Illinois
The action is brought against direc.
tors. as well as the corporations in.
volved in the transaction. The indi.
| vtdual defendants are William X. Van.
| derbilt. Chauncey NJ. Depew. Frederick
W. Vanderbilt. William Rockefeller
William II. Newman. George r. Baker
Marvin Hughitt. william K. Vanderbilt
| Ogden Mills. Robert 8. Lovett, Horace
| f. Andrews. Leonard J. Hackney, and
Frank J. Jerome.
Directors Of the Studebaker Corpora
ton declared yesterday an initial divi
dend of " per cent for the curren
ment will be made Juno to share
holders Of record May %. The usua
quarterly disbursement OF IA per cen
| on the preferred was ordC-ed.
| Earnings OF the compan, since Jan
| uary have been running close to tn,
| rate OF 20 per cent a year on the junlo
| shares. according to statements mad
In quarters close to the management
In the fiscal year ended December 81
the net income was equivalent to NOR,
| than II per cent on the common stock
and a further increase over this rat,
In 1915. IT Is said. was made possible
largely through orders for harness ant
automobiles from foreign governments
| War orders Of the sort are understood I,
have amounted to approximately ST.,
900. 900 since September.