Evening star., 1915-05-30
Market Shows Disposition to
Await Outcome of Pending
Diplomatic Issues.
WAR SUPPLIES BUYING
HELPS GENERAL BUSINESS
Export Orders for the Products of
Steel Mills Offsets Dearth of
Domestic Demand.

| NEW YORK. May 29.-1n the face OF
a double holiday and strong intima-
tions that Germany's reply to Wash
| insto note in the matter of the Lusi-
tania might be made public before the
resumption of business Tuesday. to-
days brief session on the stock ex-
change was altogether a superficial af-
| fair.
| The tone at the outset was irregular.
gradually verging toward heaviness on
rumors that Germany has issued an
other marine warning. More careful
perusal of this notice served to allay
apprehension. and in some quarters
was regarded as a desire on Berlins
! part to show greater conciliation.
Leading stocks made full recovery in
| the final dealings. the market closing
with firm tone.
Rock Island Under Pressure.
| Shares of the low-priced railways,
mainly Rock Island and Missouri Pa
cific. moved contrarily. Rock Island
was again under moderate pressure
but Missouri Pacific displayed greater
steadiness on announcement that more
notes had been deposited under the
plan to extend payment for another
year.
! Routine news bore on the general
trade situation. the leading dry goods
| interests protesting to see further i'm
provement. Advices touching upon the
steel industry told of greater activity
at leading centers of manufacture
ine Canadian Pacific railway submit
TED It's report of earnings for April.
showing loss In net Of S657. 900 and a
total decrease since last July of s7.674.-
900 Canadian Pacific was firm in Lon
don, but inclined to further heaviness
here: The Erie railroads returns for
April also showed the effect Of In
creased operating expenses, with a de.
crease of s3S0.00O in net.
Total sales of stocks amounted to
10000 shares
The bank statement disclosed anoth-
er large expansion of loans. but the
actual cash gain amounted to con-
siderabiy more than $6.OOO.OO0, with an
increase OF slightly more than $4,000 900
Bonds were irregular on moderate
trading. Total sales (par vaiue| az
gregated $99S 900
United States coupon As advanced a
point on call during the week.
Stock Operators Wary.
With Mondays holiday impending
and the continued delay in the Ger
man reply to Washington's note of in
quiry. operators in stocks were plainly
disposed to move warily this week Re-
ports indicated that the German ques-
ton was imparting a similar spirit of
caution to business operations. and
this deepened the conservative ten
dency of the speculation. The Ne
braskan incident was accepted as a
further complication in the situation
Investment demand was affected to
even greater degree than the opera
ton of the professional fraternity.
Chances for outstanding adjustments
of corporations finances were also con-
sidered to be somewhat Impaired. Re-
opening of the Rock Island investiga-
| tion and the uncertainty attending the
future of other secondary railroads
exercised like effect.
1taly's belligerency was expected to
| cut off some of our commerce that
| moved through that country On the
whole. however. financial opinion look
| ed for small change from present trade
conditions to result either from Italy's
step or from possible rupture OF our
| relations with Germany.
Foreign Exchange Obscure.
The foreign exchange situation was
| Private credit arrangements were be-
| lieved to figure in the ready cash pay
ments by foreign governments for war
/
curity for these credits was left open
| to conjecture. Heavy receipts of gold
from Ottawa and Paris partly relieved
the depression in exchange rates. Pri-
| vate movement of foreign capital to
! New York for safe keeping is believed
to be in progress Geneva reported ex-
| change Of German shares in Italian
companies for American securities.
| Fresh realization of banking strength
came from the addresses to the confer
| hor A M ri r{o OF
| Washington. Questions of new invest
| ment relations were raised at the same
| time.
| June l condition Of wheat is expected
delivery dropped the price of that op-
tion.
Orders for Export Steel.
Steel mills during the week again
benefited from several large export or
ders, including one lot of $4,000 tons OF
barbed wire and 1900 tons wire rods.
One large Independent company also
obtained wire contracts estimated at
10 900 tons. Other mills took orders
for 5000 tons wire rods. In May for
aggregated about $4,000 tons. about
81. 900 tons OF which probably went to
the largest interests. Domestic wire
buying, however. continued unsatis-
petition with some concessions in
prices on current business.
Car shops placed additional orders
for bars. plates. sheets and shapes. ag.
gregating between $4,000 to 100000
tons Fully as much more tonnage ts
lpending Railroad equipment manu-
|facturers and ship yards were able to
obtain plates and shapes at 1.10 to LIS
base, while fabricated steel for rail-
lroad bridges was bought at q very low
level. Galvanized sheets were higher.
Orders for Steel Rails.
| Rail contracts amounted to $4,000
tons, including $4,000 tons for the
Southern Pacific. $500 tons Of the New
York Central lines west of Buffalo. s.
900 tons for the Chicago and Alton. 1000
tons more for the Chesapeake and Ohio.
900 tons additional for Russia and
900 tons miscellaneous, including light
sections. The principal car orders were
1ss more for the Pennsylvania system
and 750 for the Chesapeake and Ohio
the latter road also ordered twenty
four locomotives.
Steel building work was again light
and railroad structural orders amount
ed to only $500 tons. including 1900
tons for the Lehigh Valley train sheds
at Buffalo. The largest single fabri-
eating order was $500 tons for the
Motordome grandstand at Sheepshead
mage, was the most satisfactory month
to the steel mills in over year.