Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-11-04
COPPERS AND RAILS
LEAD STOCK MARKET
Shifting of Trading Interest From
the War Specialties to New
Favorites Continues.
Latter Shares Go Stronger, With
Anaconda Leading It's Group, 2ss
Higher-Steel Is Firmer.

| o1SuGT-SL6el Is
| NEW YORK, October An the first
hour of the trading there was some
disposition toward higher prices and
slight gains were recorded, but weak
ness developed further in the special
| ties and trade was more and more di.
| verted to the rails and coppers as well
as to minor industrials that have not
figured to any material strength in the
recent speculation.
| Equipment stocks were again favored
as new orders for equipment were
placed by railroads.
| Some of the glamour of the wal
| stocks has been furnished. Hundreds
, of millions of war orders. according
to rumor, have diminished to $1,000
600 in the case of the Crucible Steel
Company, and elsewhere tens of mil
lions have diminished to tens of thou
sands.
Some great war orders have unques-
tionably been placed and are being ex-
ecuted, while deliveries have been GO
ing on for months in large volume
but the millions upon millions were ex-
aggerated sadly, and the fact in just
being brought home to spectators
Then, again, the plans that were ar
ranged to keep the game going apace
have not materialized. On a plan OF
: this kind, the increase by ten-fold in
the capital stock of the Bethlehem
Steel Company. mas, in it's being turned
down by Mr.. Schwab. knocked $170 a
share off the price of this erstwhile
war favorite.
Crucible Steel dropped today in a
selling movement from 76, yesterday s
close, to u, decline of over twelve
points from the closing last Monday
night.
Other old-time war favorites acted
better than those mentioned, but with
none of their former vigor.
Studebaker turned to strength and
a gain early, but did not hold 1t.
losing points net on a break to 1891.
Market Turns to Rails.
There was reason to turn to rails.
Bankers were urging the transfer OF
interests; margins were decidedly mod
est as compared with the great amounts
demanded of those who would follow
the old speculative leaders. and the re-
ports of the railroads themselves were
| most encouraging.
Decidedly impressive is the report of
country for September, 1915, s470 net
per mile. as compared with 1892 per
mile for September, 1914. Net revenue
| of eastern roads was $7s7 a mile in
September, versus 1892 for the corre-
spending period of a year ago; south
with $3.50 per mile, in the same COM
parison, and western roads s422 versus
1872.
The net revenue for 116 railroads
per mile for September was 1929, as
compared with $1,167 for the same
month year ago.
With the great decreases in operating
expenses, not at the expense Of main
tenance. the railroads have solved the
problem Of wage increase. and their
ings, rapidly increasing. will bring
them into the market seeking new
equipment to keep rolling stock in con-
| dition. and tracks as well.
In normal times, the railroads of the
country take 40 per cent of the capacity
steel production, and normal times seem
to be coming.
Gains of q of point were made on
Nipper. Baltimore and Ohio. Chesapeake
and Ohio, Norfolk and Western and
Atchison, and fractional Improvement
elsewhere in the list.
Coppers Are Firmer.
Coppers were quite active, and the
| trend here was toward higher prices
Many market judges were of the opin-
| ion that these. stocks were bound ia
profit by the shifting of interest from
war shares.
Anaconda advanced IA, and showed
| that there was considerable absorption
| going on; Chino gained a point and
| Utah Copper a like amount, while In
SEPARATION moved to higher levels.
| Interboro continued it's advancing
movement developed Wednesday, and
Western Union gained 3H points, while
American Telephone and Telegraph
moved up strongly X net.
Anaconda Leads.
| In the afternoon the market showed
better strength. Anaconda pacing the
coppers to new highs, with a IN -poin,
| advance.
! The rails were also f1rnler.
| War stocks were dull and soft
Specialties Recover.
| In the second hour Of the afternoon
trade in the rails and minor industrials
slowed down and then the war specialties
came back for good recoveries. under the
| leadership of Baldwin Locomotive, which
recovered all of its earlier losses and
also 39s points net gain.
| Crucible Steel came back from TN to
| rs. Studebaker to 164A, Goodrich to To-
Maxwell Motors to TIN, the latter a. point
gain.
| Bethlehem Steel gained points from
the low.
While the trading III the minor indus
| trials was less active, prices were well
maintained and some of the rails made
| additional gains.
| Reading sold to ssh, Union Pacific
| to 139B and Canadian Pacific to 100.
| Little Steel was very strong, making
/ better than a point advance.
LONDON UNDERGONE GOOD