Evening star., 1915-05-16

whether the boom in the New forh
stock market is a thing Of the past OF
whether the activity and strength wiz
return is a matter that every tracer
must settle in his own mind rms
much seems sure, the public. late IN
getting in. slow in taking a profit. has
been unable to make the re-entry III
stock trading profitable and any move
ment in the near future must nave the
backing of the professional element
and the support of large financial IN
terests. The public has a long mem
ory and will cogitate long on the SUD-
denness of the turn from strength TO
weakness and the loss of margins and
of profit in sight, before coming back
again.
Even brokers who have been advis-
ing their friends to get aboard OF the
market and who have, in measure
been successful in their predictions,
now admit that they see no reason LOT
an advance in values based on war or
ders or in the old-fashioned way, on
good gross earnings OF railroads. OF Oh
higher prices for pig iron or OF actlv-
tty in the steel ltrade-legittmate busi-
ness constructive enterprises.
Moreover, self-protection is causing
the brokers and commission houses to
be insistent on larger MARGINS ;nn M
more or less clouded in uncertainty,
with the unexpected liable to occur at
any minute.
Railroad earnings, gross. are not
showing important gains, even In terri
tory where the eastern rate advance
must have added to income. Equip
ment companies have. perhaps, received
a few more orders, but their legitimate
business Is not causing any overtime or
even full schedule operations.
1t is not a matter of money that busi-
ness is slow Some economists con-
tend that but for the federal reserve
law a panic would have existed from
August /, 1914. 1t was not enectlve
until November Is, the emergency cur
rency law being effective and life
saver in the early months of the war.
The federal reserve system Is very ef-
fective in maintaining an equilibrium
and its provisions as & to reserves ea s,aat, nave
tude of money, which has been FUR
ther enlarged by the withdrawal OF
funds from usual business channels by
reason Of dullness.
Capital Traction Stock.
While the operations in Capital Trac-
ton shares during the week just ended
have not been important, the stock has
featured the daily sessions. and Is better
by ten points than 1t was thirty days
ago Around brokers' Offices one hears
as the reason for the strength the long
and excellent record Of the corporation,
with the addition that it "is sure 5
per cent dividend payer. and ought to sell
higher"
Thirty days ago the only fear on the
local stock exchange as to the effect of
the removal Of the price limits from the
list was that Capital Traction shares
fhA at<NNk RI
sell down to SO. in a small way.
1t is only within the last few days that
1t has developed real strength again. clos
ing yesterday with 9sA bid. and none Of
fered at any price. During the year TO
date but 421 shares have been sold Even
shares that were held as collateral do
not appear to be troubling the market
longer
Heavy losses, on paper and actual, have
been sustained by shareholders in the
last two years In the decline from $50
and higher to SO.
The present showing Of strength 1s
satisfying to shareholders. who look for
even higher figures. especially in the event
Of the leasing of the road on a guarantee
Of per cent dividends on the stock as
is now being considered.
Railway common has regained its divi-
dend during the week: the preferred is
slightly lower. while all other stocks and
bonds are acting well.
pressing to sale. holders apparently being
satisfied to take their chances with WASH
ington securities, entirely Independent, as
usual. Of the action Of Wall street.
International Trade and War.
1t is decidedly interesting to note the
effect Of the European war on the in
ternational trade. Statistics are not
available as to Germany. Austria and
Turkey. but the stagnation Of export
and import trade in these countries
by reason of the command, at least of
the deep sea. by England must be
nations.
The United Kingdom, because of its
power on the oceans. has lost less, rel
atiyely. than some other nations.
In the nine months ended with April
goods valued at $2,350. 100000, as COM
pared with the same period of the
present fiscal year. when imports were
valued at 1920. 100000: for the same
Of the value Of ,1.4s5. 500 900. as COM
pared with exports for the same
months in 1854 Of ,i.s27. ioo. 900. ane
The value OF imports into the United
states In the nine months from August
!. 1894. was $1,433. .40O, 600, as com.
pared with s1.230.300.000 in the same
months of 19l4-15, while the exports
actually increased In value from
s1.ss5 100000 in nine months of 1924
cause OF higher prices Of breadstufs
and the rush Of war supplies and mu-
nitions, including boots, blankets.
horses and similar supplies
canada, In an eight months compar-
ison shows a compa ratively small loss Of
both imports and exports
France. for six months, in the same