Evening star., 1917-10-02
Of RAILS
WEAIENSINDUSTR|ALS

| NEW YORK. October 2.-specialties
were the strong feature at the opening
Of today's trading In stocks. such is
sues as American Can. Baldwin Loco
motive. Distillers. Mailing. Mexican Pc
troleum. Royal Dutch and Marine pre-
ferred gaining to III points.
Rails were again heavy under the adj
verse influence created by new low rec
which fell to 51h and 9s1a, respectively.
steels were fractionally higher. but
coppers moved trregularly. the general
list reacttng later.
Liberty bonds were active at 1894 to
par.
Early Advances Surrendered.
All early advances were surrendered
| before the end OF the first half hour on
renewal of heavy liquidation in the
! rails
Lowest records for many years were
made by several representative issues.
notably st. Paul common and preferred,
New York Central, Baltimore and Ohio,
and many Of the coal group.
Recessions in these stocks extended
from to 8 points.
steels and other industrials gave way
under the general weakness. United
States Steel reacting 21s points from
to points with specialties.
Liberty bonds varied from 1894 to
par.
NEW. YORK, October 2.-United Alloy
Steel Corporation declared regular
quarterly dividend Of 81. PAYABLE octo-
st. Louis San Francisco railway-Au-
gust gross increase, s6oo.o5s; net. after
tax. Increase. $4s4.514: two months
gross incrsase; s1l.2o5.os7; net after tax
Cotton sinned to September 25. 2,4ss,-
3S1 bales.
Maxwell Motor Company-Year ended
July 81. 1917. balance increase $279. .56S.
Equal to $29.63 a share earned on $12,-
1f8.057 common stock after deducting
dividends on the first and second pre-
ferred stocks. compared with $27.53 a
share in the preceding fiscal year.
Chicago Northwestern Railroad Com
pany-August gross increase. s1.o4s:-
1855: net after tax, decrease, $685.. /;
surplus after charges. decrease. $S7S.-
6sS: eight months' gross, increase. ST.
1S6.020. Net after tax, decrease, ST.
oos:624: surplus after charges. decrease,
A cablegram from Annoy. China, says
the American dollar is quoted there as
worth $1.33 silver. in Chinese coin. This
IL a drop Of II cents since August 3.
The normal rate is about $2.25 silver.
Recoveries Not Long Maintained:
Rallies of to points during the
dull intermediate period resulted MAIN
~ from the easing of call money.
Suited States Steel, Marine preferred
anu some OF the weaker rails led the
recovery. which was not long main
tained.
New Condition Is Created.
A new condition in the speculative sit
uation has been created by the crum-
bling away Of the market for railroad
stocks.
It was confidently held all through the
period of war speculation that the rail-
that those issues after war order trading
was over would repay their owners with
substantial profits and become favorites
in stock market operations.
Since the June earnings were published
statements Of the leading railroad sys-
TENS have been acutely awaited, and
disappointment over the July showing
became more pronounced with the fea-
many Of which have been published in
the past few days.
1t was thought that Southern railway
would be an exception to the general
showing and present good increase In
net earnings for the month Of August.
but although that company increased in
gross over $780, 900. its net increase
amounted to only $112,225.
New Lows Made on Rails,
In the afternoon rails again struck a
now low level. Reading dropped to
S0x, Southern Pacific to 90Z, st. Paul
to so. a loss of 3 points for the session:
Baltimore and Ohio to 59A, a loss Of
1 points; Union Pacific to 126h, a drop
Of IN. and Chicago and Northwestern.
ono Of the f1rmest OF the list, to 1903 X.
Steel common was low at 109N, Beth
lehem Steel B shares at 92%: Crucible
Steel, 72L. and General Motors at 95.
The market was slow and with small
prospect Of betterment. even with 3
per cent money, as compared with 5
per cent at the opening.