New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-28
FINANCIAL RECORD
HERE AND ABROAD
Late Rise by the Railroads
Gains of from 2 to 5
Points or More.

Railroad stocks in the last hour OF
Yesterdays trading rose in sustained
strength and activity, closing around
their best. with gains of from to
more ii n points. Such strength
has not been shown by the railroads
for months. st. Paul and Canadian
Pacific, that have been sold recently
because of doubts as to maintenance
of regular dividends, started the up
turn. The whole list of standard roads
Joined in the advance on heavy deal
ings. Traders switched from indus
trials TO railroads. and found the lat
ter in scant supply and apparently
oversold. The wax group. 20 which the
market had been practically aban-
doned earlier in the day, suffered some
reaction, but in most instances did not
lose much Of their gains. Bonds were
dealt in on the exchange to a larger
total and showed iirmer tendency.
Accompanying the rise in the rail-
roads reports were circulated that the
Interstate Commerce Commission was
soon TO grant the freight rate in
creases requested by Western lines.
Strength in 81. Paul provided a simpler
explanation. Much importance has
been attached to the dividend action
of this road. Directors are TO vote on
the question tomorrow. and rise in
the stock was taken to foreshadow &C
tion more favorable than had been an
tIcipated. though earnings are unsatis-
factory. In the early part of the day
st. Paul was almost inactive. In the
last hour thousands of shares changed
hands. and at the close. a fraction be-
low its best. it had gained more than 8
points.
Canadian Pacific, also heavily dealt
in, went over 4 points higher. Gains
OF and points were made by North
ern Pacific. Baltimore & Ohio, New
York Central. Union Pacific and Great
Northern. Reading and Southern Pa
cific ended over 2 points higher, and
the rest of the railroad list improved
lmpressively. For the earlier part of
the session neglect of the railroad
stocks was as pronounced as their &C
tivity later.
with encouragement from the re-
covery made on Monday by the war
speclalties from the break on news of
the German submarine attack these
issues opened higher with what APP
peared to be good buying, and made
further spectacular advances Beth
lehem Steel went to $50, % points
above Mondays close, on a compare
lively small amount of business. Bald
win Locomotive at it's best was up 2
points. and Crucible. up nearly 4. sur
passed its previous high record Can.
Beet Sugar. Goodrich, Republic Iron
and Steel, Distillers Securities and
Westinghouse were actively dealt in at
an advance. Westinghouse weakened
in the afternoon. but ended with
point gain. Can closed lower.
United States Steel, on transactions
involving around 100000 shares. went
a point above Mondays close to 65i2,
its highest of the year Expectation
of a notable improvement in the cor
poratlon second quarter were fulfilled
when net earnings of S27,950, 900 were
reported after the close of the market
April provided only a trifle larger re-
ceipts than those of the month preced-
ing. which had shown such a remark
able recovery from the slump that be
gan the calendar year. The next two
months showed progressive gains of
around 100000. 1t is necessary to
20 back to 1913 to equal receipts so
good for the corresponding quarter.
Increased operations have meant more
economical production. and prices
raised during the quarter are still
going higher. The large increase in
untitled business reported for the end
of June should insure a continuation
of the Improvement.
Sterling exchange continued to hold
steady, though Washington adyices
told of an excess balance from princi-
pal custom districts last week of nearly
S23,000000 This compares with less
than $8,000,000 for the week before.
the change being principally in larger
shipments from this port. where the
total grew from about $23000,000 to
over S34000.0 900. Great Britain took
about 100000 more from this city.
France S2.500,000 and Russia $4,000
600, and exports to the neutral nations
were much heavier.