New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-02
WEEK IN FINANCE
HERE and ABROAD
Public Drawn Into War
Stock Speculation in
Wild Markets.
ADVANCE HALTED
BEFORE WEEK ENDS
Steel Corporations Earnings
Show Trade Recovery
Progress Elsewhere.

In the wild speculation in war stocks
the outside public took greater part
last week, purchasing at high prices
stock that had been advanced by wall
Street operators. Business enlarged to
include two 1000, 0O0-share days, Thurs
DAYS total of nearly 100000 shares
being exceeded only once in the eX-
cited trading of the spring. The list OF
issues dealt in broadened, and there
was some discriminating purchasing OF
proved dividend paying issues. In the
main, however, those stocks advertised
by spectacular gains were most favored.
The peril Of German aggression was
not wholly forgotten. Mondays sudden
break on incomplete news of the sink
of the Leelanaw showed that, but de-
sire TO share in the benefits Of our i'm
mense trade balance outweighed eau
ton. The war stocks recovered i'm
pressively from Mondays scare; they
had not paused in their ascent on re-
ceipt Of the grave warning sent by
this country to Germany. SO the pub
lie for a while bought eagerly. Bonds
on the exchange were dealt in on a
larger scale, but this was mainly
through activity in industrial obliga-
tons.
In part there was some basis for this
accession of public purchasing. The
Steel Corporation, which had directly
received no orders for munitions OF
war, reported remarkable growth in
earnings for the quarter. Statistics Oh
business activity have been generally
favorable. Money is abundant, provid-
ing cheap means for financing market
operations and accommodating against
needs of expanding trade. Even build
ing operations, quiet so long, seem
ready to develop greater activity.
Enthusiasm Misdirected.
That this confidence should express
itself in purchase Of uncertain issues
is to be deplored. The country has
been economizing, and its savings
should be utilized wisely not risked
in speculative ventures. We are prac-
tically the only important nation pres
pering in this unhappy time of war.
We will need all our resources for our
own development and to aid in restor-
ing the world when peace brings need
Of rehabilitation.
Stocks of concerns that have taken
contracts to supply the warning powers
are dangerous mediums of speculation.
Those intimately connected with the
management of these companies regard
the prospective profits as still uncer-
tain. Deliveries in most instances have
not yet begun, and will not begin in
any great volume for q month yet.
Specifications call for instruments to
be ready on set days, and delay may
imperil contracts.
Shell orders, that did so much to
start the great markets of the spring,
are not easy to fill. Canadian con-
Germs are already reporting difficulty in
getting shell cases out on time, and
chances for delay are manifold. Fuses
must be accurately timed, shells must
be perfectly balanced. Proving grounds
have to be provided on which one out
Of each hundred finished projectiles
must be tested if the lot is TO pass
muster. As those concerned in the
business put it, the time to count
profits will be when money is paid over.