New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-19
FINANCIAL RECORD
HERE AND ABROAD
Traders Force a Reaction,
but Market Rebounds
Rapidly.

Professional traders made deter
mined attack on the market yesterday
in an cndeavor to force n reaction OF
size such as they considered overdue
Their efforts won temporary success,
but that was all. By the middle of the
day they had brought about decline
of from l to points in the general
list. The short covering that set in
then and the new buying that followed
forced sharp rally. however. and by
the close the lost ground was virtually
regained. and in many cases higher
prices were reached than in the early
dealings. Trading covered a broad list
and transactions made up a total OF
about 100000 shares. Price changes
were so irregular that an average oil
gains or losses would be without real
but it is worth noting
that the number of stocks showing ad-
vances on the day was larger than the
number Of those showing declines. not
the extent of the early
reaction and the lateness of the rally
There we're again very heavy deal
ings in Steel common. which estao-
lished ney high price for the year at
77ss, where it showed an extreme gam
Of 3, of a point. After declining TO 30
in the general reaction; however, ~
closed the day unchanged. Other steer
al
Republic Iron and Steel shares and
American Steel Foundries. the latter
AZ one time showing a gain OF more
than 4 points. Except for Republic
Iron preferred. they failed to hold any
substantial part of their advances.
Steel Foundries declining to within -
Of a point Of its closing price on tues
day. ...,
showed plants working at practically
their full capacity, with efforts OF the
consumers TO buy exceeding the ability
or willingness of makers to sell. EX-
mort business to the belligerent coun-
tries is increasing. Russia was re-
ported Yesterday TO have closed con-
tracts in the United States for l25,OOO
tons of Bessemer steel rails and to be
in the market for other iron and steel
products. including 10000 tons OF
spikes. France has an inquiry for
about 100000 tons of large rounds and
Italian steel companies are also look
ing to our producers for large guam
titles of billets. There is reported to
be a premium on bars for delivery
within the current year.
In the early stock market trading
there was considerable activity at ris-
he 1n trfa al
principally the war stocks. The rail-
roads were neglected, but Rock Island
shares, which for Wall Streets pur-
poses represent not so much railroad
as an interest in possible lawsuits, ad
vanced nearly 2 points and held more
than half of their gain in the late
trading. The report of the Interstate
Commerce Commission on the history
of the property seemed to give point
TO the speculation, Traders gave par
ticular attention in the first hour to
Steel, American Beet Sugar. Mexican
Petroleum and such recent favorites
of speculation as American Steel Foun-
dries and Pittsburgh Coal. United
States Rubber continued its activity of
the day before, putting the short in
terest again to fight. In the ensuing
drive most of these issues fell below
Tuesdays closing figures, though the
recovery was not long delayed. Stude-
baker, whose high price was ia.
against 100 at the beginning of the
week declined sharply. but recovered
all but points of it's loss by the close.
At the end of the session the tone
was strong and there was a general
rally in progress.
No new announcement of gold i'm
ports was made, but several shipments
are understood to be on their way to
the United States. both from England
and Australia. The Bank of England
sold another s8,25O,0O0 of gold. which
is probably coming here. in addition to
a large amount sold on Tuesday. From
England and from Washington came
circumstantial reports that between
$3.50, 100000 and 100000 in gold is
destined to come to the United States
within a comparatively short time,
either to be used directly in payment
for purchases Of war supplies for the
Allies or to serve as the basis of
credit for half a billion dollars or
more.
The foreign exchange market saw
some wild fluctuations. but recent low
levels were not reached. At the close
GU lfV,ry oh a,lyc 4 -