The Washington herald., 1915-07-22
FINANCE AND COMMERCE

O'Clock there was better tone that
continued during the early part OF
the last hour.
Closing Undertone Good.
There was very little interest in the
standard rails and industrials, with
the exception of Steel. Attention was
focused on Crucible Steel. Westing-
house and Republic Iron and Steel, the
last two touching new high prices
in the last hour. Closing prices were
under the best. but with a good I'M
dertone.
Notwithstanding the statement by
Vice President Wilkinson of the Cru
chile Steel Company of America, and
OF George w. Perkins. denying that
he was interested in the stock, CRU
chile opened strong and was the fea-
ture of the day. Its initial price was
L. points above the previous close
and it never sold under that figure at
any time during the session.
The demand was such that ii was
forced UP to 10 1-2, a gain OF ga points.
From this level there was a recession
of l-2 points. Brokers pointed out that
the current year, for which Mr.. Wilkin-
son says earnings will not be greatly in
excess of the preferred dividend. ends on
August 81, so that very little of the war
order business profits should be expected
to be shown in the annual report.
Can stock Sells High.
American Can common rose nearly five
points to the high quotation of IS 5-S.
Buying orders were stimulated by re-
ports that the company had about closed
contract for large war order. which
would probably be announced today.
Westinghouse was the feature in the
los h0,r nd -
a new high price. which was 2l-2 points
above the previous top established sew
eral weeks ago. The strength was due to
reports that the company was about to
close another contract for rifles.
The advance in the stock in the late
dealings was so rapid that there was a
difference of one point between its price
and the quotation for the new converti-
bic per cent bonds. which are converti-
BILE into the stock az PAR. and which are
traded in when, as and if issued on
the curb.
While much unfavorable comment has
been heard relative TO the war order
business, authorities declare that this
business has been A windfaN for many
industrial companies. and places some
that We're webbing for lack of business
upon substantial basis. The profits
from the war orders will he used first
to pay for the expense of new organiza-
tion and the cost of new machinery, so
that the net profits at first will not be
large. but those on subsequent orders
will he much greater, and used to take
W floating debt.
Receive Orders from West
Commission houses reported a larger
attendance today. and the large wire
houses reported the receipt of many or
ders from the West. II will be remem-
bered that it was the buying power OF
the Westerners that placed the indus
trials to the high levels existing at the
time the Lusitania was sunk.
Railroad shares failed to show any
ambition, although the Interstate Com
merce Commissions statement of earn
ines for the eleven months ended with
May 81 made a good showing
Republic Iron and Steel shares were
strong, owing to the favorable report of
earnings for the six months ended June
%. which showed an Increase in net of
S504, o63 Reports also were current that
the company intends to resume the divi-
dends on the preferred stock
AS the Anlalgamated Copper Company
will dissolve on July "a and as the ex-
change of Anaconda stock for its shares
will go forward from that date, the
stock exchange governors today ruled
that Amalgamated shares be stricken
from the list at the close of business that
day.