New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-30
FINANCIAL RECORD
HERE AND ABROAD
Sharp Late Break in War
Stocks After Furious
Rise in Big Day.

Furious speculation was continued
yesterday in market of nearly 1,4OO,-
900 shares, with the war stocks ascend
ing TO heights previously unheard of.
In the afternoon 17-point break in Cru
chile Steel and declines in others OF the
group on bear pressure seemed rather
ominous, but there was considerable re-
covery before the close, and net gains
in issues most favored were general.
Some talk was heard of commission
houses agreeing TO demand wide mar
gin in war stocks and of lending instl-
tutions discriminating against such
collateral, but as yet such methods Of
checking the present speculative move
ment do not seem to have been gen.
orally adopted.
From the start business was on a
large scale, with prices of concerns
supposed TO be in receipt of European
contracts and of steel and allied con-
Germs advancing rapidly. The list
traded in was broad, but dealings were
not well distributed Around the mid
die of the mornii there was some re-
cession as the high prices attained in
vited profit taking. In the afternoon
the rise was resumed, many issues
getting above their best of earlier in
the day. When Crucible's gain melted
away so rapidly prices 2, 3 and up to Z
points below the best Of the day were
reached elsewhere.
Crucible Steel, dealt in to upward
of 10000 shares, was strong all day
until it had touched a new high record
of SO, in the late afternoon. 1t recov-
cred quickly part of its drop to 60,
but fell back to a close at 6SB, with
a ret advance Of about points. The
company's war orders have been an
nounced by member of the executive
committee 1t is concern being built
up at a time when machinery is not
obtainable for prompt delivery. In ad-
dition to its own war contracts IT IS
receiving some such work from otner
concerns and is selling material. II
has. however, no monopoly of the grade
of steel in which it speciallzes. ke-
ports that control was or would be
obtained by Bethlehem Steel were de-
MED by representatives OF that cor
poration, and rumors of attempts 10
purchase control in the market ma
little credenc. AS yet no satisfactory
excuse has been offered for the STOCK S
remarkable performance.
American Locomotive made an early
advance of over Z points, lost 1t all IN
the late afternoon and recovered TO
close 8 points higher. The concern Is
one that has received contracts from
the Allies. but deliveries do not begin
until September, and the amount OF
profits is still questionable. 1t had, how
ever. Jagged behind the rest of the war
proup. and so was taken in hand yes
terday. Westinghouse, heavily dealt
g ri
the close. Republic Iron and Steel,
after an advance of points, closed 2
m on the day. Great Northern Ore
reflected improvement in the steel in
dustrv. with a maximum gain of over
points on heavy fading. Bethlehem
Steel touched a new high II points up,
at 275. fell back to 260 and closed with
a 3-point recovery.
The railroad list was generally
steady. St. Paul, whose reduction Of
dividend rate to A per cent was an
nounced after the close, made 3-point
drop. but ended unchanged. Southern
Pacific, which presented an encourage
ing report for June, gross increasing
through better passenger movement,
advanced q good fraction. United
States Steel continued its upward way
TO over IS, but closed at CT, with
fractional gain.
Abroad London traded for the first
time in the new war loan, which closed
at 981z, after being dealt in as high
as 99h. Discount rates in London were
firm. the Bank of England reporting a
smaller reserve proportion. In spite
of a gain of over $7,O00,000 in gold, de-
post liabilities increased through
further transfer to the government Of
funds in payment of the war loan.