New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-10
FINANCIAL RECORD
HERE AND ABROAD
Equipment Shares Strong
in Irregular Market
Fine Crop Report.

In market That Tor all l'S ir'eu-
larity showed considerable underlying
strength the stocks Of steel companies
and the equipment issues were con-
spicuous. For this there was reason
enough in the optimistic reports OF the
iron and steel industry from Pitts
burgh, which gained a wide circulation
over Sunday, and in the remarkable
showing of the crops in the govern
ments August reports. But the rail
roads. which might have been expected
10 reflect the favorable influence of
these two most important factors in
marked fashion, did comparatively little.
There was, II is true, rather more evil
dence Of investment buying in this part
Of the list, but its aggregate was UNI
important, compared with the activity
in the industrial shares.
The days turnover on the Stock Ex-
change was not large, as markets have
gone recently, though with total OF
about $4,000 shares 1t made an I'M
provement on the showing OF FRIDAY,
number of new high records estab-
ljshed for the current year, notably in
Steel common, which sold at 74$4 and
closed only a fraction lower, with
net gain of over points; in Westlng-
house Electric, whose gain was l Is
points; in General Motors, which rose
more than IS points on the day, and IN
Pressed Steel Car. The last named, at
81. showed gain of 61s points, and
was higher than at any other time IN
nearly a decade. Equipment company
shares, such as Baldwin Locomotive,
American Locomotive, Car and Foun-
dry and Brake Shoe and Foundry, were
generally strong, in fact. And, with
the exception of the Maxwell Motor
shares. the automobile issues were
buoyant The coppers, influenced by
the weakness of copper metal IN Lon
don, showed a disposition to lag in the
upward movement, though Shelters
was strong.
Announcement from the Canadian
Pacific meeting that the dividend had
/ been declared at the regular rate was
/ not made until after the close OF the
/ stock market. That decision had been
generally expected since about the
1 middle Of last week, though in the abb
sence of complete confidence the stock
moved uncertainty after an early man
Hesitation of strength. In the end II
closed fractionally lower.
The crop report was good deal
better than had been anticipated In
view of the many reports of damage by
rain that had been sent to Wall Street
during the month, and more than bore
out the optimistic predictions made
earlier in the year The indication for
wheat is for crop of 966, 100000 bush
els. a loss in winter wheat being so
far overcome by the gain in spring
wheat as to leave a net gain over July
for the two crops of 100000 bushels.
There never has been such a showing
in the history of the country. As for
corn, the indication is for 2,9l8, 100000
bushels, against final production in
1914 of 2,672, $4,000 bushels. That
crop, too, showed a gain on the July
estimate.
Outside Of the foreign exchange
market there was little reflection in
Wall Street Of the success of the Ger
man armies in their campaign in Poland,
but there its influence was shown by
drop in demand sterling and in franc
checks to new low records, the former
going to 4.7512 and the latter to 5.74.
Francs were reported practically un-
salabe. and there was only a small
demand for sterling checks. There
were no new developments looking TO
the establishment of a formal loan
here for Great Britain. Dispatches
from London indicated disbelief there
that anything would be done to
strengthen sterling exchange for few
days, at least, beyond dispatching more
gold to New York or placing further
private banking credits. Bankers here
said there had been no change in the
situation.
In the local money market there was
an easier tendency. Call loans re-
newed at 2 per cent, but some were
made as low as H. Commercial paper
was in small supply.