Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-20
.CH|LLS RUN UP AND DOWN
SPINE OF WALL STREET
Fear That Has Served to Keep Specu-
lation in Bounds Finally
Becomes Fact.
HEARS OF ARABIC SINKING
Market Closes Before News Becomes
Widespread. but Closing Is Fever
ish and Erratic. and Further Drop
Is Expected To-Day.
ny nROADAN NALL.

ton into fact OF paramount fear that
has served TO keep speculation in the
industrial shares from going beyond all
reasonable hounds-the sinking OF a
largo passenger ship with Americans
aboard-scnt chills up and down the
spine OF speculative Wall Street to-
day. Although trading was very few
ersh and price fluctuations very err
ratio immediately following announce
ment OF the destruction OF the Arabic,
brokers said the market acted rcmark
ably we'll in the face of the unfavor-
able news. closing prices being only
] TO } points under yesterdays finals
y further drop in quotations is expect
ed during the early trading tomorrow.
as the market closed to-day before the
news had become Widespread.
Brokers argued that the sinking of
the Arabic would be a bull argument
on the security market il ii developed
that the German submarine commander
permitted passengers to leave the shin
before he ordered the sinking OF the
vessel as this would Indicate rccogni-
tention by the United States that pas
senEers should he warned before
steamers are sunk.
Up to the time the sinking of tho
Arabic was announced strong tone
prevailed in the market. several spe-
cialties touching new high prices. not
ably New York Air Brake. which al one
time showed an advance of more than
II points. Copper shares were also
strong early in the day. Low priced
with American L!nseed appearing in
front for the arst time
Following the first break, resulting
substantial rally, running from to 2
points in the most active Issues but
in the last half hour there was a sec
ondary reaction that wiped out most
OF the recovery. The close was weak
More than 1000. 600 shares were turn
ed over during the day, making the
OlN "A
New York AIR Brake sold at 1877 "a.
the highest price II Inns touched since
common stock was paving S per cent a
year. The failure of the directors to
put the shares on an per cent annual
basis on Wednesday, was ovcrshadow-
ed in the speculative mind by the OPP
timistic statements made by President
Starbuck. of the company.
Activity in IntcrhorouEh Consoli-
dated shares was revived the common
at one time showing a gain of more
than point. Rumors. that the COM
pany intends to begin dividends on tho
common AT the rate of per cent were
in circulation. Less optimistic persons
expect that the rate will probably he
nearer.
has caused the Stock Exchange clear
ing house committee to add the Rune
" and Pittsburgh Coal stocks to the
list that can be cleared by members.
NEW YORK August ,"-wall Stree, re
. state OF war exists across tho water TIL"
market. which had been under pressure in
ternoon on news that German submarine
had sunk another British liner.
United States steel. weakes; of the leaders
~ TO midday tel, over two points; and
showed losses OF TO two. while a .aw
Of the recently exploited specia!,ies added
forenoon, From this level most stocks made
pa:tial recovery. only 10 fall TO lower levels
in the hnal ho"r when tho selling move
gathered greater force. Al the close
there was only slight recovery from mini
ngu'n quotations.
Even before word OF Germarv's latest
there was an absence Of tho recent bouyancy
and open ma nipuln tion In the called war
stocks In fact. Bethlehem Steel. com
weak a!Eo Westinghouse Electric. Pressed
steel Car, General Electric ard tho pr,nCi-
pal motor Issues. losses In this group rang
lr the main, railways show cd UNDERLYING
strength. holding within point or there
Canadian Pacific. which recorded wider
fluctuations.
For The. mrs, time this week foreign ex.
acor RSSker. Continued ,h% ar' rr rs c war
fercncr. but tho plan to es,ab!!r, row
British and French loans IN this in.rkct
rem aimed IN abevauce.
cedc moderately more future or
for.ign RcllinG. Total sales. par value. were
S2..aa,GH. United States bonds unchanged
NEW rois1i Augas, IS Mercantile paper.
mard ns7a, ca blcs S4bs Bar silver. az.
Mexican dollars 81: Government heads
steady railroad bonds easy time Loans,
''.T?H SLY months Sqs'. can money.
sir"dy. ruling rate. =.