Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-28
gOCKS EASED OFF ON
PROFIT TAKING SALES
several Stocks Hit High Marks
During Day-Steel Earnings
Made Good Impression.

Nrw YORK, July 2s.-Under the leader
X n the war specialties, especially
..lhlebem steel and Crucible Steel, the
...rk market was strong in the early
ssra OF trading today, with several is
M breaking into new high territory
Tsdlng was on a large scale, the de-
80 being heavy. A favorable factor
-, market point Of view was the fact
sst the public interest was greater than
~ some time past Despite the fact that
IA railroads had a sharp rise in the late
,saine yesterday, the industrials were
-cro In favor. Copper shares. which have
sreraily been lying dormant for the last
IL days, showed sudden activity and
nrength.
1,v far the most interesting development
/, The morning as far as the advance in
s,,ee Is concerned was the sharp upward
royement in Bethlehem Steel. The rise
~ rapid, at one time right after the
.pening averaging more than a point a
mputo. Before the first hour and half
,h. stock had been lifted % points from
M close of yesterday. In looking around
Ng reason for the rapid rise 1t was said
nst valuable rights would soon be granted
n holders of both the common and pre-
hfrcd stock Of the company.
ootinlstIc statements on Crucible
e,se pointing out that IL the present
sans of the company are carried out
4 should be the largest manufacturer
n tDrpedoes in the United States, were
,ssponslble for rapid upbidding of that
vock sh points before midday. AT pres
AZ the company Is making prepare
ions for turning out torpedoes on a
arser scale than ever before for the
Bdalsh Government. Each torpedo is
worth 1900 to $4,000, and it is said orders
an hand and in course of negotiation in
yoye 5000 torpedoes, or a matter of
fao00,OOO to S25. 100000. Rapid headway is
being made on plans for turning out the
hIgh explosive shells, and 1t is reiterated
he company will be making about 1900
Of these shells a day in September. Be-
fore 2 o'clock the stock showed a gain
q Il points for the day and later 11%
While the gains in railroad shares
we're by no means as large as in the
peciaites, still they were, for the most
part, strong. They were, of course,
helped by the prospects of good crops,
and the Western roads by the report,
current yesterday, that the Interstate
Commerce Commission would grant an
Increase in freight rates. At the high
level there was quite a large amount of
realizing, but stocks were well taken.
While there was some easing off in
prices in the afternoon in some sections
of the list, especially in railroad shares,
there was no let up in the demand for the
var Issues. The selling of the rails was
thought to be due to the fact that the
report of the granting of higher freight
rates could not be confirmed. News that
Westinghouse had secured another order
for rifles resulted in that stock being bid
up. st. Paul was under some pressure
and dropped 2 points from the high. The
company's directors meet tomorrow to
take action on the dividend. From time
to time there has been talk that the divi-
dend would be cut, but there were many
ln the Street today who were inclined to
lhink that the regular rate of 2lR per cent.
would be declared. 1t is estimated that
earnings for the year ending June 30 were
about 25 per cent. on the common
Toward the end of the session there was
more rsalizing and stocks eased off all
around Prices at the end of the day
rere generally above the final of yester-
iaH however.
The statement OF earnings of the United
ntes Steel Corporation for the quarter
eding June 30 made a very good impress
lon. Because of the fact that the sur
lus for the quarter aggregated $S267, ,645
ter all charges, including the preferred
ividend and depreciation, there was some
ak of the possibility of a resumption of
lYidends on the common at the next
leeting OF the directors in October. There
Tere those who thought that a declaration
q stock at the meeting yesterday would
ave been justified. Earnings for the
urrent quarter are running close to
D00O.00O Steel touched 67 for a gain of
early points, and the highest this year.