New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-31
FINANCIAL RECORD
HERE AND ABROAD
Advance in War Stocks
Halted Railroads in
Better Demand.

The unrestrained speculation IN war
stocks was halted yesterday DesilhHs
IN these issues were conducted IN
more orderly fashion. and more atteh-
ton was paid 20 stocks whose pros
nccts are not wholly dependent on IN
auences OF contracts from the warring
Mowers The great volume of the day
business however, was still IN the war
group. The opening saw a sharp re-
covery here from Thursday late &c
cline on short covering, but prices soon
fell back. Around noon another up
ward movement eliminated. In the
afternoon the course of the market was
downward.
Railroads showed a hardening ten
dencv tina. Drought maximum gains OF
q point or two TO active issues, out III
IN late trading much OF this improve
ment was lost. The low priced steel
concerns made some good gains, and a
number Of equipment issues were hrm
on active business. Bonds were steady,
witt practically no transactions for de-
lavei delivery. An instalment OF 10
Der cent on subscriptions to the war
loan not fully paid is 10 be met on
Tuesday. but this seems TO be produc-
ing little return OF our bonds from
London.
Among the war stocks the sustained
advance changed 10 irregularlty. mere
was no such sharp break as had come
the dav before. but outside purchasers
seemed more wary, and the edge APP
neared. for the time at least, TO be OH
The movement. Westinghouse was up
a little over 8 points TO new hlgh
record in the early dealings, but lost
most Of the advance Cruclble opened
with an impressive recovery, but made
Gttle further gain and closed less than
points higher on the day. Bethlehem
Steel ended Is points lower. Can, Colo
RADIO Fuel and American Locomotive
each lost over a point. and Baldwin and
General Electric made fractional de-
c.ines.
The rapid fluctuations in the war
stocks have made them undesirable col
lateral in some of the lending lnstltu.
tions. This is not because OF lack OF
faith in the industrial outlook or douot
as 70 the general benefits to be derived
from war orders, but such rapid price
movements indicate unsound specuia-
+ion and absence of trustworthy price
levels. This discrimination at the
banks has done much to tone down the
sDeculation in these issues, which was
RAPIDLY getting out of hand. Then, TOO,
The sharp breaks of Monday and OF
Thursday have inspired some caution.
Among the railroads Reading. on
larger dealings than of late. made a
maximum advance of two points, OF
which more than one was maintained
81 the close. Union Pacific, after going
M a point. ended a shade lower. Rock
Island was moved up over > points, and
the other weak railroads showed a ten
dency for improvement. st. Paul fol-
lowed its cut in dividend with drop
of more than three points, but made up
part Of this before the close.
Call loans over the week end were
renewed at per cent, as on the day
before. while time loans were made, at
about the same rates as on the day be-
fore. with closer scrutiny Of industrial
collateral. To-day's Clearing House
statement is expected to show a gain
of over 100000 through continued
movement Of currency to this centre
from the interior. Sterling exchange
made further decline, selling at only
a shade above S4.76, though there was
some recovery late in the day on bank
ing support Exchange on PaI.s was
decidedly weak.