New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-20
FINANCIAL RECORD
HERE and ABROAD
Sinking of the Arabic
Breaks Prices in Late
Trading.

While the stock market was in ses-
sion there was nothing definite in the
news from Great Britain to tell whether
there had been loss of life in the sink
ing of the Arabic by a German subma-
rine, and it was not until the trading
day was almost over that there was
even rumor that some of the passen-
gers had not been rescued. That pos
sibly accounts for the comparative
calmness with which the news of the
torpedoing was at first received. The
market had nearly two hours in which
to reflect the incident, but it was only
in the last fifteen or twenty minutes
that it's significance began TO be meas
ured in stock prices. Following the
first news there was a decline, but 1t
was small compared with reactions that
have frequently been seen lately, from
which the market has readily recov-
cred. And after the decline came
fair-sized rally. This continued at
moderate pace until the last quarter of
an hour. At that time more serious i'm
plications from the Arabic incident APP
peared, and there was a rapid but or
derby decline which carried many issues
down to new low figures for the day.
In the final dealings, however, prices
showed a disposition to steady
The days transactions, of more than
a million shares, covered broad list
of stocks, though the dealings in Steel
common made up not quite a quarter OF
the total. There were unusually heavy
dealings in the Great Northern Ore
certificates, which displaced Westlng-
house Electric shares from the second
position on the list, from the point OF
activity. Some of the copper issues,
notably Anaconda, were likewise proml-
nent, both from their activity and their
strength.
In the early dealings the market be-
haved much the way it did on Wednes-
day. The opening was active and lr-
regular, with Steel and Great Northern
Ore making up a considerable part OF
the transactions. New York Air Brake,
continuing the rise that began on
Wednesday after the publication of the
sanguine expectations of its president,
made a gain of u points in the initial
transactions and rose 2 points more
within a few minutes. American Can
was another feature of strength. Inc
advance did not last long, and in the
ensuing reaction a number OF weak
spots developed. There was a good
deal of profit taking to be seen in the
war issues, with Bethlehem Steel con-
tinuing to sag American Car and
Foundry reacted sharply. notwithstand-
ing reports that the company was ne
gotiating for new war orders. Special
issues, such as Pittsburgh Coal, were
strong and weak by turns.
In the course of the day the copper
shares, led by Anaconda, rallied brlskly,
but the advancing movement died out
after a gain of about points had been
scored. Anaconda, however, was one OF
the few stocks that were to show net
gain on the days operations.
There were a great number of cross
currents in the market, pool opera
tions for the rise contending against
the influence Of profit taking in other
parts of the list. With the Arabic
news the market turned definitely
downward. but without confusion.
No further developments occurred IN
the international financial situation but
1t was reported from London that there
was a likelihood Of deputation Of
financiers coming here to confer with
local bankers on the exchange situa-
ton. Sterling exchange rallied some
what, though the market was at times
very nervous. Checks closed at 4.671 p
and cables at 4.681s.