New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-19
TOPICS OF The DAY
IN WALL STREET
Worked-for Reaction Acts
Like a Boomerang on
the Traders.
sIZE OF WAR LOAN
STIMULATES BUYING
yevAlignment of StocksLooked
For SoOn-Steel Industry
Is FlouriShing.

There was a reaction, and a good
.;,ea one. in yesterdays market, but it
rot what had been looked for; OF,
r. what had been worked for. The
49, traders strove with might and
=, - bring about a decline. They
fund themselves running, not INTO
-, orders. bat into something very
Mo stone wall So, following age-old
Tradition and profitable custom. they
s;3 not let their prejudices stand in
,he wav o. their pocketbooks, but
,,,.;ehtwav climbed on the band
u,son They had plenty Of company.
III there could not he more Of re-
-, was a puzzle 20 many. num-
- ~ the war stocks for some days
", have shown the scars of proht-
800 and some Of the others seemed
- avc.tet than strong. The market
.osr,ed vulnerable yesterday morning
- i devc.oped q surprising aolhty
- rebount from shocks. In the bros
eco houses people we're inclined 10
taI;c~o that bulNshness on the war
80, came SIS q result of the loan
.scotia-icrs that are Going on now IL
SsbaH Of Great Britain and her al!leS;
Tbe immens, size Of the loan mas hred
The pubhc's imagination.
Realjgnmeut To Come.
7. come quarters there is a belief
-. tbore Win be q new alignment
n the market within the leNt Few
Teets The standard rails and INDUS
,,isls are expected 20 take more I'M
nn~,art place IN the trading. and me
Tor stocks. IL is believed, WI be sep
srated into groups. in about the way
The Standard Oil subsidiaries were so
divided some months after The DISCO
intior Of .he trust. Il is not 10 De OK
.e,,eI that the v.r issues Viii cease %
K er,orr The active leaders, nor tnat
tbeir advances will DE no longer eNlraor.
Jre-v So long as the war goes on ana
he slres continue 90 buy the bulk %
+beir suou'ies here nothing else can
rseso0ahfx be looked FOR. But II may
eowe "a mass. as earnings statements
srnear chat there viii be line uraWh
between those stocks that re reaiIy
roeritorious and those that are not. H'u
II !, should happen that disgust over
,bs -.l+cone Of some cpeculauonS pro-
yot-d a transfer Of interest 20 STOCKS
vbose merits could be assayed nobody
would be very greatly surpr 'ed.
steel Industry FlourisheS-
Steel bars are commanding a pre-
nj, 81 Pittsburgh or all deliveries
v;4biD the wear. The nominal price
Is Sf25 hundred pounds. but the
n-eroium for prompt delivery Is sald1
l. eome cases 10 have run 10 several
Jolia~s In circular on the steei ousi-
80 entitled. "Steel The New Indus
rial Froch." Penskcrf. Lyon a Co. de-
er.~a shat mover were steel companies
ca efficient o. they are today th"t
~ res are the most satisfactory ~ 'He
,...,~v of the United States Steel Cor
ro...on. and that a very large per
co,-sce Of the business IS on the hlgl-
49, r,tced finished. products, on "'''.
.re -Grqir Of profit is the largest.
-.-e..,1 attention is called TO coke BY
~~odrc-s. including crude benzol tollol
and xvlol which are being turned out
ev The larger steel concerns.
An Obstacle to British Loan.
O,e OF the obstacles which are stand
.lt u O.. way Of completion Of nesQ-
tiatlo~s tor the AOtauon OF brush
bond issue ln this country Is the POSI-
ton taken by country bankers Iheg
have indicated AN unwillingness 20 par
ticiaa.. BOO am Offering OF securities o.
fora,rr countries. whose financial Dur-
dens. they assert, have ALREADY as
sumcd such alarming proportions. 4hey
apparently fear without sulnC. ~
cause. that inc credit Of Great Britain
AZ the present rate Of her war eNpendi-
lures NAV be jeopardiZed 20 the extent
that American investors might not
freely subscribe to an offering OF Brt.
ish government securities. Because OF
this vitEuoiut the international bank-
ers who are conducting the negotiations
nav reach ii compromise with the ing
Esh f0arciers. who are particularly
anxious 20 sell government bonds. AS
a compromise. IL is now suggested mat
the enormous sum needed 20 pay Tor
the continued purchases Of American
supplies will be divided between pub
lie Offering Of British short term bonds
and loan with american securities as
collateral lt is also assumed that pay
ments will also be continued to be made
IN gold.
Converting Westinghouse 5s.
me apparent confidence h'lu ~ '"N
holders Of the new Westinghouse con
yertibie IS in the earnings of the com
pany from the completion e war con
tracts was indicated yesterday in the
conversion Of two big blocks into com
mon stock, the first day on which con
version was possible under the com
psny's fehnancing plan. Successive
steps marking the progress Of the plan
have all been attended with the great
est degree Of success, including the de-
posi-, Of sufficient Of the old bonds, the
results from the offering of the new 5s
70 stockholders who paid for 80 per
cent Of their bonds in full with Their
Subscription, and the promptness with
which the privilege Ct conversion has
been seized Apparently the expecta-
tons Of the management that the new
bonds will all be converted before the
end o. next wear seems to be well