New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-18
FINANCIAL RECORD
HERE AND ABROAD
Specialties Dominate the
Market-Steel at a New
High Price.

As an exercise ground for special
ties Yesterdays market lacked moth
ing. If il had not been for considera-
bic dealings in Steel common. which
rose to a new high price at 771a. there
would have been almost exclusively
speciality market More than score
of old and new favorites were brought
out into the light, and the standard Is
sues were generally crowded into the
BACKGROUND. There was continuance
of investment interest in many Of the
standard issues. but their price changes
were comparatively small, except IN
the case of the copper group, which
showed noteworthy improvement, Butte
and Superior and Tennessee copper
alone being reactionary.
1t was notable that the newer war
stocks were those to profit most, many
of the old ones. such as the Allls-Chal-
mers issues, Can. Colorado Fuel. beth
lehem Steel and American Locomotive
developing reactionary tendencies with
the course of the trading, though the
general tone was good, and at the close
the market was fairly firm.
Westinghouse accounted for more OF
the transactions than even Steel
though dealings in the latter made up
over 10 per cent of the million and
more shares dealt in. In the course
of the day it rose to 1904, new high
record. Though it dipped 10. 1171a IN
the early dealings. it rallied sharply
later and kept a point of its gain at
the close. Operations that were large
~ professional lifted Corn Products
up for a gain Of 81 points. and United
States Rubber showed more activity
than at any time since the dividend
was passed early in July, moving up
312 points on the day. There was also
a GOOD deal of activity in Inspiration
Copper and in the Pittsburgh Coal IS
sues. Studebaker rose again to ~
its high price of Monday, but later de-
clined TO 112, and in the final dealings
made a net loss of a point.
In general the days trading was
lacking in significance. the pool oper-
atoms in the industrial issues obscur-
ing the trend. if there was one. WINE
q good deal of profit taking occurred
the unGertone of the market was
stronger than might have been mag
med. It is quite widely realized that
the risk Of trading has been consider
ably increased by the multiplication OF
weak spots in the list, but as yet that
has not acted as a deterrent to new
commitments in the specialties.
The imminence of an announcement
concerning the loan being arranged for
Great Britain and the importation of
$4,000. 900 gold from Canada had q
steadying effect on Yesterdays foreign
exchange market. sterling bills show
ing a tendency to rally after touching
MONDAYS low price of 4.64. Franc
checks. however. sold down to 500,
the lowest point yet reached. Ihey
closed at col.
It is not known with defniteness
what form the accommodation to Great
Britain will take. though there is rea-
son to believe the plans now under
consideration embrace the offering
here of large blocks of British treasury
notes.
News that a receiver had been APP
pointed for the Missouri Pacific caused
no surprise in the financial district.
If anything, il brought q feeling of re
lief It has never been believed in the
Street that as drastic a reorganization
as is planned for the Missouri Pacific
could be accomplished without resort
to receivership. The appointment Of
President Bush as the receiver should
bring good results TO a property that
for the first time since the days of Jaw
Gould is having its opportunity to
prove its inherent value.