The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-04
FINANCIAL NEWS
AND COMMENT
Early Resumption Of Buying
Movement Sends Prices
Higher.
SLACKENS LATER IN DAY

Trading In stocks was more active In
the morning hours, when n resumption
OF the buying movement made higher
prices. Stock came on the market
rather freely and in the afternoon the
upward impulse slackened and prices,
with some exceptions. sold on rather
generally. The reaction. however. was
moderate. II was noticeable that the
market tended to become inactive. Clos
ing quotations showed n mixture of ad-
vances and declines. with the former
predomlnating.
Again n feature OF the market was
a more equable distribution Of the trad
Ing. Quite n large business was done
In the railroad list. and numerous
specialties which had not figured much
recently became prominent. The So
called war order stocks. with the excep-
ton OF Allis-Chalmers and Railway Steel
Spring. which mad new high marks,
and Bethlehem Steel, which euualled
it's former record. were rather quiet.
C%rucible. Baldwin. American Can and
Westinghouse. the leaders Of the recent
tNNiNtu TlSt. SntWtu u marked 1llHuE
of in activity in conjunction. however,
with a c~onsplcuously firm undertone in
most cases.
This quieting down OF the Intense ac-
tivity In the stocks which have made
great advances is a welcome feature.
Not only does II relieve the stock market
situation OF IA possible factor of weak
ness but IL also deprives the general
market or an appearance of artificiality.
No matter how well justified rises OF
this kind IA be they tend to excite
speculation of an unhealthy kind. Spec
ulatlon last week. for instance, was
plainly proceeding At n pace where
a dangerous position threatened. The set
back has relieved a condition OF fever
isnness and strain which was beginning
to affect general sentiment unfavorably.
The subsequent action. of the war
stocks generally, however. suggests tina.
the weakness Of the technical position
may have been exaggerated. The man
ner In which the war stocks and also the
recent leaders Il the movement IN par
tcular have maintained their prices
after the crucible incident and under
heavy profit taking Is q matter of fire.
quent 1t reflects a stronger
technical position than most observers
suspected, as well as a feeling OF con-
iidence on the part OF the public in the
prcsen, industrial prosperity Of the
country which must not be left out OF
calculations In regard TO the outlook
for stock market prices.
OF individual features. the great
strength Of Steel common continues the
mains;ay OF the market. Steel got up
10 6S's. which is the highest price at
which 1t has sold since 1913. News from
the Steel trade continues good. "A larger
inquiry from the railroads being noted.
But IL Is obvious that the current price
OF Steel stock bears a closer relation to
the state of the public mind than IL
does TO present trade conditions or pros
poets. The declaration OF the regular
on Studebaker stock WAS some
what Of n disappointment and ,empo-
rarily upset the market. But II is doubt
full II there were any great expectations
that the rate would be changed At this
time. AT any rate a partial recovery
suggested that this was the case.
Continued strength In the standard
rails pushed prices a shade higher. For
some time 1t has become the custom TO
attribute this tendency OF business in
the rails to enlarge purely to profess
operations. Undoubtedly a fairly
extensive and scattered short interest
has accumulated In this quarter and
rccurr mt movomeuts based on this in
terest may be expected. But a general
or even partial retreat of this interest
might well indicate an awakening of
public interest in the rails which would
insure 4 real revival OF speculation.
Moreover, the crop news from all points
promises a brilliant harvest and the time
Is approaching when the crops may be
expected to occupy a larger place in the
public mind Recent rumors OF a favor
able decision by the Interstate Commerce
Commission have. no doubt, their sole
basis in hopes founded on higher prices
for the Western railroad shares. Never
%theless. a decision in this case Is a pos
sihility at almost any time now. so
that there Ii no reason why 1t should
become an objective for speculative
buying. The Union Paciic's earnings
for June exhibited an increase in gross
OF $1,000 and an increase in net OF
$3.50, 00O. and Union Pacific stock
touched the highest mark In months,
going through 1870. Preliminary state
ments Of the showing to be made for tho
full year pointed to II per cent. earned
on the stock. As the dividend is s per
cent. a comfortable margin IL shown
to have been earned In the worst year in