New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-16
FINANCIAL RECORD
HERE AND ABROAD
Broad Show of Strength in
the Final Trading
Steel Above 63.

In the last half hour or so Of trad
ing the upward movement that carrier
had been confined to a few favored in
dustrials extended TO more seasoned
issues. United States Steel, dealt n in
large blocks, was advanced rapidly TO
over GO. and others of the interna-
tional list followed Gains in some
instances reached a point or more IN
standard issues. The advances IN the
war group brought further high rec
ords for companies assumed TO be IN
receipt of profitable contracts from
abroad. Stocks Of railroads likely 10
be assessed In the process of read Just
ing their finances we're weak, but even
here there was some late recover.
From outside the market came little
that Influenced directly the course Of
prices. Word from Washington that
Germany had expressed regret for the
attack on the American steamer Ne
braskan, and was willing TO pay dam
ages. naturally encouraged those VINO
believe that our dispute over the Lusl-
tania can be settled amicably should
Germany show little more readiness
TO make some concession TO meet our
point Of view. Improvement in domes-
tic affairs, Of which the steel trade fur
nished tangible evidence, provided ma
terial for bulljsh argument. In add
ton the market still appeared oyersold
and an advance az the expense OF the
shorts was not difficult.
United States steel opened with only
q fractional gam and though ialTly
active, did not show great strength un-
til the final hour Of trading. Then II
went up rapidly TO 63 &s, closing only
shade under that figure, more than Z
points higher on the day. nd frac-
ton under its best for the year.
Southern Pacific closed unchanged
after considerable weakness on rather
heavy selling. The decline brought out
some expressions of doubt as TO dec
laration of the regular dividend next
month, but this was discredited. Deal
ings in some Of the roads bonds for
delayed delivery suggested that press
ure on the stock came from abroad.
Among the war stocks Westinghouse
added more than 3 points 10 its sus-
tanned advance, American Can went a
shade above its previous high record.
Bethlehem Steel, on comparatively
small dealings, rose T points. BALDWIN
Locomotive was conspicuOusly strong,
and American Smelling was higher:
Final prices in war stocks and standard
issues were around the best OF the day
Money rates were a little firmer, with
time accommodation in fairly good de-
mand. Call loans renewed again at 2
per cent, but were not made under IA.
Sterling exchange was little lower,
though the selling of securities here
for London still continues in some
amount. Exchange on Paris made
pronounced recovery, indicating prog
ress in arrangements for establishing
French commercial credits here.
Preparation for making payment
early next week on the British war loan
appeared in the Bank of EnGland's re-
turn. though the net effect of the
changes on the proportion Of reserve
TO liability was unimportant. There
was a small loss in bullion and some
gain in total reserve, while the money
markets deposits increased so as more
than TO offset reduction in govern
ment deposits. The Bank Of France
showed considerable addition of gold,
over SS.OOO,OOO, as result of the appeal
10 citizens TO turn in their gold to ala
the government.