New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-17
FINANCIAL RECORD
HERE AND ABROAD
Upturn at Close of Day Of
LiStlesS Trading-EX-
change Steadier.

Save for half an hour or so just be-
fore the close, Yesterdays stock market
was a hstless affair. Securities were
little changed at the opening, overnight
news not containing enough 10 cause
traders to readjust their positions. In
the early dealings there were a few
sporadic advances among the specula-
tive industrials. but these did not get
far, and business shrunk 10 the small
est for some days. Toward the end OF
the day the market was advanced, and,
with covering by the short interest, the
close presented an appearance Of firm
ness
Higher prices for finished steel,
which under more favorable conditions
might have proved an effective bull ar
gument. had little immediate influence.
United States Steel was firm in the
morning, but comparatively quiet. In
the late trading il went to 60%, closing
a fraction lower Steel trade publica-
tions speak in a more optimistic tone
of the state of the industry, reporting
mill operations at from 10 TO 80 per
cent of capacity and domestic business
increasing steadily if slowly. Foreign
orders for rails and cars during the
week, combined with the buying Of our
own railroads, are adding business
where it was most lacking. with or
ders more than ofsetting shipments
and better prices, the month should, II
is expected, do much for the industry
In pig iron markets quiet still prevails,
but improved feeling here is shown IN
better maintenance of prices.
To all this and to the government s
report of another week of good prog
ress in the wheat fields the securities
market made practically no response.
The buying public, on whose orders
broad market activity rests, was still!
absent. Enough absorbing capacity re-
mains to take care of foreign hqulda-
ton, which, in spite of the dltlculty OF
shipment and irregularity Of cable ser
vice, persists 10 an amount greater
than generally supposed.
In yesterdays late upturn standard
issues played the leading part. Read
ing, with declaration Of the usual dlyl-
dend, went points higher, and main
tanned practically all its gain to the
close, and advances of a point or so
were made by other railroad stocks
Chesapeake & Ohio improved in the
morning and was firm throughout the
day on short covering. This was
rather on the belief that the stock had
been oversold than on any general ex-
pectation that the dividend would not
be passed. The bond department
showed prices firm, with industrial
issues disproportionately active.
Quieter conditions prevailed in the
foreign exchange market, sterling re-
covering a little early in the day.
Later. however, London checks fell to
another low record at 4.76A, and sight
drafts on Paris went to 5.46% francs
for a dollar Again there was a slight
rally in the final dealings, and in for
eign exchange circles generally the
present decline was not expected TO be
carried much further. Another 81
500 900 in gold sent us by the British
government from Ottawa brought the
total received from Canada this year 70
over S75,O0O,0O0. and more is under
stood to be on the way.
As yet, it seems, sterling rates have
not been allowed to get completely be-
vond control. Great Britain is still
able to finance war purchases here Of
France and Russia as well as her own,
and before long may have added 10 her
burdens the requirements of Italy. Our
investors may before long have to take
an Offering of British bonds, but in the
mean time our bankers are in position
to advance practically any amount in
loans such as are being arranged in
France, with our securities as col
lateral