Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-16
gIDE UPWARD LEAP
NSTUDEBAKER SHARES
Foreign Exchange Market De-
moralised-Talk of Dividend
on Steel Common

..ru4 YORK. Aug. i5.-Stimuiated b,
.,tnsal OF the United States to plac,
ssn on munitions shipments to tn,
nc the war specialties made further
esr,sv IN the oarlv dealings on tho Stock
atsnre today, some issues going into
bqb territory, notably American Car
atudebaker, the latter scoring the
asstest ~ advance, being 91z points. There
- nd news to account for the sharT
~ n this stock, but there was a good
sernaud for II and it moved up easily.
\, the start the market was irregular,
ta, sa the day wore ON IL turned
l,s,oa some issues, such as DIstillets,
..arIties and NJ Runely hanging back.
4tsss isfter two shares were very weak
:, o.e time during the FIRST hour. There
- 4 large increase in attendance In
,,nnnssion houses. and while brokers as a
rss advised caution there was evidence
u iargerfamount of public interest. Tire
s.,,,rt for stocks, however. was mostly
AZ dferert members Of the war group,
~ he railroads were Inactive. the de-
msni for them being very light
The copper shares also showed strength
,h's being particularly true vi TENNESSEE
rsnper, which rose nearly points before
s,on 1t was snd that the company
nav this week, close aa order with the
russian Government, which will net a
nro1t Of more than s2,5O0,O0o Negota-
sions have been under way for some time.
btrength was also impaired to the mo-
,or group. Here Maxwell Motors held
,be centre Of the stage, the common
Using 4 the first preferred over 1 and the
seeopd preferred 2k before midday There
vas wide movement in Willys-Over-
land that issue going up s points in tnc
hrst hour and then clipping back to a
h,ll uointgunder saturdays close
proht-takinp put in an appearance at
,he TOD point and there was a slight re-
cesslon in the afternoon session. De-
mand was good, however and prices soon
moved up again but there was some r-
regularity The war specialties gen
eraIly hold strong, but they were not at
their DAYS best. Studebaker slipped back
~ from its high. Late in the day more
new high records were made, WestinE-
house ana studebaker being the most
nroninent The former was up 2Ols at
ths high and the latter 3A points The
closing was strong.
Responding to talk that the directors
Of the United States Steel Corporation,
At their meeting In October, will declare
dividend on the common stock and take
some action on the payment of dividends
that have been passed, that issue be-
came strong before noon, rising over two
points TO within a fraction of its high
on the present movement. II was said
that the regular old rate of IA per cent.
would be declared for the quarter.
Another factor is that the steel industry
is showing constant Improvement, due NOT
only to the demands of belligerents but
to a better domestic consumption. 1t
came out today that an order for 1O0I0.-
OQO shrapnel shells at cost of $3.50 0O0, 900
was placed in this country some time ago
BY the Russian Government. Bethlehem
got half the order ard the rest went to
other companies.
The foreign exchange market was again
demorali2ed today, rates going to another
new low point. At the low point today.
N64is. demand pound sterling was a lit
tie moro than p cents below par. II was
probably due In large measure to this |
that there was very little done in the |
big interuationnl railroad shares. as It |
Is expected that more, of these shares
wAlch are held abroad will be lIquidated
IN order TO place exchange rates back on
normal basis Although rates came
back a little from the low today. there
vas no indication that they would not |
decline again. The decline cannot be al
loHed 70 continue. This is realized in all |!
quarters, and for this reason more weight |
vas placed in talk of big English |
credit here, estimated at from S1OOOOO 900 |
to SD60O0O00 VIZ