Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-26
TENNESSEE COPPER
SPURTED LATE IN DAY
stock Gained More Than 12
Points-Foreign Exchange
Market Weak

NEW YORK. Aug. 26.-while trading
- not on as large a scale today, the
..sofovemeht I'm values continued, the bet
,srncnt being due TO the more optimistic
s,,,iook on the International situation,
,ronv expressing the belief that the crisis
s.,ueen the United States and Germany
"a been passed, and that the difficulty
ne,yeen the two nations would be finally
sd,usted. Color was lent to these be-
nefe by the report coming from WASH
%gton 10 the effect that the German Am
hsssador had told a diplomat there that
periln would disavow the sinking of the
Arabic.
.f,sr the conference between Ambassador
scn Bcrnstorff and Secretary Lansing in
~ morning were to the effect that Ger
many would modify her plan OF subma-
r,ne warfare. This made a good impress
slon on the Street but there was n diff
serence of opinion as TO how the change
n front Of the German Government was
brouaht about Some people advanced
the theory that Germany may want to
aoat a loan here, which, of course, would
moi be possible IL diplomatic relations
we're severed.
Although the war specialties monopo-
ilged trading, as usual, more attention
was paid to the copper stocks, the de-
mand for these issues being quite large
and of an urgent sort The renewed ac-
tIyity was in response to higher prices
for the metal in London, and sales here
Al a better price, a considerable amount
of electrolytlc copper changing hands on
Inc basis of is cents in New York. The
demand, both for home consumption and
for abroad, was said to be much larger.
Advances in the coppers ranged around
two points. The railroad shares were
not active, but were generally frac-
tlon or so up.
s.t,a a., tho u,ar sharoa ,yoro h., M
means as wide as In the trading yester-
day. and the widest movement was in
New York Air Brake. which gained ~
points In the morning session, while
advances In other members of this group
were around points and some a little
more Rather conspicuous were Phila-
delphia Company, which moved up 2la
points, and United Railways and Invest
ment issues. the common running up
over and the preferred 3 points. The
latter company is affiliated with the
Philadelphia Company
For the most part the market remained
steady in the afternoon. There was some
realizing, which brought prices down
somewhat from the high, but sales were
well taken. Against the favorable turn
In the American-German situation there
was the further defeat of the Russians
, BY the Germans. The Union Pacific
earnings for July, the first month of the
vanced S2S7 .629 and net S1729S1. The stock
though higher, was without much effect
Many took profits late in the day, with
the result that prices went off all alone
the line, but not to any great extent. The
only real weakness was in New York Ali
Brake which lost all of its 4la-point gair
and 1ak besides, some of which was re.
!, covered before the close. The only news
! Of any consequence late In the day was
weakness In the foreign exchange mar
ket, demand sterling hanging around the
= low OF AGA and cables making a new low
Of 464iz
q Tennessee Copper was one of the ex.
ceptions to the decline, becoming very
strong as the day came to a close, at the
: high showing a gain OF more than /.
a points
= From trade reports that come filterinl
I'm daily from all sections of the country
fit can now be said that the steel trad'
has at last turned the corner for tho
better. All reports received are rosy and
crammed full of optimism for the future
OF course, as is to be expected, the de
mand for steel rounds is easily the fea
ture, but then, too, the domestic demand
shows unmistakable signs of brighten
Ing up. Prices for both steel products
and pig iron have been steadily advanc
ing, and the trade would not be sur
prised to see them take further upward
bumps
Orders being received from abroad ar,
on such a scale that the Iron Age says
1T is becoming more evident that tn,
railroads, In their late buying for thii
year. will have to compete for mill ca
pacity with the buyers of munitions
Rails cannot now be had for early de
livery"