New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-15
FINANCIAL RECORD
HERE AND ABROAD
Sharp Break in Cruclble
and Chalmers
Exchange Weak.

Uncertainty over the future course
Of some Of the speculative favorites
AMONG the war stocks, which has mani
tested itself on several occasions in
recent sessions of the stock market,
was again evident yesterday. 1t was
reflected in sharp break IN Crucibie
Steel and Allis- Chalmers in the second
hour of trading With these issues
moved other industrial specialties'
whose chief bid for public interest has
been based on the war munitions busl-
ness. actual or supposed. Of the com
NAMES they represent. The decline,
though severe. was short lived. and the
principal sufferers from 1t were the
two stocks named. Though they made
nm a fair part of their losses IN the
rally that ended the session. Ais
Chalmers closed with a decline on the
day of more than point. and CruciDie
Steel with a loss Of 512 points. Beth
lehem Steel preferred, which was
strangely advanced to $50 in the mid
die of the week. though it is a non
cumulative 7 per cent stock, and de-
clined to 100 in the same session was was
traded in 70 the extent OF only IVu
shares but il suffered a loss Of IL
points. There was also a decline OF 4
points in Willys-Overland shares the
first in more than a week.
The rise of Studebaker to par was
one of the striking events of the ses-
sion. coming as the elimination OF a
weeks campaign that was notorious
for its impudence. Whatever the m
trinSic value Of the stock is the con
duct of the speculation in II merits no
commendation. Manipulation is Tor
hidden both by the rules of the Stock
Exchange and by the laws of the state,
but if the movements OF StudeDaker
are any criterion something equally
efficacious has replaced 1t. In these
times, when many OF the important IN
dustrial companies are making eXtraor-
binary profits. il is 10 be expected That
fluctuations in their stocks VIII be cor
respondingly extraordinary And they
have. indeed, been so. But there is a
I limit to what may properly and reason
ably be done with stocks. When the
Stock Exchange governors appointed d
business conduct committee they rec
ognized their responsibility for seeing
that the bounds imposed by fairness
and propriety were not Overstepped.
| The week just ended has been fruitful
l'of OPPORTUNITIES for It. Though indl-
vduals may profit by such perform
ances. the Stock Exchange collectively
is bound 10 suffer in the reaction. For
the time being. however, that well rec
ognized truth seems to have been lost
sight Of.
In the weeks bank statement there
was the expected heavy gain in re-
serves. the surplus above requirements
rising S21.174.520 to S1S7 .232S60, an
increase in which the importation of
$40 100000 gold from England played
its part Loans increased S25,191 900
The foreign exchange market was no
less weak yesterday than on Friday.
New low records were again made for
both sterling and franc bills. Sterling
checks sold at the unprecedented figure
of 1854 decline of ~ cents in the
pound since last Saturday. and franc
checks at 5.93 were % points cheaper
than a week ago. Negotiations for a
very large loan 10 Great Britain are
now in progress, and it is probable
that a credit for France will be ar
ranged within the next few DAYS.