New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-12
FINANCIAL RECORD
HERE AND ABROAD
Market Reactionary, with
Irregular ClOSe-War
Stocks Active.

Reactionary tendencies were pro-
nounced in Yesterdays market after
the first impetus Of the advance in
railroad stocks was lost. Early salts
faction over the decision in the West
ern rate case was succeeded by dis
appointment whom the details became
known. Where at first it seemed that
the carriers had won material as
well as a sentimental victory announce
ment that higher rates on practically
all the important items in the sched-
ule except bituminous coal had been
denied made the victory only a hollow
one. Commissioner Daniels'S estimate
that at most the carriers gained ST.,
100000 was generally accepted at its
face value, and il did not need the
comments of President Gardner Of the
Chicago & Northwestern. President
Ripley of the Atchison, and other rail
road executives TO bring realization Of
the disappointment. What comfort
could be extracted from the thought
that at least there was in the decision
a reathrmatlor Of the changed attitude
of regulating bodies toward the rail
roads was taken. but it had but slight
influence on market sentiment.
ABOUT 100000 shares less stock was
dealt in than on Tuesday, when the
million mark was reached. Dealings
covered a broad list, in which the in
dustrials figured much more promi-
nently than the railroad shares. though
the latter continued TO be active.
At the opening the railroads were
all higher, with the exception Of Ca
madam Pacific, while the industrial list
was sluggish and inclined to sell off,
The rails kept on rising until close
to the end Of the first hour, stimulated
by the rate decision, whose true inter-
probation had not yet been made:
Gains at that time ran to several
points in the leading rails, though the
irdustrialS, with a few exceptions,
such as the sugar issues, Steel, Allls-
Chalmers and Studebaker. were reac-
tionarv. In the general reaction that
followed most of the early gains were
lost. and in the case of Cruclble Steel,
Pressed steel Car and some other
war stocks substantial losses were
scored. Several of the railroads Of
fered stout resistance TO the down
ward movement. Included among them
were St. Paul, Atchison. Baltimore
Ohio and Kansas City Southern. There
was a rally in the early afternoon,
which in turn was followed by sharp
reaction. but at the close Allis-Chal-
mers. American Beet Sugar and one
or two other war issues moved up
strongly, carrying a part Of the mar
kct with them. The final dealings
were highly irregular, however, ana
gains and losses were scattered with
about equal profusion through the
list.
The market was not greatly infu-
enced by any other news than the
railroad rate decision. though Smelters
and Mexican Petroleum felt the effect
Of the new anxiety about Mexico;
There was more selling of stocks and
bonds here for European account than
has been the case recently. Inc IN
crease in the supply, however, was not
so obvious as TO cause concern.
A good deal Of mystery remains
about the importation OF gold from
England and Of the securities that &C,
companied it. The amount OF the gold
coin brought in, according TO banker
identified with the TRANSACTION was
not the $4,000 OO0-odd that had been
,ororted but only $19.534,00 No
definite information was obtainable
about the amount Of securities or
their character whether they were
American bonds, such as the Bank OF
England has been reported to have
bought in London, or British securl-
ties. or something else. In conse-
ouence of the uncertainty about the
cold there was much weakness IN the
foreign exchange market, and sterling
and franc exchange both vent 70 new
low records. at 4.745s and 5.sl12, re-
-DectiVQlV