New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-29
FINANCIAL RECORD
HERE AND ABROAD
Million Shares Dealt In,
with War and Steel
Stocks Active.

Dealing in securities swelled TO a
total of more than 100000 shares yes
terday, the largest since the Monday
following the sinking of the Lusitania.
Outside buying increased. The mar
ket's recent resistance TO bad news and
the scarcity of railroad stocks dis
closed the day before apparently con-
WINGED many waiting purchasers that
il was unwise TO delay further in hope
Of break. The Steel Corporation
consistent expansion in earnings pro-
vided further incentive to market
operations. Warning that some issues
were being put up far beyond their
worth so they could be sold TO the un-
wary at great profit fell on unwilling
ears. The great proportion of yester-
days business was still in the war
stocks. Railroads, however, resisted
early profit taking and even advanced
little, but in most cases failed to
hold their early gain. In bonds con-
vertible issues were higher, Westi2g-
house convertible SIS being the centre
OF active trading.
Crucible Steel occupied attention in
the late dealings, when it was rushed
up TO over 65, more than 16 points
above Tuesdays close. Rumcrs yes
terday had the company passed to new,
strong hands and also suggested con-
test for control in the open market.
A more plausible argument was that,
like the Steel Corporation, Crucible
was benehting by sale of material to
other concerns engaged in manufact-
uring supplies for Europe. Dealings
in the stock were very heavy, approach
ing 10000 shares.
United States Steel, with transac-
tons involving more than 100000
shares, was the most active issue on
the list. 1t rose to CT, nearly . points
above the final figure of the day before.
Tuesdays quarterly statement gave
strength also to the lower priced steel
stocks, which generally showed gains
of points or so on the day. Trade
publications estimated operations of
the Steel Corporation at 90 per cent of
ingot capacity. Purchases of material
for export have been heavy during the
week, and more orders are expected to
be placed soon. Pig iron, which has
long been dull, is now being bought in
better volumes.
The general list of war stocks con-
tinued TO overshadow the market. with
more or less irregularity on profit TAX
ing. Bethlehem Steel jumped to an
other of its daily high records at 269
and ended at 264 with net gain of II
points. Westinghouse, which came
next TO Steel in activity, made a maxi
mum gain of more than points with
news of further order from Europe,
though its contracts are understood to
have been overestimated. The rail
roads opened firm and buying orders
from the commission houses for while
absorbed the offerings of traders TAX
ing profits on the upturn of the after
noon before. In many cases they ad-
vanced further, but as the day went
on there was less business done in tnis
part of the market and prices saGged
lower.
Monetary conditions here showed lit
tie change. Call loans were renewed
at Ia per cent and time accommoda-
ton held steady on refusal of lenders
to make concessions. Exchange on
London continued to be maintained at
around the levels at which il has been
held for the last week or two. Ar
rangements for collateral loan here
on bonds owned in Great Britain were
still being discussed, but the report
that the British government was pur-
chasing our bonds in the London mar
ket for this purpose was said to be
without foundation.