The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1915-07-20
street FEARFUL;
PRICES GO down
Expectation of Sharp Note to
Germany Hats Upward
Movement.
cRUCIBLE BLASTS HOPE
No Dividends on Common for Long
Time. Is Statement-Allis- Chalmers
the Days Feature.

New York. July 1s-The German SUBJ
marine attack on the Orduna and the
expect alton that IL would lead to sharp
iote to the German government excited
telling of securities today that arrested
h1e upward movement. which was in
.ull swing at the close Of last week. The
tame houses who last week attempted
IT different times by putting out short
Ines to catch the top of the market and
precinitate the decline were the chief
sellers today.
Their operations were aided by q
rtatement made by a member OF the
executive committee of the Crucible
Steel Company that there could be no
iividends on the common stock for a
ong time, This resulted in a sharp
break Of nearly seven points in this
stock, and unsettled the war stocks.
AIIis-ChaImers Strong.
At the opening losses were from .
traction to a full point lower, Crucible
Steel being the chief sufferer. with a
irop of nearly two points During the
irst hour the railroads. however. showed
strength under leadership of Southern
Pacific. Union Pacific and Reading in
expectation Of an early decision in the
Western rate case. BY l o'clock in the
afternoon prices were around the lowest
Steel showing a loss of more than two
points. In the last hour there was a
ally of about a point from the low, but
the last half hour there was another
weakening spell, which closed the list
Iround the bottom.
A feature was the strength and activ-
~ of Allts-Chalmers. both common and
preferred They advanced to new high
PRICES. the common touching Is SIS and
he preferred 81 l-2. Large earnings and
he likelihood of dividends in the fall on
he preferred continued to furnish the
incentive for the upward movement In
heEe shares.
Bond. Still Firm.
Brokers on the floor Of the stock
Exchange said the strength OF the rail-
Dad shares-Union Pacific at oSs time
moving gain Of l 3-S. South,0n Pa
rifc 2l-s points. St Paul ala. and
Northern Pacific, 11-2-reflected the
lificulty shorts encounter in trying to
over their outstanding contracts where
he floating supply of the shares is
mail owing to the steady absorption
,or cash by small investors.
Although the buying of bonds was
rot as active as last week prices held
Irm. Steel trust sinking SIS showing
Especial strength in the face of foreign
liquidation in that issue.
Much unfavorable comment was
ave been made by Horace S Wilkin- |
1on. a member OF the executive COM |
nittee OF the Crucible Steel Company |
IF America. which in part said:
With large expenditures necessary |
rnlsh its new plants Gncluding that |
n Syracuse). I can see no reason why |
he common stock OF the company |
mould be able to pay dividends for a
good many years. or be worth its
present selling price. The common |
Itock is in the hands of people who |
violently intend to hand ii to others |
~ the highest price at which it can |
- sold and this evidently is the reason |
or the Measurements made about war |
rider contracts"
Baldwin Gets War Order.
Philadelphia. July 1s.--The Baldwin |
locomotive Works has received orders |
II the last few months for locomotives. |
ar wheels and aXles and war NUM-
tio1s totaling S97.OooOoO. This in
.ludes an order for ss0.o0o.o0o worth