Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-08-15
SINKING OF OIL TANKER
SLOWS UP THE MARKET
WrcckinG So Near to New York City
Was Cause of Great
CncaSineSS
SHARES WERE SELLING GOOD
tobacco Securities Show Strength
6carly All Making New High
;:riccs-Hidc and Leather Reaches
New Level in Trading.
by BRoADAN WALL.

NEW YORK. August li.-SinkinG of
- miles Off sandy Hook checked the
eek marke; to-day when il Was NOV
ing braveiy into new hi sh Levels. Rail
were Distinguishing themselves when
the sinking was announced. steel had
been somethins Of a laEgard but even
so was strong. The latter part OF the
The sinking of this ship is not a
matter of financial Importance to this
company. but the sinking so close to
ranies. The ship was fully insured,
and was torpcdoed in such shallow wa
ter that it will probably he ahoat be-
expected that the ship will lose more
than one or two cargo voyages as "A
result Of the sinking. so as Il mar
ket influence on Mexican Petroleum
stock. II Is not worth considering. stock
CT the company was strong at the time
OF the announcement. bu, yielded no
more than il was due to yield as a
normal reaction after the rise ii has
recently had.
PREFERRED SHARES SELL.
AT NEW HIGH LEVELS
Tobacco stocks were strong again
to-day United Cigar stores. Tobacco
Products and American Tobacco all
making new high prices for this move
nient Westinghouse. Baldwin. Gen.
trail Leather. 'Cruciblc. Allis-Chalmcrs
and American Writing Paper referred
were strong features.
Hide and Leather sold AZ new high
price for the year. and it was undo
known that at the Forthcoming cleo
tirn several OF the prcScrN directors
riil retire to he replaced by new. In
the open market The preferred sold
to-day at So Ii but one OF the new
stockholders made the statement tha;
it has net current assets that could he
liquidated for Sos share.
American Telephone responded With
rise of more than a, point 70 an
Houncement that the bond offerings
had been success
wESTINt:iioI>E ADVANCE.
The advance in General i:le.i'ic 40
Wesi'nShousc was due to director,
TO tho elcctritcation of the railroads.
Those companies are many millions
behind their orders nov. but as ,hry
and as there will be an abui dance >:
Ia Dor when the war is cadet il ."ill
he merely question OF financing 10
enable them 20 handle this vas; en-
terprise.
Money is becoming easier just as
bankers have insisted II would. The
stock marke, and the money market
act very much as though the big in
stderS had liquidated and were seek
ing. An opportunity 10 get their stocks
back; The great ca American ,,n public owns
brokers are carrying but few on MAJ
gin. The only dif,icul,y about the
money market is the rate which per
Siste at per cent. Any one willing
10 pay that price can hc .uccommo-
dated. The slight calling of loans To-
day vas to provide funds for The las.
lnstallrnent of the third Liberty loan.
NEW YORK. August l!.-Ms,cantilc paper
four months. u SIX months, q: sterling sixty
day bills. SI1S,.: commercial s!Nty day bills
on banks H72t. >ommcrciai siN,y-day bills,
SIn,: demand, 81 49,, cables. Sass Bar
silver, @9is: Mexican dollars. a.. Govern.
mont bonds irregular; railroad bonds steady:
time loans strong; sixty days. hid. ninety
days. bid six months. hid 'al! MONEY
s::onE. ruling rate.