New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-24
MARKET NEWS
AND COMMENT
Excellent Recovery After
Heavy Losses in the
Early Trading.
SHORT COVERING
AIDS THE UPTURN
Industrials Break 2 to 9 Points
After Initial FirmneSS-Net
Gains General.

After a large amount of liquidation
in the morning the market came back
toward the end of the day. In most
active issues not only were the early
losses made up, but prices were car
ried above those of the end of last
week. Since the Arabic was sunk
good deal of stock has been sold. and
prices at their lowest yesterday were
much under those of the best of the
week before. but the great outside
public, which can so effectively rule
the stock market. has not been fright
encd into disposing of any large
amount of it's holdings.
In anticipation of weakness. such
as marked Saturday, stocks were so
we'll supported at the opening that for
a while there was a deceptive appear
ance of strength. Rumors were cur
rent that the latest German submarine
attack on our citizens would be dis
avowed, and that a message OF this
tenor had been received at Washing
ton. This report brought prompt de-
NAL from the Secretary of State. The
early advance soon ended. and selling
BY commission houses and large inter-
ests here forced prices in the indus
trial group down from to 6 points or
more in the first hour. Railroads,
while under less pressure. went off
point or so.
In addition considerable foreign SELL
ing was apparent The bond list pre-
sented numerous transactions for de-
layed delivery and stocks as well were
pressed on the market for European
account. From London present offer
ings are to a larger extent from indl-
vduals than in the selling that pre-
coded the British war loan. Sterling
exchange is still so low that it means
q substantial premium to the London
seller who disposes of his securities in
our market and has the proceeds re-
mitted back across the water. Ger
many, too, is getting rid of her hold
ings of our securities. as strength in
exchange on Holland shows.
For a while this selling for domes-
tic and foreign account threatened to
demoralize the market. In the first
hour more than 1926, 200 shares changed
hands, including nearly 10000 of United
States Steel and 10000 of Westing-
house. The levels reached. however,
invited purchases. and as the decline
was checked repurchases by those who
had been selling since the market
broke last week aided recovery. By
noon part of the early losses had been
wiped out Trading Quoted and prices
held steady until around the last hour,
when the upturn became vigorous. At
the close there was more or less irreg-
uarity. but final prices of issues most
dealt in were from a fraction to 2,
and points or more above Saturdays
final figures.
United States Steel led in the up
turn 1t had declined to under 68 in
the morning, but in the afternoon got
we'll above II. closing a shade under
that figure with gain of fraction.
Allis-Chalmers, Westinghouse. Ana
conda and Great Northern Ore all were
fractionally higher at the end of the
day. Air Brake. Lackawanna, Steel,
Tennessee Copper and Beet Sugar
made net advances of from 2 to 5
points or more. Among the railroads
Southern Pacific. whose July earnings
gave another large increase in passen-
ger receipts because of travel to the
Panama Exposition. was more than a
point higher at the close. Reading and
St. Paul made similar Improvement.
Sterling rates, in spite of foreign
selling Of securities. weakened after
carly steadiness. sight drafts on Lon
don closing at 4.65h in the pound. IA
cents below Saturdays final figure. No
immediate action is expected on the
proposed London credit until the depu-
tation of London bankers arrives here.
Expectation of large Federal borrow
ing caused firmer tendency in time
accommodation. though no great
amount of business was done. Call
loans were renewed at per cent, with
IA the lowest