New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-23
MARKET NEWS
AND COMMENT
Irregular Advance by War
Stocks-Day of Over
Million Shares.
u. S. STEEL AT
BEST OF YEAR
Westinghouse Raises Dividend
Bond Business Shows
Signs of Recovery.

With new business brought 70 the
market through the exaggerated ad-
vance in automobile stocks, trading
Yesterday expanded 20 over 1,lOO,OoO
shares. Interest around the opening
was mainly in automobile issues, but
rs the day went on United States steel
soon led, getting above its previous
high level of the year A broader list
Of industrials was favored and the
market as a whole improved Profit
taking caused considerable irregular
ity and some losses on the day.
IN the last hour United States Steel
on heavy buying crossed 7s, and was
dealt in as high as 1884, Its best since
1912. Business in this stock was on
large scale, around &c per cent of the
DAYS dealings being in this one issue
There was no such pressure of selling
as had checked previous advances an
Steel within the last week or so, and
the close was only shade below the
best. up moro than points on the day
WESTINGHOUSE was again the centre
Of large trading, around 100000 shares
changing hands. Early in the session
Il went up over point 10 ne" hleh,
but after announcement OF increased
dividend az the rate of per cent and
SEQ 100000 Of firm war orders, fel back
under heavy profit taking, to end with
a loss of over points. The DIVIDEND
and the volume of war orders was
about as had been expected.
OF the other war stocks, IN most OF
which the amount Of foreign business
is uncertain, movement was Irregular.
Car and Foundry was firm IN active
dealings. Baldwin Locomotive went up
in the late trading, 70 end at It's pest
with a net gain Of 6 points. Can,
Pressed Steel Car and Republic steel
were higher on the day. Air Brake
was quieter, and lost q good part OF the
advance Of the day before.
Though the immediate cause for yes
terday's large market may be prlnci-
pallv IN movement of unseasoned
issues. those committed to the bull
side argue that there is good ground
for confidence. Austria is apparently
TO replace her Objectionable ambassa-
dor with one who may be expected 10
prove more discreet. Germany is re
ported az issuing strict orders to sub
marines TO guard against possible fut-
ure mistakes" The steel industry,
the mainstay of our industrial eXpan-
sion. $ doing an immense business on
foreign orders, with some better buy
ing BY the railroads. The govern
ment's crop bulletin tells Of favorable
weather last week. save in the cotton
belt, where damage is Of less i'm
portance.
In bond circles move inquiries are
being received from customers than for
some time past. With relief from the
pressure of foreign selling and proba-
blity that the foreign credit to be
granted here will prevent any sudden
large resumption OF European liquida-
ton. prices Of underlying investment
issues were frmer yesterday. The
British budget, il was noted, did not
contain the threatened special tax
against foreign investments, now that
a large loan here seemed assured
Sterling exchange was fairly steady AT
around the final figures Of the day be
fore, demand closing higher.