New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-08
More Discriminating Dealings IN
SecuritieS-Our Banks %
Give London Aid.


ties which, while not promising i'm
mense speculative profit on resale,
might be held with comparative safety.
Warning Europe's great purchases may
again start a speculative furore, but
there must be some modification now
Of stories Of the return TO be looked
FOR.
During the week railroad reports for
September proved even better than the
market had been expecting, The East
ern lines, that are carrying the large
proportion Of our exports to sesboard,
did particularly well, but throughout
the country, including the South, gross
receipts made excellent comparison
with the same month Of 1914 Net
earnings showed tho effect OF lessons
Of economy learned IN the period OF
small traffic and made considerable ad-
vance. For October, business Of the
carriers was much better. Cur exports
we're immense, and grain movement
from the farm increased. The Penn
sylvania lines announced that the re-
ceipts were the heaviest ever known tor
that month. When October earnings
come complete TO hand they will prob
ably show great advance not only
from the disordereG business OF the
year before, but from the good results
Of 1913 ss well.
On the Stock Exchange railroads al
most daily reached new high prices for
the year on greatly increased trading.
The railroad stocks, like others, cannot
continually rise without reaction, and
toward the end Of the week profit TAX
ing caused some recession. a few Of the
stronger roads had reached prices that
put them on an income basis Of under
5 per cent, lower than that on which
many bonds are being dealt in. Wheth-
er 1t will be possible, through hope Of
larger disbursements, for railroads TO
get much higher than they did last
week remains 10 be seen. Railroad rate
regulation tends 10 place limits upon
the benefits which such public service
corporations can return TO their own
ers, but should the European war result
in general higher prices for capital
here, that ought to be taken into con-
sideration by regulating bodies.
Seasoned Industrials Bought.
Seasoned dividend paying industrial
stocks were more actively purchased,
some seeing more business in a day
than had previously been done in
weeks. There appeared generally TO be
more Discrimination IN public buying,
though doubtless part of these belated
movements were the result Of pool
operations. The copper stocks made
irregular improvement. The market for
the metal was reported frmer, and pur-
chasing was sand to be SUFFICIENT TO
take care Of the additional production
brought out by last summers high
prices on the sudden demand for NUM-
lion purposes. Reports of copper COM
panies made a most excellent showing.
AS the rise IN war stocks seemed to
have eliminated, speculative holders
found paper profits not altogether easy
to realize, and number OF the Issues
which had been most vigorously ad-
vanced found few purchasers when
pressed upon the market. Losses IN
Z
and reports of new contracts from
abroad did little to checS the decline.
Uneasiness as TO the future Of stocks
Of concerns interested in filling war
orders became more pronounced as
earnings statements failed 20 show the
immense gains promised IN the sum
mer and as disbursements TO stockhold-
ers were under expectations.
The great Industrial movement OF
fourteen or fifteen years ago was SAID
TO have discounted the prosperity OF
years ahead. Since no one, 40 matter
how enthusiastic. expects this un-
natural trade al munitions Of war to
continue indefinitely, il may well be
that the public will come TO the con
clusion that prices on the Stock EX-
change have more than discounted any
possible benefit. The last two months
have seen great expansion Of new
interpretations. particularly IN the
E Eastern states. While some Of the
+ charters taken cut arc doubtless for
new Industries which Will continue
when war is 2, an end, there IS no
/ question that part o. this represents
capitalization Of what is only q feeting
phase Of our industrial development.
Business on Up Grade.
BUSINESS generally gives evidence
that the corner has been turned, and
that from now on, barring accident, ex-
pansion is in order. To some the dan
ger that abnormal prosperity IN few
lines, gold imports and lower reserve
requirements, might lead TO imitation
seems fairly grave. There is an i'm
portant broadening OF business. Bank
clearings outside of New York City, as
well as here, are better than they were
two years ago. Trade publications tell
Of better conditions in many varied
lines. The great crops and the full
employment of labor nave added i'm
mensely to purchasing power. AS yet
conservatism that followed the war
still works 20 prevent I1uch oXtrava-
ganee, and the increased buying that is
making itself felt from retailer TO
iobber and manufacturer is IL no in
ordinate volume.
f As has been expected in the trade,
production Of pig iron in October
greatly surpassed the previous high
record set the month before More than
100000 tons were turned out. and at
the beginning of the present month fur
naces in blast had a capacity Of more
I than lOi 900 tons a day More furnaces
are being made ready, buying Of steel
making iron continues heavy and pur-
chasing is not limited 10 this grade