New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-02
MARKET NEWS
AND COMMENT
u. S. Steel, on Immense
Trading, Leader i'll An
other Big Day.
PRICES IRREGULAR;
NO GENERAL BREAK
Again Favored lSS~eS Reach
Best Near ClOSe-Demand for
Foreign Loan Increases.

United states Steel. the most widely
held stock on the list, and for years
the fayortc medium OF speculation, .ed
Yesterdays market with dealings that
lnproachcd "a total Of 100000 shares
lt was CHER from the opening, and
its strength served 90 help carry on
tho speculation that again brought the
daily total 90 around 1900, 600 shares.
So far as the market could be said 10
have r. general course. IL was higher
40 the opening. fell back little unde.
realizing .n thc early trading and re
covered around noon, and IN the last
hour there was some attempt by the
short interest 90 bring on reaction,
but this met with comparatively little
success.
These movements were complicated
by lrregularity, which was more
marked as the day went on. As some
Of the early leaders fell back other
favor.tcs were brought forward, ana
iu some best prices Of the day we're
boinC made around the close Outside
q United States Steel, most OF the
issues that made important net gains
were not such a. 90 add 20 confidence
ID the stability Of the market.
Final changes were irregular, and
i'm most instances Of no great extent.
A number of the war lndustrials
dropped back. and there were com
parat.vclv few extensive advances
The copper stocks al the opening made
"a spcclal show Of strength, but tins
was not maintained. Railroads were
conspicuously quiet and little reac-
tonarv. Canadian Pacific weakening
toward the close. The bond total was
we'll above S4.O00000 industrial issues
accounting for large proportion OF
the business.
United States Steel started the day
az "a new high for the movement. IL
later crossed 81. closing at that ngure
with net gain of nearly points, az
ter having changed hands at Sl@4. is
best for some FIVE years. Part OF me
rise was az the expense Of the short
interest. which is always large IN
Steel There was some talk OF the
practically fun employment OF Jhe
company's facilities and OF prospects
for resumption Of dividends but IN me
main discussion was Of how high the
stock would go, not what income u
would produce
WESTINGHOUSE. dealt in 10 the extent
o. nearly 100000 shares, went up over
q points. closing al its best. lnsplra-
toa Copper. American Can, and Colo
raeo Fuel were the issues next IN vol
umo of trading. Baldwin was compare
lively quiet and fell back more than
& points on the day, while Tennessee
Conner lost .. American Car and
Foundrv. with talk of new war orders.
American Steel Foundry and some ot
the fertilizer companies made conslc-
cradle gains.
Beyond a higher renewal rate for
call loans az per cent, the week s
immense trading has shown n sign
At taxing the resources Of the money
market. a small addition 70 cash
holdings of local financial institutions
Sc indicated from known movements
Of currency. Soon the financing CT
the foreign loan will work TO cut down
excess reserve in the banks through
Increasing deposit liabilities, but sur
plus is large and lending institutions
look for no particular frmness IN the
money market from this cause.
OF the success Of the Anglo-French
loan there remained little doubt The
purpose Of the credit, 20 protect our
own foreign business. has been so
well explained. the yield to investors
is so favorable. that applications Tor
participation in the underwriting syn
dictate have come in in great volume
and the mass OF inquiries from pui-
chasers is surprising the bond houses