New-York tribune., 1915-09-28
MARKET NEWS
AND COMMENT
Largest Trading of Year
Broad Buying at
Higher Prices.
ALLIES SUCCESS
A BULL FACTOR
Railroads Advance at Start
Merger RumorS Stir War
Group to High Levels.

Buying orders over the week end
came to commission houses in volume
yesterday and traders took the bull
side. The result was the largest mar
hct of the year. around 100000 shares
changing hands al advancing prices.
Railroads made opening gains and did
well for the first hour. After that the
most business was in issues Of those
concerns which might take or had
taken large war contracts. After noon
there was some slackeninG in the adj
vance and IN the final hour more or
less reaction, as the profit taking,
which had been heavy all day, outbal-
anced the buying demand
Consideration over Sunday Of the
various favorable elements that had
given strength 10 the market al the end
Of the week found further encourage
ment in reports Of what seemed TO be
the first effective advance of French
and English forces through the German
line. The apparently inspired an
nouncement in the morning papers that
bankers Of this city had practically
come 20 an agreement with the Anglo
French mission as to the nature OF the
bond Offering to be made here doubt
less hurried into the market those who
had been awaiting some such word be
fore purchasing. Further rumors Of
mergers of steel and kindred con-
Germs gave special zest to buying Of
shares Of companies that might posi-
bly, benefit through such combinations.
The buying movement was broad, the
list of active issues being the largest
for some time The bond market, con-
trary 10 what is frequently the case IN
days Of heavy speculation in stocks,
was unusually large. More than S6,O00,
600 bonds changed hands, the largest
total since April. Convertible issues
showed conspicuous strength, but there
was a GOOD market for bonds of prac-
tically every description. In London
news Of the success of the French and
British forces was received in much
more cheerful market, and dealings
that had been reduced since the budget
was announced were fairly active.
At the outset here railroads were
generally up "a fraction. with st. Paul
making an overnight gain of more than
a point. In the first hour a number Of
the more active railroads surpassed
theii high prices of Saturday, making
new high records for the year. And the
railroad list, though proportionately
less active later, made good resistance
20 profit taking sales. RecelyershV
for Missouri, Kansas q Texas had no
important market influence.
The war stocks, however. reassumed
.he leadership from which they had been
temporarily displaced after Thursday 5
reaction. many reaching new hlgh lev
els. Baldwin Locomotive, which had an
advance of some 10 points the week
before. was particularly favored be-
cause Of the report that II had been
ACQUIRED By new interests and would
devote itself mere assiduously to war
business. After a large opening gain
il went up rapidly, crossing par ana
getting above ia, more than 10 points
higher than Saturdays close. 1t was
denied that Bethlehem Steel interests
had part in the reported purchase Of
the company and no confirmation came
Of Du Pont buying, but the stock closed
only A point under its best
Crucible Steel, also heavily bought,
crossed par to 103. ending some 2
noints lower. with q net gain OF over y.
Lackawanna Steel. after rising TO new
high record, fell back. to close frac-
lion lower. but Republic made net
rain of over points. Can and Amerl-
can Locomotive were higher IN active
dealings. The automobile stocks were
irregular and less conspicuous. Inc
conoers made some Improvement,
though announcement that one Of the.
large selling agencies had raised It's
price failed to receive much attention