New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-26
MARKET NEWS
AND COMMENT
Standard Railroads Higher in
Unusually Broad, Active
Session.
BOND DEALINGS
OF WEEK LARGE
Sterling Exchange Steady with
Exports Running Heavy
Bank Surplus Drops.

In one Of the largest Saturday mar
ke.s we have had In 1918 railroads
took the prominent part, standard IS
sues advancing on unusually large pur-
cbases There was considerable proht
taking at the high prices reached
which. in some instances. were the oes'
~ the vear.,but this was well absorbed
The active list was unusually broad
for a ,wo.hour session, with trading
we'll distributed. Industrials favored
earlier in the week were comparatively
ouiet and. in some instances, lower on
realizing. The coppers showed zen
ccncv 10 improve and few OF the
continent stocks advanced.
The buvinc movement in the rail-
roads TOOK I'm the highest grade issues
some Of which had their most active
r,arke. in wears Gains Of !, and
2 noinfs among the carriers were not
ali maintained 90 the close, but the
case with which some Of these al
vancos were made surprised observers
The London market was taking one OF
IFS weekend holidays, but seNing for
London accourt I'm the international
Nst had been expected TO come from
orders placed here at prices a little
shove those previously prevailing.
Whether this source Of selling mas
leop ovcrcstimatcd and how the out
side public viii regard the higher
levels reached by railroads this week
may show
PENNSYLVANIA. on remarkably large
dealings for that issue, got nearly 8
roints higher. Norfolk & Western
added 20 its Improvement of the day
before. Canadian Pacific. Reading.
Union and Southern Pacific and the
Hin roads. all were active and higher.
baltimore & Ohio was notably strong
end Atchison, which presented another
excellent record Of gains in gross and
net in its August statement, improved.
Change in control Of the Mldvale
Steel Company, with the reports that
other concerns would be taken in, was
followed ~ unusually heavy buying OF
Lackawanna Steel. which went Up over
pojnts. Baldwin Locomotive contin-
ued its rise and Central Leather was
higher. American Beet Sugar was
weak again and ended not far from its
lowest.
Bonds continued firm and we're dealt
in 10 a total Of nearly 100000. The
weeks business in bonds on the Stock
Exchange has been about the best of
the year. The investment houses look
for good buying TO continue. Investors
returning TO the city from their sum-
mer residences are putting their &C
counts in order. Talk Of severe per-
sonal taxation has stimulated business
in tax free issues, but all good bonds
have benefited. European liquidations
is comparatively small. and with ster-
ling exchange steadier. Bond men
predict no large amount Of selling from
London until another great war loan
is offered there. This, from present
accounts, will not be until this year
is over
Little was done in the foreign ex-
change market, sterling holding around
4.7Oal for demand. The daily discus
sion Of what may be expected from the
Anglo-French credit arrangement does
not diminish confidence in exchange
circles in the adoption of some ade-
quate plan. Exports from this district
last week, according TO daily totals,
were upward OF Soo'VVV'OOV anu circuit
facilities 10 aid this business will be
furnished.
The surplus reserve Of Clearing
House institutions here is still large,
but has dropped below the 100000
600 mark yesterday morning Total
reserve held was Sl2 100000 less where
a 100000 900 gain had been looked for
Loans were more than S57, 100000
greater and with demand deposits max
ing larger increase surplus fell off
S22.00O,O0O, the heaviest loss for
months.