New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-26
MARKET NEWS
AND COMMENT
Public Buys on Belief That
Break with Germany
Will Be Avoided.
RISE BRINGS OUT
BROAD DISTRIBUTION
Wild Advances at the Opening
Profit Taking Heavy
Close Reactionary.

Indefinite as the wording Of the Ger
man note proved TO be. it was good
enough to start the market with
wild uprush of prices. Selling by in
terests that had been purchasing since
the first breaks on the Arabic attack
was we'll taken by the buying public.
and the rise continued throughout the
first hour. Then industrials showed
some irregularity, gains OF TO ~
points or more from Mondays extreme
depression. calling for some halt
Railroads in the early afternoon took
I'D the advance in trading Of fairly
GOOD volume, as compared with recent
markets. At the end of the day proft
taking unbalanced purchasing and
short covering. and there was a gooo
deal of reaction. Final prices how
ever, showed further net advances OF
as high as 2 to points.
1t was rather the belief expressed IN
official quarters in Washington than
the actual message Of the German gov
eminent that gave buyers confidence.
The request for delay. taken as 1t
stood, might mean little. but the atti-
tude of our government is all I'M
portant. Comment of German news
papers. as received by cable. does not
strengthen the belief that submarines
will change their method Of attack on
ships that may bring to Great Britain
munitions Of war. We have placed our
solves on record as insisting that sucn
attacks no longer imperll the llVeS ol
our citizens. So, in the belief that the
administration would consistently en-
force such demand, there was much IN
side distribution on yesterday rise
For the most part, however. traders
would see only removal OF danger
that had threatened to disturb the
markets rise, and treated the interna-
tional crisis as if it had been averted'
not postponed.
The first half hour saw dealings on a
scale of a day of more than 2.OOO.OOO
shares. Later business was duleter.
and the total reached was little over
100000 Opening gains were most
spectacular. / and point advances
being common in active issues. Stude-
baker changed hands more than
points HIGHER at the start. After 1T
tie hesitation. as large offerings were
absorbed, prices went higher. with
maximum gains of up to Is points in
the war stocks. Air Brake, Stude-
baker, Crucible Steel, Anaconda. Re
public Iron and Steel and Goodrich
and American Beet Sugar were all &C
tive on the advance.
United States Steel, after an excited
opening, got above 76, but fell back, to
close at 49, q point up on the day.
Westinghouse and General Electric
we're particularly strong in the after
noon, the latter being centre OF heavy
dealings. Low priced railroads showed
around the middle of the session.
Missouri Pacific led the way with
maximum advance of over 2 points to
above o on short covering and pos
sibly banking accumulation. Frisco
stocks, Missouri, Kansas e. Texas, COM
mon and preferred. and Denver pre-
ferred all held gains of point or more
to the end. Standard railroads after
wider improvement lost a good part of
their gains in the late reaction.
The commercial credit in favor Of
France, announced overnight, was con-
sidered important as adding to the
prestige of New York as a money CEN
tire, in addition to making easier move
ment of our goods abroad. In the for
eign exchange market its effect had
been apparently discounted for the
moment and rates on Paris were lower.
Sterling was weaker. London checks
closing below 465 in the pound. The
local money market was steady, with
time accommodation quiet.