New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-10
MARKET NEWS
AND COMMENT
Business Expands and List
as a Whole Moves Up
Railroads Firm.
NEW HIGH RECORDS
AMONG WAR STOCKS
Sterling Exchange Much Higher
as Conferences for British
Credit Approach.

Some little response 20 the good
news Of the day before OF crop pros
poets and steel and iron production
was manifested in yesterdays market.
Business expanded from a little over
100000 shares the day before 20 nearly
100000. but the trading still had a
professional aspect. A few war stocks
were advanced, some 90 new high rec
ords Railroads made gains generally
OF fractions, and the whole list was
generally higher at the close. Bonds
on the Stock Exchange were fairly
firm. but over the counter still showed
effect Of heavy foreign offerings.
The international list Of stocks was
firm, gains during the day reaching a
point or more In some issues, though
fear Of q supply from Europe over
hanging the market at higher prices
discouraged any important movement.
New Haven, whose earnings for July
were expected TO prove distinctly IA
vorable. was at its best. up over points
on active dealings. Erie also changed
hands IN considerable volume and
ended o shade above Wednesdays close.
United States Steel, which ended the
DAY before a. rs. opened fractionally
higher, and got above 76 in the earl Y
dealings. After some reaction II
reached 761s, closing a little lower,
with a gain Of triAe more than
point.
At the outset railroads were quiet
at fractional gains, while such indus
trials as Crucible, Bethlehem common
and preferred, Studebaker, Westing,
house. Allis-Chalmers and General
Motors showed marked strength.
Around noon the market was quiet, but
prices held firm, and at the close there
was comparatively small reaction from
the best OF the day.
Conferences that start to-day be
tween representative fnanciers OF this
country and Of Great Britain and
France are looked for TO bring some
ADEQUATE credit arrangement which in
oidentally will benefit the course OF
securities. The alternative, that we
should force the Allies to pay for their
purchases IN gold and let the rest OF
our trade suffer as sterling depreciates,
Is not thought Of The terms OF this
credit which we grant will not prob
ably be so simply disposed Of.
The bond issue TO be placed here
must be made so attractive that fnan-
cial institutions will not feel that
money so invested is permanently
locked up. and our investors do not take
readily to foreign loans. Last weeks
break in sterling, however, made plain
to cities elsewhere that the exchange
problem did not affect New York alone.
The danger that abnormally low rates
on London might reduce exports OF
goods in which they were interested
should make fnsnciers of other cities
more willing to Join in taking the obi
cations that the British and French
commissioners may offer In foreign
exchange circles recovery OF 4 cents
In demand sterling to 4.68 in the pound
indicates that here and in London there
was every confidence in the adoption OF
some comrehensive scheme OF relief
In the meantime gold is coming here
from London in small amounts on pri-
vate account. another $4,000 900 or so, as
on the day before, arriving from Eng
land. The Bank Of England's bullion
figures made public yesterday showed
that the precious metal sent here In
such large amounts for government &C
count had been mainly provided else
where. During the week gold holdings
fell of less than s5,000,000 The gov
eminent has apparently made part OF
the promised payment TO the bank out
of proceeds Of the new war loan, and
the resulting reduction Of liabilities
more than counterbalanced small loss
Of reserve. The reserve proportion
stood at over % per cent, nearly ! per
cent better than the week before. The
central institution in Paris reported
addition of some S10000,0 900 to its gold
through exchanging notes for the peo-
- o,NlA