New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-17
MARKET NEWS
AND COMMENT
The War Stocks Fail to
Respond to Rumors of
New Contracts.
GAINS AT START
SOON WIPED OUT
Sterling Exchange Makes Sharp
Recovery-Confidence in
Foreign Credit.

Even war stocks were unable 70 get
far in yesterdays market Reports OF
coming increases Of dividends and Of
lucrative foreign contracts pending or
closed failed TO appeal 70 traders. Sea
soned issues sacged fractionally. At
the start the list was higher, with some
industrial spccialties up around point
or so. but stocks were In good supply
and there was an immediate reaction.
Rallies were inconscquential. and while
there was no general pronounced de
cline most Of the recent favorites were
lower at the end Of the day, losses in
some instances reaching point or
more
Colorado Fuel and Iron took the
place Of Allis-Chalmers as market
leader Rumors of change Of control
that would ally this concern with one
Of the great ammunition makers were
circulated TO account for the advance.
Can, after early strength, closed over a
point down. Westinghouse made loss
Of about the same extent in spite OF
discussion Of possibly early increase IN
the dividend rate Equipment stocks
were firm at the opening, but went back
later Bethlehem Steel preferred on
small transactions rose over IL points
on talk that some plan of reorganiza-
tion might allow this issue TO get more
than the stipulated dividend rate. Cen
eral Motors was higher at the close IN
expectation the promised melon was
soon TO be cut.
United States Steel opened higher
and seemed about to start an advance,
but heavy selling soon checked the
movement and the close was only
fraction better than that Of the day
before Railroads were dull Under
living railroad bonds showed q firmer
tendency on the exchange, and IN the
bond houses an improved demand was
noted with no resumption Of foreign
selling. Bonds on the exchange still
changed hands in small volume. in
stocks the days total was more than
100000 shares, about 10000 under that
Of the day before. with little TO indi-
cate any large public interest IN the
transactions.
The money market was practically
unchanged so far rs quoted rates went,
but there was an easier tendency IN
time accommodation and slightly better
demand for commercial paper. For any
noticeable effect on the supply Of funds
for collateral loans there might be no
foreign credit in the hundreds Of mill
ions pending.
A sharp advance in the sterling ex-
change rates, that sent London checks
up 81 cents 10 470R in the pound.
gave evidence that though details Of
the assistance We are TO furnish 10 our
foreign customers are still TO be set
tied little doubt remained that there
would be a satisfactory agreement. Ru-
nor during business hours reverted 10
the notion that there would be sepa-
rate relief for purely private purchases
apart from those of the belligerent
governments. Shipments Of gold and
securities can, if necessary, our visitors
argue, settle debts for munitions Of
war.
Gold shipments are not convenient,
however, when gold is needed abroad:
The Bank of England's return showed
bullion over s1s,O00OOO lower, appar-
emily because gold on the way here
came direct from its Golfers instead OF
from other British sources. Great
Britains allies, to whom remaining on
a gold basis is not important, can ap-
parently better afford to furnish fut-
ure supplies Of the precious metal. The
Bank Of France, which is so success
fully drawing gold from the French
people. added more than S6,000,O00 to
its stock during the last week. The
Bank of Russia holds another great
supply Of gold but Russian affairs are
uncertain. Reports Of disturbances in
Petrograd following the Propagation Of
the Duma suggest that the people Of
that country may be more disturbed
by the German invasion than VIC have
vet been told.