New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-18
MARKET NEWS
AND COMMENT
General Motors Big Cash
Disbursement Adds to
Traders Hopes.
INDUSTRIALS RISE;
RAILROADS STEADY
Volume of Business Expands
Profit Taking Sales Well
Absorbed.

Declaration or a large initial cash
dividend by one OF the Industrial con-
Germs that have so greatly appreciated
m price gave outlet for the markets
confidence. which has been growing
since the arrangement to finance our
foreign trade has seemed so certain
and our difficulties with Germany have
crown less threatening Il the COM
NAMES whose stocks have improved IN
nrce because OF new and unusual
business arc TO make large distrlbu-
lions Of cash 20 their stockholders II
was argued. then tangible reason ap-
nears for their advances. The upturn
OF YESTERDAY benefited the industrial
list. The railroads have as vet little
TO boast Of in the way Of greater re
CENTS. and their improvement yestcr-
day was in fractions.
At the opening the market was ir-
regularly higher. The first hour saw
a large expansion OF trading. prlu-
cipallv in issues Of companies 70 which,
u is hoped, the war is bringing great
profit. There was a little lull before
noon, ana lItH Allt NAf tAAtN~ 't''
sumed. the market for favorite issues
continuing strong 70 the close. Out
side purchasing was greater and SUI
fcient to counteract profit taking before
the week closed Business was on the
largest scale seen in over two weeks,
the DAYS total amounting 10 well above
700 900 shares.
General Motors $50 cash dividend
was unexpected. and earnings OF over
81 per cent were better than predicted.
The stock opened much higher and
soon changed hands at 29l, against
a closing price Of 263 the night before
Il was officially explained that the
profitable business Of the wear was not
on war orders. but this did not restrain
traders from applying 70 the war STOCKS
hopes based on General Motors record.
At first other automobile stocks I'm.
proved. then there was resumption oil
interest in Colorado Fuel and Great
Northern Ore. which. rumor had it,
might serve TO supply the needs Of some
of the munition companies. Later the
list Of industrial favorites broadened.
Great Northern ore changed hands
70 the extent Of well above 100000
shares. a total more than twice a.
great as that Of United States Steel.
All last week less than 1900 shares
were dealt in. II went up over
points. Colorado Fuel and Iron made
a maximum gain Of more than points
in heavy trading. Studebaker and
Goodrich were up 2 points or so. The
equipment stocks were higher, and
Westinghouse and General Electric
with some of the independent steel
companies also improved.
Further rapid recovery in sterling
ro,os Govt demand TO 479 in the
Mound. I'D pa cents from Thursdays
close. Here offerings Of bills became
fairly large. and there was con
siderable reaction, so that az the end
Of the dav the rate was 4.7012. Even
after arrangements are completed
through which London and Paris can
make payment here against great
credit established. q level for demand
sterling cents or so under metallic
par Of 4s6es Is about all that is ex-
pected. so this late selling was not
unnatural.
During market hours few details OF
the progress Of the conferences Of our
fnanciers with the Anglo-French mis-
sion were permitted 70 become public.
II is understood that no attempt Will
be made 20 limit the proceeds of any
foreign loan 10 purely commercial pur-
chases. We lend our customers money
TO spend here and they can spend u
for anything they wish. Prejudice
against the proposed accommodation
appears TO be steadily lcssening. Much
Of what is called pro-German senti-
ment in this country is. as has been
pointed out. really anti-Russian, and
as Russia does not appear in the
transaction one source Of prejudice is