New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-08
MARKET NEWS
AND COMMENT
Little Impetus to Market
Smallest Full Day
Since Early July.
PRICES IRREGULAR;
CHANGES FRACTIONAL
Railroads Show Some Signs OF
Strength - Sterling Rates
Lower as Gold Comes.

Security holders refused TO take Sc
riously the submarine attack on the
Hcsperian. Traders who sold stock at
the opening on the chance that they
might anticipate some public houlda-
ton saw prices make quick recovery
from the slight opening decline, News
over the holiday that included TINS ap-
parent contradiction Of Germany s
promise and the Austrian Ambassa-
doris admission that he had intcrtered
i'm the conduct Of private business IN
this country was sufficient 10 perpleX
though not 20 alarm. Business on the
stock Exchange was reduced 10 less
than zoe. 600 shares. the smallest full
dav since early in July, when we were
waiting with anxiety message from
Germany about the Lusitania.
Prices changed in uncertain fashion,
ending for the most part within frac-
ton of those with which last week
closed. War stocks were compare
tivelv quiet. while railroads saw con-
tinuation OF the increased interest OF
the week before.
Liquidation by foreign holders was
evident in the number of transactions
in bonds for delayed delivery on the
Stock Exchange and in the much
Greater selling outside, where large
blocks were offered. indicating mat
important institutions on the other
side were disposing of their holdings
Concessions in price were not great
and there was nothing to lndlcate
forced selling. The international lst
Of stocks was generally firm. lnstitu-
tiops on the other side hold Donds
rather than stocks, and the foreign
selling is still from institutions rather
than individuals.
The railroad list for a time seemed
strong and generally did well through
the dav. Rock Island showed eXcep-
tional weakness, dropping back as an
rouncement came that interests whose
addition to the board some years ago
insured confidence were withdrawing.
Co9l roads continued to he particularly
favored. though the bituminOus lines
failed to hold much of their gain.
United States Steel was under pres
sure at the start, with a loss Of point
or so. After this was practically all
made up dealings in this issue were
reduced. and il was almost neglected IN
the late afternoon, dropping back IN the
final dealings 10 end nearly point
lower.
A few Of the speculative industrlals
began with declines of point or So
After the early recovery there was
ton1Dorarv strength among automobile
stocks. Crucible steel in the last hour
made another of its sudden rises. II
cot above S.. to about the level
reached last Thursday and, as on that
dav. met a supply at the nigh price
that sent il back about as rapidly as II
had risen.
In sterling exchange business was
re-.rictcd. with rates dropping lower,
the third S20,00O,O00 or so OF gold from
Europe that is being brought to TINS
city through Canada again having no
effect toward steadying rates. SlGnt
drafts on London after changing hahdS
early in the day at Saturdays maj
rate Of ass in the pound, fell back rs
cents. British foreign trade ngures 1or
August gave additional explanation 1or
the decline in value OF the Draft on
LONDON. Imports were Sl3o,OOO'0OO
greater than last year and exports IN
creased Sal 100000. Exports since the
outbreak of the war had shown reduc-
.;or month by month. and August
,,otos tho first start toward ofsetting
oroat purchases abroad by Increasing
sbinments. Still the net result is that
London has some S94,OOO,oOO more to
nav for on trade movements than IN
the the same month of 1914; From now
on London will probably have more to
nav for. From New York alone more
han $4,000 900 was sent last week, to
the Allies and S240O00oO the week be
fore. All this, of course, Is known to
the commissioners from England and
France. who soon are to offer some
scheme by which we may extend credit
to such good customers.