New-York tribune., 1915-09-24
MARKET NEWS
AND COMMENT
Setback for InduStrialS on
Profit Taking and
Bear Pressure.
RAILROADS BOUGHT
INLATE TRADING
Friction in the Foreign Credit
Discussion Denied-LOndOn
Giving Up Gold.

The industrials that recently have been
advanced had to stand a good deal OF
profit taking Yesterday and the short IN
terost applied selling pressure. Prices
a. :he opening were irrogularly higher
hut realizing was not we'll absorbed.
and before noon breaks OF 8 and .
points or more in the war stocks we're
fairly common. There was some late
recovery ana. toward the end Of the
dav. turn Of speculative interest 10
the railroads. which went up a point
or so. Business was again around the
million share mark.
At the outset steel was fraction
higher and above its best OF the day
before. Air Brake and American Car
and Foundry made good overnight
gains and fractional improvement was
fairly general At these prices, how
ever, demand was light and heavy
profit taking wiped out most Of the
opening gains, and a hard decline
set in.
BY the middle of the day selling
pressure diminished, but bear raid,
accompanied by reports of serious fric-
tion between our fnanciers and the
Anglo-French mission, had caused losses
bile stocks, Can, Westinghouse and
United States Steel were conspicuous
in the break Steel went to II, more
than a point down. During the after
noon there was some irregular recov-
ery, but in most instances show OF
strength among industrials was not
convincing Colorado Fuel and Bald
win Locomotive were advanced on large
dealings.
The railroads. led by Reading, bene
fted by burst Of active buying
around the middle of the last hour.
Southern Pacific, whose earnings
statement for August showed another
large gain in passenger receipts, went
point above Wednesdays close.
Readings maximum gain was greater.
At the end Of the day railroads were.
for the most part, up fraction, while
most active industrials we're lower.
Official denial of the reported fric-
ton in the credit discussions assisted
in the late recovery. As yet, 1t was
understood, our bankers have not come
TO the point where there has been
definite formal conference to set the
terms on which the loan will be
placed. Realization of the difficulty
Of passing the proposed bonds on to in
vestors has made many bankers ask for
some concession to repay them for
tying up their funds. Our visitors,
impressed with Great Britain's long
maintained financial prestige, have
found il hard to see the necessity Of
granting what has been asked. Greater
stability Of foreign exchange rates,
with some purchasing by large institu-
tions, showed that there was little
doubt in banking circles that the
Anglo-French loan would be placed.
Exchange on London and Paris ad
vanced, demand sterling rising to
471h IN the pound.
From London it was reported that
| the severe taxation proposed was caus-
/ ing some weakness in British securi-
/ ties The new war loan ended a shade
I lower, at 97ia. Last week it changed
hands above 90. The Bank of England
/ through reduction of public deposits
strengthened its reserve proportion
more than per cent to over 25. Dur
ing the week the bank lost more than
S4,000000 in gold, and yesterday an
nounced shipments of the precious
metal to this country, Spain and Portu-
gal. Apparently gold is being supplied
more freely against imports, and in
foreign exchange circles receipt OF
gold here is expected soon.