New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-30
MARKET NEWS
AND COMMENT
Afternoon Reaction More
PrOnounced-ChangeS
at End Irregular.
BIG DAY OF
EXCITED DEALINGS
Favorable Terms Of Foreign
oan Md to Early Strength
Sterling Higher.

Announcement overnight Of the
Anglo-French loan, with terms that
made stronger appeal 20 the investor
than had been expected, gave renewed
impetus 20 the securities market. An
other day Of Wild speculation resulted
ir tho third consecutive turn over o.
around 100000 shares IT. spite OF
new PURCHASING. much o. g. done with
i..'e discrimination, the upward rush
Of prices was not maintained so well
"a, ON the days preceding In the after
noon there was considerable reaction
and anal prices were under the best
,y..r active issues irregular and many
lower than at The end Of the day be
fore.
Again. at The height Of the days ad-
vance. gains % 9 and points or more
had been made by issues favored. with
some % even larger proportions
These were IN much tie same groups
as on Tuesday concerns that might
have part IN mergers Of steel and IRON
or chemical concerns holding places Of
prominence among the war stocks. New
t.r-b records were again attained
There was a good deal Of activity, with
some considerable advances by mum
be- Of low priced specialties that were
taken 20 indicate further distribution
elsewhere
Overnight gains Of point or more
started the day, but profit taking was
persistent and commission houses did Is
good deal Of selling. In the early
afternoon, as the rise in industrials
slackenod. the railroads had tempo
rarv period Of attention. some Of the
more prominent issues going up a point
or so. Toward the end Of the day
prices went off rather easily. and nu-
me-. IS uEsubstantial rumors were cir
cula ed on the floor of the exchange
and IN the brokerage houses to account
for the reaction. The nature Of the re
cent advance, the warnings Of con
servativ2 brokers and precautions Of
lending institutions appeared to give
sufficient reason.
Representative investment houses
took up the question Of distributing
the notes which England and France
are 20 place here so as 70 furnish
means Of payment for foreign pur-
G0AeFe III liAf tOuuAlF ne lliAlI'hAtir ~
purpose of this financing, to impart
stability to exchange rates, is recog-
nized as important to our foreign trade
and TO domestic prosperity, which de-
ponds so largely on continuance Of our
great exports The opportunity of fur
nishing funds for international use
should add TO our prestige in the fut-
ure when other great powers are re-
covering from the losses Of war.
If we are TO take our place as a
world money market our people must
become familiar with foreign securi-
ties. The better return offered on this
investment nearly 51 per cent
should insure a much wider distribu-
tion Of the notes to be offered than had
been expected. Our banks hold re-
sources that will enable them to fur
nish the whole $500, 100000 if neces-
sary. There is limit to such employ
ment Of banking funds, and if such OPP
era-.ons are TO be repeated we must
make a start toward lending to other
nations from our investment capital.
In recognition of the arrangements
which are to be made TO prevent the
use of the funds placed to the credit
Of England and France from unduly
disturbing our money markets, lend
ing rates here held steady yesterday,
time accommodation being in better de-
mand because of the great activity in
securities. The foreign exchange mar
ket. while uncertain as to the extent
Of the influence of the Anglo-French
loan, was stronger, demand sterling
getting up TO 473 in the pound, cents
above the final figures of Tuesday.