New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-22
MARKET NEWS
AND COMMENT
Automobile Issues 90 TO
New High Levels-Some
War Stocks Join.
REST OF LIST Says
ON PROFIT TAKING
General Motors Makes Rise OF
54 Westinghouse Up
in Late Trading.

Automobile stocks made sensational
gains in excited trading yesterday ana
carried some Of the wal group up WIN
them 10 new high levels. PROFIT TAX
ing caused some irregularity here tow
ard the end of the session and was no
ticcablc in other parts OF the ilsI
throughout the day. There was less
20 indicate outside participation IN the
trading. and the professional desire 70
realize on the recent advance eXerted
much influence on the course OF Ihe
market. ,
General Motors, in which there IS
comparatively small amount oil tradlng'
went up rapidly around noon . ana ~
points al q time until It reached ooV'
"a points above Mondays close ~
fell back 20 end with = point gam
on the day. In spite Of announcement
tina. the company had not sofa "aI
materials from its plants IN this coun-
try and had not made ITS proh'S gu.
Of war business, the market argues 'haV
exports Of auto trucks and so on may
not have been considered war material.
Great hopes are entertained OF al
ditional distribution 20 stockholders at
The next meeting Of directors. Inc
markets Interpretation OF yesterdays
faubovant movement was that un-
wise short selling on the good news
Of he declaration of the $50 cash dlVl.
dend had been followed by scarcity OF
the stock. when it was time 20 cover
Other automobile issues were put up IN
activo trading. Maxwell Motors, com
mon and first preferred Studebaker
and Willvs-Overland, made maximum
Gains Of / 10 - points. Goodrch ana
United states Rubber were also IA
yOrCd.
Westinghouse toward the end OF the
dav was advanced on vigorous purchas-
ing to a new high at over l23 on hopes
Of an increased dividend and great
war profits. Total transactions IN
WESTINGHOUSE amounted 10 over 10000
shares. more than twice the total OF
United States Steel. New YORK AIT
Brake closed over points higher, ana
American Car and Foundry, ending al
ter some recession. nearly 8 points
higher. Bethlehem Steel went TO new
high record
The slump in the country's exports,
week before last. was only temporary.
From the principal customs dlstricts
SHIPMENTS last week expanded from less
than S34OO0.000 the week preceding, 20
over S65. 900 900. Imports increased
less than $3,000,000. and the favorable
balance on merchandise transactions
Jumped from less than 100000 to
over $4,000. 900, one Of the largest
since the war broke out. From this
port shipments rose from around Sl6,-
600 900 10 over Sal 100000. Such great
sales 10 our foreign customers show
why we wish 10 allow purchases on
credit.
Conferences in the financial district
indicated that the arrangement through
which we are to take loan to aid
Great Britain and France TO buy here
was in such shape that individuals and
investment houses would soon have an
opportunity to specify the extent OF
their participation In the foreign ex-
change market. after some further II
regularity in sterling, demand closed
at $470iz. half cent in the pound
under final quotation of Monday.
News of market Importance, domestic
and foreign, received little attention.
Baltimore and Ohio's statement of
earnings for August, showed a gain in
gross of more than 100000 above that
Of last year, which meant that II was
doing considerably more business as
well as benefting by the rate increase
Western lines. it was reported, would
probably receive an extension OF time
in which to present their appeal from
the refusal Of the lnsterstate Commerce
Commission to allow the higher freight
rates asked
The British Chancellor Of the Ex-
cheouer announced in his budget speech
q higher income tax import duties on
luyurios. and a special tax on war
profits. From the Balkans, mobiliza-
tior Of BulCaria's army pointed toward
assistance to Germany, WHIT. il might
count for much.