New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-20
MARKET NEWS
AND COMMENT
Reaction in Last Hour
Uneven Upturn in the
War Stocks Earlier.
BUSINESS EXPANDS
TO MILLION SHARES
Railroad Issues Less Favored
S25,000,000 in Gold Comes
Through Canada.

The uneven industrial improvement
Of earlier In the day not proving par
ticularly convincing TO traders. profit
taking increased in the last hour and
prices weakened With some short
selling before the close. much OF the
previous advance was lost and active
issues ended irrcgu'ariy changed. The
railroads we're much ouietcr than on
Monday and moved little on the day.
Trading went more into the war order
group and expanded until another total
q over million shares was recorded
IN bonds more than $4,000. 600 was dealt
in, Here prices were firm until around
the end Of the day. when some Of the
convertible issues worked a little lower.
The market started with overnight
changes generally of fractions. rail-
roads and industrialS sharing the i'm
provemcnt Tho carriers. however. did
little thereafter. Fear that tho gold
sent 20 Us through Halifax might be
accompanied hy cons. crment OF 7Ccu-
rites such as cable adrices have said
the British government is collecting
increased fear OF foreign selling in the
railroad Inst. The war order issues
early took the lead and number Of
favortcs went 20 their best for the
year before the late afternoon. Beth
lehem steel. still paying no dividend
and still without definite news as TO
business done or prospect of rear
ranromcnt Of capital, changed hands
at 500
United States steel was again the
medium Of heavy trading. In the early
afternoon il went more than p
Point higher, crossing 81. to its hest
in some five wears. In the late decline
II fell back 20 close only shade above
Mondays final figure. Some Of the
smaller steel companies showed marked
strength in the forenoon.
New Haven. though traders would
class il with the war order group be-
cause Of the kind Of traffic 10 has been
obtaining Of late from New England
factories. cannot quite be made 70
move Ike the industriais. IL reacted
a little I'm response 70 the statement Of
the president Of the company that divi-
derds would not be considered until
arrangements had been made 20 pro-
vide for the floating debt. for needed
Improvements and for possible loss in
divestinc itself Of subsidiaries.
With the S25.000.O00 of gold that
came 10 ne through Canada yesterday
il is estimated that at least $500 O00.-
600 has been received from abroad
since the first of the year, and our
lending institutions hold an embarrae-
sing surplus Of reserve. This abund-
ance Of funds is serving 10 increase
.he buying Of bonds as investors show
more confidence in railroad issues be
cause Of the recent improvement in
traffic The great gain IN gold is
source Of strength while used wisely.
It's influence toward further.ng specu-
lation is apparently unavoidable.
Sterling rates fell back little with
the receipt Of gold from London. II
was assumed in foreign exchange
circles that. as before, the gold would
serve merely to meet debts due and
simply remove a possible source OF
hills from the market. At its extreme
decline demand sterling was cent
I'm the round below Mondays highest.
4 favorable trade balance reported
from last week that reached nearly
100000 indicated why j. was neces-
sarv 20 consider additional credit ar
engagements here and to resume the
shipments Of gold to this country.
Nunition orders arc at last beginning
70 apDear in great volume in the rec
ord of the country's exports.