New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-25
REVIEW OF THE
FINANCIAL WEEK
Securities Market Give
Little Heed to the
Balkan Drive.
PRICES UNCERTAIN;
SOME WAR STOCKS UP
Sterling Exchange Breaks a
Exports Grow-More Gold
Comes from Abroad.

While the German armies were
pressing through Serbia toward Con
stantinople our securities market was
in large measure given up 90 the
fnmboyant movements in war stocks
that sent some Of these issues Up TO-
rs and in one instant 70 points within q
single session. There was, Il is true
some hesitation IN following these I'M
stable market leaders. It may be that
this restraint was evidence that there
was not altogether lacking an appreela-
ton here that the course Of war on
the other side Of the world was at a
critical stage and there was even posi-
bility TINT our belief IN ultimate
victory by the Allies might be severely
shaken. We have assumed that Apsti a
and Germany would continue 20 re
shut of from the outside world anu
that should the Allies remain fcso. We
the Central nations must cont nually
grow weaker through this lsola'ioH'
The events Of the next few weeks may
prove Ll.r SUM tiesNt4
stable foundation.
Traders who can think Of LITTLE but
the profts we are making on war con
tracts persist in arguing that anything
that prolongs the conflict merely ados
~ the goods we sell 20 The bcilCercnts s..
A pronounced German success 10 their
caupaign in the Balkans might mean
more 10 us than new shell orders ana
greater shipments Of grain. were our
Stock Exchange closed as IL was q year
ago the decline in sterling 20 4.o5 Ior
demand during the week would douD--
less have been ascribed In large meas
ure 10 the uncertain state Of the ku-
rorean coufic. Gs well as 20 pressure or
commercial, bills or London. IL may pc
that this influence played some part IN
the refusal of exchange rates 20 make
better reerorse 20 the credit operations
begun ana in prospect.
Securities moved rather uncertainty
last week. speculative outburs.s in the
war stocks not having power 10 start
the rest Of the market 20 much motion.
Some doubt as 20 whether the reaction
Of two weeks before had gone. far
enough and had not been followed by
too quick recovery made traders
bearish. The outside public was some
greater margins required.
Market Still Large.
business was st.ll large, daily totals
running from 100000 60 upward oil p
million shares. and the list Of stocks
dealt In continued broad. With deal
ings so widely distributed il is much
easier 20 conceal market operations
than when the list was narrower. II
was 20 be noted. however, that num-
Der Of issues in which pools had been
actively engaged were quieter and re-
dictionary as new speclalJles Were
taken up. Profit taking was much IN
evidence
Railroad issues received slight at
teutiou. Foreign selling, though NOT
ineistent enough TO carry prices down,
had discouraged the attempt 20 turn
speculation into the railroads. Tie
CORNERS were heavy, making little re-
sDonse 20 reports that increased buy
ing from abroad was m prospect.
Stocks OF steel producing and similar
concerns benefited through the large
dealings. advancing prices in United
States Steel common carly IN the week
in oypectatiOn Of tO-mOrrOw's quarterly
earnings statement.
I'm the less seasoned industrials that
had been changing hands at such in
nated prices il seemed TO many con
seryative houses that only a constant
succession Of new purchasers could
prevent a widespread break. The pres
Ont market. however. IS an unusual one.
/ There is a great accumulation Of pur-
chasing power throughout the county,.
Speculation appeals 20 wider and wider
circles as one mans paper profits ape
peal TO the cupidity of his neiEhbor
/ A new generation of spectators has
come TO the market, and large opera
tons are being conducted by those who
/ have apparently never learned the los
son of moderation. Such stirring times
as the war markets furnish come in-
/ frequently, and customary restraints
are thrown aside In the endcavor 20
/ take advantage # unusual opportuni-
/ ties Of profit offered Prices cannot be
+ continually raised. but 80 does not fol-
4 low that reaction must come when for
mer experience would indicate that it
Is due.
To Increase Steel Capacity.
+ u ia Of cource tho oreof cvrgr C. ON