New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-16
MARKET NEWS
AND COMMENT
Securities Weak at the
Close-Early Advance
Not Continued.
TOTAL OF LESS THAN
a MILLION SHARES
Trading on Small Scale in Early
Observation-Disclosures
Loan Payments.

Security prices advanced for a while
after the opening. but the upward
mo,cmca. spent itself before the morn
ing was over. Some reaction followed
and then t-ad.nr siackened in the
carly afternoon 90 the quietest seen
Cor some weeks. The sequence Of
milion-share sessions was broken by
. total Of less than 100000 In the last
ho.r business expanded, with selling
,-.ssurc producing weakness toward
tie close
Changes on the day were generally
OF no great extent, but among issues
most dealt in losses were the rule.
Some Of the indus,rials reached new
high levels for the year, but IN the
late decline industrials were weak
while railroads. in spite Of fear OF
foreign liquidation, yielded little. Inc
bord market was smaller. with prices
10 certain trend developed at the
oit.ot. oucrinC prices being not iar
from those Of the close Of the night
before. Traders absorbed pront taxing
-o1os with comparative ease and Tor
while prices rose. Westinghouse, Can
american Smelling and Refining, Gar
and Foundry and Consolidated gas
r-osertiug an carly appearance OF
strength Reading. steel and some OF
,fo other standard issues were up
point OF so, with greater gains else
where. The buying was not tanned
however. and some reaction set IN
around noon. r..
The market for most Of the after
noon was fairly steady and unusually
dull Around the close brisk, IT.
regular decline was in progress. west.
irghouse and American Smelling and
Refining held part Of their gain at the
end Of the dav. while Can closed OF the
anal figure of Thursday. Westing-
house was unusually active, dealings
in this issue amounting 70 nearly one
third more than in Steel. Trading was
more concentrated than on the day
before. but the active list was still re-
markably broad.
The easy assumption last week that
after the reaction IN war stocks strong
interests had accumulated these is
sues at low prices and that the rise
would 20 on as before now seems un-
warranted. The pressure Of pront tax
ing would indicate chat long accounts
built I'D in the break were not OF the
best character. How much the expecta-
ton Of London selling has disheart-
oned the market is uncertain The
APPARENT failure Of the Allies 10 make
further gains I'm France and their dis
appointment in the Balkans indicates
o long and expensive struggle. Their
holdings of our securities are q valued
asset 10 be preserved against the time
of rehabilitation when the war is over
II may be. however, that present needs
may tempt governments 70 force real
ling Of these assets.
Formal signature Of the Anglo
French loan agreement late yesterday
afternoon completed preliminary ar
rangements for this financing The
frs. payments b. underwriters were
duo yesterday. In this city they were
remarkably heavy because Of the large
rroportion Of the notes withdrawn by
subscribers. The statement Of the
actual condition Of Clearing House in
situations this morning should show a
large expansion in deposit liabilities,
as the credits created are entered upon
the books Of banks and trust COM
panies An indicated gain Of some
$4,000. 600 in currency movement viii
mean only partial Offset reserve re-
quirements.