New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-05
MARKET NEWS
AND COMMENT
Railroads Quiet and War
Stocks Irregular in
Small Trading.
LITTLE DONE IN
STERLING EXCHANGE
Our Inexperience as Lenders to
Foreign Markets Must Affect
Terms Of British Credit.

Attendance was light on the stock
Exchange yesterday, and business done
amounted 20 less than 100000 shares.
Fears that Reorganization Of sterling
exchange might portend some disas-
trous result 10 the structure Of our in
dustry and finance had been allayed
and brokers prepared for the double
holiday 70 come. Outside interest was
small and dealings were mainly those
Of professionals who adjusted their
market position so as 70 feel safe until
Tuesday. Railroads had more prom
inent share IN the days transactions
than industrials, those who had sold
short in expectation Of heavy liquids-
ton from Europe repurchasing. A few
of the war stocks improved. but price
changes among the industrials gener-
ally were irregular and without partic-
ular significance.
Through the week securities have
moved in uncertain fashion. The six
days Of trading have produced gains OF
a point or so among representative
railroads, and irregular movement In
the industrials with prices a little low
er. In the bond list selling for for
oign account OF high grade issues has
brought number 20 levels approach
ing the lowest Of the year.
After the PERCEPTIONS decline ard re-
covery of the days preceding little was
done in sterling exchange yesterday.
Early rates were nOminally around
S467is in the pound for London checks.
the close OF the night before. Later
some business was transacted at a
little lower levels. and the final rate
was S466. up Is cents in pound from
the low Of the week and 2 y above the
final sales Of the preceding Saturday.
French and British ENJOYS are expected
soon, and their visit will result in an
understanding that will help London 20
finance her purchases here.
While preliminary talk among bank
crs in this city and outside has result
ed in some sort of understanding as 70
terms we can make for British credit,
definite details must be withheld until
we learn what the other side has TO
offer London. long used to interna-
tional loans, finds it hard to appreciate
the difficulties of placing a great for
eign credit here. Our dealings with
foreign markets in the past have been
as borrowers. rather than as lenders,
Where we have placed loans abroad
our government has refused 70 support
our fnanciers when default threatened
taking the attitude that those who
honed 70 profit must take loss. Repu
diation of Great Britain's foreign loanl
has been followed by immediate repre-
sensations by her authorities, backed
by warsh.ps.
The British investor has been willing
to lend anywhere IN the world, pro
vided the terms sponded 10 the
risk. So the disinclnation Of our q
nanciers 20 accept long time obliga
lions from London has not been easily
comprehended. What response indi
vidual investors might make 10 Brit
ish bond offering here Is a question
II is believed. however, that with tnt
present ovorabundance Of loanabl,
funds In this country our institution
will be glad 20 join in a short term
arrangement.
Clearing House institutions in this
city alone held yesterday morning re-
serves Of more than S209 100000 above
legal requirements. This was some
$4,000 600 greater than the week be-
fore. Aggregate reserve held by mem
bers reflected only IN part the Sls,'
SOC. 900 of gold brought IN from abroad
beginning OF the month need for FUNDS
having apparently drawn on the sup
plv. Loans made a small decrease, the
city's payment OF its maturing note Is
sue having Offset other accommoda-
tion granted.