New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-15
MARKET NEWS
AND COMMENT
A Few War Stocks Ad-
vance-General List Has
No Certain Trend.
LITTLE REGARD FOR
GERMAN PROMISE
u. S. Steel, Heavy, Gives Way to
CruCible as Market Leader
Exports Lower.

Though dealings were considerably
expanded above those Of the day be.
fore, yesterdays security market was
still largely q professional one, with
little TO stimulate j.. into any general
movement War stocks made an IL
regular advance, some to new high
levels. Railroads were rather heavy
making small fractional losses at the
close. Bonds on and off the exchange
held steady, with slight selling press
urc and little purchasing. Outside
news found little or no reflection in
security prices and a definite pledge
from Berlin that passenger vessels
would not be attacked by submarines
without warning was followed only BY
slight frmncSs in the late dealings.
The opening showed some activity
among industrials, with Steel under
pressure from profit taking. There
was as the day went on tendency
toward lower prices, outside OF a few
war order stocks, such as Cruciblo,
AlliS-ChalmcrS. Can, Locomotive,
Lackawanna steel and Westingh ouse.
Toward the end of the session a little
uncertainty at the close.
Rock Island was higher on arrange
ment for paying interest on the per
cent debentures. These obligations
rose more than points on the day and
& above the low Of the year. United
States Steel made a fractional loss. It
gave way as market leader to Crucible,
transactions in which reached over 49,
600 shares The Erie stocks were again
active. but the first preferred gained
only a small fraction and the common
ended unchanged.
While the market was waiting for
some stimulus 20 start il in motion
there was much discussion of one thing
and another that might furnish the
necessary impetus. The Russian re
verses received attention. the German
submarine question was canvassed and
the great British loan proposed was
the subject Of much discussion. All
this, however, failed to be mirrored N
the market
So great an undertaking as lies be-
fore the fnanciers engaged in prepar-
ing the credit for the Allies here will
not be completed in a day or two.
From what was learned yesterday j.
treasury notes may be expected. Such
an Offering, the proceeds of which arc
10 remain in this country for the pur-
pose of making payment on purchases
here, should in no way meet objection
from Washington. Similar loans, diff
fering only in size, have been made
here already by the belligerents.
Placing a billion dollar issue such
I'll n
osition. but those in touch with invest
mcnt conditions say that it can be
done. should such a course seem ad-
visable. We wish TO maintain our
great. advantageous foreign trade. Al
ready there is some slackening in the
flow of exports. Last week the prin-
cipal customs districts shipped abroad
goods to the value of under $4,000,
600. the smallest for months, and the
favorable trade balance was less than
$1,000 600. not one-fourth that of the
week before. One holiday in the week
by no means accounts for such great
reduction.
England last week took from this
port less than half the shipments Of nc
week before, while France was the des-
tination of hardly one-fourth the pre-
vious weeks exports. Such falling 81
in the Allies purchases may be re-
garded as only temporary. While they
have access TO other neutral markets
none can offer them such terms for
the immense business they wish TO do
as we can. That we will grant facili-
ties to our customers there is no ques-
ton. 1t must be done, however
through the fnanciers Of the whole ma
ton and out Of town bankers had con
siderable part in yesterdays confer