New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-14
MARKET NEWS
AND COMMENT
Traders Encouraged by
Word of Good Progress
in German Affair.
LITTLE BUSINESS
FROM OUTSIDE
Afternoon Rally After DulncSS
Follows Early Advance
Sterling ErratiC.

No bad news came over Sunday and
traders who had solI az 'hc crd Of
the week against possibility Of trouble
bought again Little was done from
outside and this adjustment of the
market position brought an carly re-
covcry Of point or so. In the after
noon rcports from Washington, wH.le
indefinite. indicated that the con
ference Of the German Ambassador M
our state Department might go FAR 20
clear IN the vcNcd submarine question.
Another buyinC movement cot m
which, while OF no great proportion.
was sufficient 20 lift the market ont or
its Quiet and 20 give firm tone 20
tho Int dealings. Bonds were "tcadier.
While on the Exchange sales for de-
layed delivery persisted, outside for
oign selling was comparatively small
Around the middle Of the session
trading was unusually slack and the
DAYS total. Of some 10000 shares, was
under that Of last Tuesday. Without
the financial district there is s;,ll dis
position 10 await the turn OF affairs,
our difficulties with Germany and Aus
tria being still considered to hold men
ace Of serious complications. Traders,
however. still have confidence that
present troubles will be peacefully ar
ranged.
War stocks had their usual large
share Of the days Improvement Some
attempt was made TO circulate stories
Of new contracts, but such reports did
not carry much weight. When ar
rangements for meeting Europc's bills
here have been perfected, then, and not
until then, is il supposed that negotla-
tions for rev orders by the Allies will
be resumed A direct contract taken
by Alhs-Chalmcrs and a Russian order
in Canada through which American
Car and Foundry and Pressed Steel
Car were 70 benefit were officially de-
nicd These issues moved up with
others in the war group like Baldwin
Locomotive, Can, Westinghouse, Good
rich and Studebaker. Crucible Steel
was heavily purchased and made
another large advance, while Bethle-
hem steel, with some increase OF
trading, reached its previous high Of
$50 and closed there with 23-point
gain.
United States Steel did well for the
greater part Of the day. In the fore
noon il went a point higher 10 over
70 and led the afternoon uDturn with
further gain, closing not far from
its best. The railroads were quiet, end
ing for the most part fractionally
higher. The Erie issues were an eXccp-
ton, changing hands actively on good
demand. The Arst preferred. in con-
siderable dealings, advanced over
points with talk Of dividends in the
near future. Rock Island D per cent
debentures moved up and reacted as
the prospects Of payment Of interest
due waKed and wRncd, and the stock
moved with the bonds.
Monetary conditions we're unchanged
from those with which last week closed,
expectation Of large foreign credit
causing some little hesitation among
lenders. Conferences now having be-
gun toward providing means for car
rying on our commerce with the Allies,
the foreign exchange market quoted
with rates almost nominal. Sight
drafts on London opened lower at 4.65,
rallied 10 467 and ended a little bet
ter than 4.66. Release Of some SILL
100000 in gold by the Bank of Eng
land apparently precedes another
large import here.
Further emphasis was laid yesterday
on The benefit that the stabilizing Of
the exchanges will have on the whole
foreign commerce of our country. The
war order business is so spectacular
that it has, no doubt, received more
prominence than Its part IN negotia-
tions has warranted. We're this the
only unusual feature of our foreign
trade it could be provided for with
comparative ease, but failure of or
binary Offsets to our exports has dis
arranged the whole international mar
ket. II is TO facilitate movement Of
grain, cotton and other ordinary ship
ments that the country's bankers are
gathering here TO arrange with our
foreign customers for means of credit.