New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-05
MARKET NEWS
AND COMMENT
Reaction at the Close
Trading Still Heavy
Early and Late.
WAR INDUSTRlALS
JOIN IN DECLINE
Total Again Approaches Million
and a Half Shares-FOreign
Loan Oversubscribed.

Reflection over the week end brought
some appreciation Of the extent 70
which the speculative furore carried
last weeks market Commission houses
started the day with orders from the
outside showing a good proportion OF
sales, and the opening gave no promise
OF carrying on the excited rise Of recent
sessions. In the early trading heavy
realizing and renewed buying for q
while made an irregular market, but
before noon selling by professionals
who have for some days been distrust-
full of the rise caused considerable re-
action. business then slackened, but in
the last hour selling was renewed, and
prices gave way pretty generally. Early
and late trading was on large scale,
and the days total was again around
100000 shares.
While some Of last weeks spectacular
favorites. such az Baldwin Locomotive,
dropped back. others, including west.
inehouse. Can. Car and Foundry and
American Locomotive, were advanced
for a while in familiar fashion, but
their gains were temporary. AT the END
Of the day Westinghouse, again the
most active stock in the list, was down
more than 3 points, Car and Foundry
more than 4. and Can and Locomotive
lost all their earlier improvement. Col
orado Fuel was also depressed toward
the close, ending with net loss OF
over points.
In the middle Of the day there was p
little buying Of railroads, but this did
not do much toward giving confidence
to the market The copper stocks had
a little temporary rise, Smelling and
Refining being at one time more than z
points. United States Steel fell back
ove- a point 10 end a shade under SO,
weakening under heavy offerings In the
final trading. Some of the railroads
held their improvement 10 the end.
New Haven followed another report OF
improvement IN gross and net with
gain Of over n point on the day; Nor
folk & Western was higher. and Cana
dian Pacific recovered 2 points OF its
recent decline.
There was no disposition to sell
Southern railroads on the Unexpectedly
poor government report on cotton,
which sent cotton futures up SO bale.
The condition of the South's great sta
pie was put at sos per cent of normal.
The deterioration Of S.4 per cent in the
month preceding September % was
ascribed TO unfsvorable weather condi-
tons and unusually small use Of fer
tilizer. The indicated crop of 10.950,00O
bales is more than 100000 below the
total ginned last year and about as low
as the most pessimistic private esti-
mates.
DISQUALIFICATION Of the underwriting
Of the 's500,000,000 foreign note issue,
while not so large as some enthusiastic
estimates would make II, is still. when
the immense size of the Offering Is con-
sidered, enough to make the financing
impressively successful. Should the
notes be as well distributed as now Az
pears probable. bond houses consider ii
possible that they may see much more
investment money coming forward.
Even taking into account the buying
early in the year, we have seen no large
investment purchasing for some years.
In such security markets AS we have
been having traders are disposed to pay
little attention to general news. In
circles little remote from the excite
ment of the exchange the uncertain
aspect Of the war in the Balkan regions
gave reason for some hesitation. With
Russia threatening Bulgaria, Greece
ready to enter the conflict and German
forces on the frontiers Of Serbia, We
soon may hear from the Near East
news of moment.