New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-09
MARKET NEWS
AND COMMENT
Forecast of Great Grain
Yields Fails to Stir
Sluggish Trading.
RECOVERY FOLLOWS
EARLY DECLINE
Traders Selling Well Absorbed
-Specialties Prominent
Sterling Easier.

To an apathetic market the govern
mcnt's forecast of even greater yields
Of our principal grains than had pre-
viously been forecast brought no ami
nation. International affairs for a
time ceased TO affect prices and indica-
ticns of domestic prosperity were al
lowed TO pass practically without no
tice. The promise of such great har-
vests as came from Washington yes
terday means much in the affairs Of
the nation. Shipment of food products
were mainly responsible for bringing
Us into our present commanding posi-
ton in world finance, and TINS year $
crop in spite Of better harvcsts abroad,
will form a great part of our exports.
After the crop report came out IN
the late afternoon securities were II
regular and hcsitating as they had
been through the greater part Of the
session. After opening at little
higher level the market went back "a
traders tried the effect OF selling. Pur-
chases on the decline showed absorp-
tion BY strong interests and the short
interests retreated. For the rest Of
the day little was done in standard Is
sues, a few specialities here and there
making some advance.
Crucihle Steel came forward again,
rising above its high Of Tuesday and
ending about 2 points under its best,
with a gain of 8 on the day. Dealings
in Crucible were heavy, its turnover OF
some 10000 shares being about only
10000, less than in United States steel,
which still led the market. Bethlehem
Steel got above 300 again, Tennessee
Copper was strong throughout the day,
and Studebaker and Air Brake rccov-
cred from early weakness United
States steel was firm at the close, end
ING with 8 fractional gain.
The $20.000000 or so gold that, with
more securities. came into the financial
district by the truck load, had no direct
effect on foreign exchange rates. Ster-
ling opened lower, but was offered in
no great amount, and recovered to
close at 464 for demand, up a Of a
cent in the pound on the day. With
the approaching arrival Of the Allies
commissioners we will soon have pre-
scented to us methods by which We can
grant credit instead of receiving gold.
The excess of reserve held by local
institutions is so large that even such
great additions to the local store of
gold as the shipment that came in yes
tcrdav had little immediate effect on
money rates. Clearing House instltu-
tons on Saturday morning had over
$3.50 900. 900 in gold in their own vaults.
Commercial paper was purchased on
terms rather more favorable 10 borrow
crs. and there was an easier tendency
in fixed date funds on collateral. Call
money again renewed at IA per cent,
which was its lowest.
Iron and steel authorities gave fur
Their record of great trade activity. Pig
iron last month was produced at the
rate Of nearly 1000 tons a day more
than in the month before, with steel
companies breaking all records. The
Steel Corporation is estimated as oper-
ating at 95 per cent Of capacity. and is
said to have made the greatest pro-
duction Of steel inCots in August since
il was incorporated. The railroads, be-
cause Of the congestion at steel plants,
are making an unusually early start
toward placing orders for next years
rails.
The crop report brings estimate Of
spring and winter wheat up to ISL .OOO,-
OO0 bushels, 100000 bushels above
last months forecast, and some 10000
600 better than last seasons record
harvest. Corn is improving, as has been
expected in trade circles, and now
2.9S5. 10000 bushels are predicted, 6I-
0OO.00O more than in August, and one
Of the greatest crops We have ever
seen. Here are substantial additions
20 our wealth, more certain than NUM-
ton orders and no less stimulating
throughout the trade of the nation.