New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-21
MARKET NEWS
AND COMMENT
In Broad, Rising Market,
Industrials Reach New
High Records.
RAILROADS SHOW
LITTLE STRENGTH
u. s. Steel Leads In Activity
Again-Auto Stocks Higher
Sterling Advances.

Not for weeks has Monday seen such
q broad rising market as that OF yes
terday The days turnover approached
100000 shares, and commission house
orders over the week end were the best
for some time. The spectacular feat
ures Of the day were furnished by
few automobile and war order stocks,
which advanced 10 and - points or
more. The upward movement was by
no means regular, and some of the more
active industrals held only fractional
gains Mt the close or ended a trfe low
er OF the interest in railroads that
formed so striking a part Of Saturday
session little remained Around noon
Reading and Union Pacific were up,
good fraction, but little was done IN the
rails. and these gains were not held.
The market was moved by much the
same influences that were operative last
Friday. The German difficulty seemed
even less serious. The credit 10 be
granted to Great Britain and France TO
finance our export trade was, according
TO all accounts, nearer completion. An
additional cause Of good feeling was
the apparent decision of Washington TO
treat the Mexican question from the
point of view Of actual conditions
rather than theory and TO recognize the
strongest Of the warning factions there
in hope that some condition Of order
might be brought about.
Encouraged by the confidence arising
from such sources, those interested IN
the market course of industrial special
ties again used the argument of General
Motors $50 cash dividend as reason for
advancing their favorites. That few of
such concerns had the record Of past
earnings which had justified the auto
mobile company's disbursement went
for nothing.
Among the largest advances Of the
day were over 10 points By Studebaker,
y by Air Brake on talk of war order
profit and u by Willys-Overland. Other
automobile and kinded issues made net
gains Of up to points or more. New
high records for the year and in some
cases for all time were recorded.
American Smelling and Refining, with
q maximum gain of over 3 points, paid
tribute to the hope that at last indus
trial operations in Mexico might be re-
sumed with some prospect OF peaceful
continuance. United States Steel, dealt
in 20 the extent of nearly 100000 shares,
got up a point TO as high as 1914, but
lost a good part OF its gain.
Money for market purposes was, if
any thing, easier than in the week be-
fore. Call loans were renewed again at
q per cent, while time accommodation
was a trife lower for the longer dates.
Commercial paper of the best grade
vas taken freely by lending institu-
lions, which provided market for more
than was offered.
Foreign exchange rates were unsJa-
bic, but in spite Of violent fluctuations
worked higher. Sight drafts on Lon
don, after opening at 46Sl. in the
pound, up y a cent from Saturdays
close, advanced to 4.71l2, reacted and
then recovered, to end at All. In for
eign exchange circles there remain lit
tie doubt that the proposed Anglo
French credit will be secured, the ques-
ton now being the extent Of its infu-
ence on rates. Il appears that agree
ment is gradually being reached on the
points involved in the proposed loan,
and some formal statement on what has
been accomplished is now looked for.
According to cable advices, Germany
has placed in Sweden loan of about
100000 to be used there in payment
for goods as the Allies plan TO use the
funds they are TO obtain here. Sub
scriptions are being solicited in this
country for the new German war loan,
without any stipulation as 10 what pur-
pose the proceeds are to be put.