New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-02
MARKET NEWS
AND COMMENT
LOw-PriCed Railroads Go
Forward in Afternoon
Trading Heavy.
STANDARD ISSUES
MAKE EARLY GAINS
Better transportation Reports
Further Breaks Among War
InduStrials.

TN IraOlnG remarkably hCtlNe TOT n
session between Sunday and a holiday.
the railroads continued 20 occupy a
large share Of attention. In the after
noon the lower priced transportation
issues came to the front while standard
investment issues fell back from their
earlier levels At the same time in the
war group there was some recovery
from previous losses Of 2 and points
or more. Again the list Of active issues
broadened. In bonds dealings of
around s5.40O,0OO were the largest in
two weeks.
Over the week end there came earn
ings statements from the trunk lines
and from other carriers which gave
concrete evidence of the growing tide
of railroad traffic. Last September the
country was feeling the disturbance Of
the war that broke out the month be-
fore, hut the New York Central and
Pennsylvania more than made up the
losses in gross Of the year before. In
net gains were proportionstely greater.
The Pennsylvania lines east of Pitts
burgh had the best month in their
history.
There was added TO this positive in
fuence the failure Of war dispatches
10 bring any further cause Of disquiet.
When industrial stocks were at their
lowest, market gossip was again busy
with reports that peace was receiving
more consideration than censored dis
patches would indicate, but this seemed
10 rest upon no definite foundation.
There was, however, enough uncertain
" about the progress of the war In
France and in the Balkans 10 cause a
good deal of closing out Of speculative
contracts before to-day's holiday. The
election itself. unlike many others, has
not been of any market influence.
Fractional changes marked the open
ing. Then as profit taking was moro
than met by buying orders in the rail
roads these issues advanced. The war
stocks fell back in general, making
losses of TO points at their extreme
decline. Bethlehem Steel, which has
been weakening since il reached 600
around the time that absorption of
Pennsylvania Steel Company was con-
sidered probable, fell back nearly 10
points to $50. Studebaker at its lowest
was 10 points down, Maxwell Motors
6, and Baldwin over 5.
Among the railroads Canadian Pa
cifc was notable with an extreme rise
Of 10 points on top Of the IL and more
gained last week. Around the middle
Of the day gains ranging from sub
stantisl fraction or point more were
common among the carriers. Norfolk
and Western went to new high IN
the roads history, and Pennsylvania
was notably strong. At the close most
of this improvement in standard rail-
roads had been lost and few we're
fraction down on the day.
The speculative movement in the
lower priced carriers, stimulated by the
rise in the Erie stocks. broadened. An
initial dividend on Chicago Great West
ern preferred, announced in the middle
Of the afternoon. accelerated the rise.
At their best such issues as Missouri
Pacific. and the Denver and Rio
Grande and Missouri. Kansas and
Texas stocks were up . and points
or more Denver preferred's rise was
over . points. Erie was exceptionally
active. and ended point higher
The copper stocks were firm for a
while but failed to maintain their i'm
provement. United States Steel fell
back a point on the day. Reports from
Paris that our prices for finished steel
were so high that we were losing for
eign business, while not taken serious; y
in responsible quarters, created a little
uneasiness among traders.
The foreign exchange market was m
decided. sterling opening weaker, rally
ing. falling back little and then end
inc about Y cents in the pound higher
for demand More gold came direct
from the other side, and the Clearing
House met 20 consider granting &C
commodation TO the Joint stock banks
Of London Money rates locally were
practically UNCHANGED. with an easier
tendency in fixed date funds for the
shorter maturities.