New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-16
MARKET NEWS
AND COMMENT
War Stocks lrregularly
Changed-Standard
Issues Steady.
DETAILS OF CREDIT
STILL TO BE SET
Bankers Consider Aid Toward
Financing Foreign Trade a
Patriotic Duty.

Trading in securities was no better
distributed Yesterday. and industrial is
sues that had the large share Of the
business moved irrcgularly. Early in
The DAY some Of these attained new
high levels, but before noon profit TAX
ing caused recession, and number lost
before the close all Of their early gam.
Standard issues were dull. Allis-Cfal-
mers Crucible, Can and Westinghouse
all were dealt in more heavily than
was United States Steel. The days
turnover Of over half a million shares
showed further enlargement, though
StN professional operations must be
credited with a great amount of the
business transacted
Further glowing accounts OF activity
at the steel mills failed to move stocks
Of producers on the exchange. and some
showed losses on the day. Coppers
made a little irregular gain, the argu-
ment being put forward that when the
foreign credit here was completed pur-
chases Of the metal must soon in
crease. In the equipment stocks there
were signs of Improvement steel trade
publications telling of indications that
railroad purchasing might soon start
and reports from Eastern carriers indi-
eating that shortage Of equipment
might not be far of.
News Of various informal conferences
with members Of the Anglo-French mis-
sion was received with much interest.
That an adequate credit will be granted
here so as 10 enable US to carry on
the foreign business that has meant
so much TO farm, factory and TO the
whole nation in the last year there is
no doubt. As TO details. however i
Is understood that our bankers and the
visiting delegation are still far apart.
The transaction is an immense one, an
altogether new departure N our
finance. So II must not be expected
that terms satisfactory to both sides
can be reached without considerable
discussion. Gold will come meanwhile
20 meet purchases of the Allied govern
ments.
The thousand million dollars named
as the amount of accommodation which
we are 10 grant is not large when the
amount of trade 20 be financed is CON
sidered. On movement of goods this
country expects q favorable balance Of
$1,000, 100000 in the calendar year Dis
tributing the burden Of this credit
through the nation Is the difficult prob
lem. In the form generally discus scd
the foreign loan must in the main be
taken by the banking institutions
themselves. Some individual investors
will join, but the great bulk must be
taken by the bankers. Savings banks
and insurance companies here will not
find such obligations permissible forms
Of investment.
The conviction grows that banks all
through the country Will find il 10 their
interest to participate in such loan.
I Banks prosper as the country prosT crs.
and the country needs all the foreign
business il can get TO make up for un-
avoidable losses during this time Of
warfare. and to strengthen our re-
sources sc that we can aid in the
world recovery when war is ended.
Great houses in this city of German
sympathies will come in as a patriotic
duty.
When means Of credit are assured it
may be that the method of financing
cur foreign trade may bring "a greatly
increased business i'm acceptanccs 10
our financial institutions. A world
money centre is. however. not created
at once. There must grow everywhere
the assurance that bills on New York
are always salable and always in good
supply if we are to assume the place
so long occupied by London. The Fed
eral Reserve act, as interpreted by the
authorities at Washington. encourages
the extension of this phase Of banking
activity. As vet. however, there has
been comparatively little done in bank
ing acceptances. and it may be as
sumed that growth Of such operations
will be comparatively slow