New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-11
MARKET NEWS
AND COMMENT
Stocks Weaken Toward
End-Tension Over Aus
tria and Germany.
EARLY RALLY FROM
LOSSES AT START
Favored Industrials Fall Back
Steel LOWer-Railroad
List Declines.

The determination with which Wash
ington called the Austrian Ambassador
20 account for his interference In our
affairs made securities hesitate and
finally weaken. An equally vigorous
assertion Of our rights would, II was
felt. not allow the unsatisfactory ex-
PLANTATION Of the attack on the Arabic
20 pass unchallenged. In addition II
appeared that an attache Of the Ger
man Embassy might have to answer
for violation Of diplomatic propriety
, At the end Of the day the market was
nervous and unsettled, after q general
decline throughout the last hour.
Presentation Of the renewal Of ten
sion with the central powers Of Europe
IN the morning papers was followed by
opening declines OF a fraction TO a
point or more. Selling at that time
was far from confident Unfavorable
international developments have 90
often been disregarded that traders did
not care TO make large ventures on the
% short side on this occasion. There was
little outside liquidation and the mar
ket quickly recovered and then was
quiet anu az III ANA AlAC SANANNA PoAN
. the day. War order favorites were ad-
: vanced In familiar fashion, but little
; business was done until the late after
= noon. Then on advices from Washing
! ton emphasizing the mornings news
q selling expanded practically through
out the list. Market gossip, which al
3 ways would make cause for depres-
{. sion specific, had another passenger
. ship torpedoed in the late decline, put
, no basis for the report was found.
As securities went back, industrial
I. specialties fell furthest, making
Z losses Of up TO and 8 points on the
day. Bethlehem Steel, Air Brake, Cru
chile, Pressed Steel Car, Westinghouse,
Colorado Fuel and Iron, Allis-Chal-
mers, Can and the Locomotive stocks
were conspicuous in the reaction.
United States Steel ended more than
point lower on the day. At noon
there was made known reduction OF
some 10000 tons in untitled orders on
The books of the corporation last
month. This was about as expected
and the stock changed hands above rs,
OF the best price Of the day in the early
afternoon.
Railroads, while generally lower, in
few instances made losses OF any con
siderable proportions. Chesapeake q
Ohio, Reading and New Haven, in
which there has recently been some
gpeculative interest, closed more than
s. poirt down. Missouri, Kansas
Texas issues were weak for the greater
part Of the session, though the Teor-
canization plans now being considered
are reported 70 bear less heavily on the
stock than had been expected. There
were few firm spots, the express
stocks ruling higher on small business
3D. ana some of the tobaccos making gains
on the day. American Wooden i'm
proved on fairly active dealings. with
reports Of large profits on its foreign
contracts.
Arrival Of the joint Anglo-French
mission to consult with our tnanciers
as 20 means Of regulating exchange
rates during the course Of the war was
followed with higher levels for ster-
ling. demand closing at above 4.69 IN
the pound. This was an advance OF
over a cent on the day and OF more
than nineteen from the extreme low
price Of the week before.
Our bankers will meet these visitors
from London and Paris, realizing that
In international dealings, as IN ordl-
nary business. prosperity of our Gus
toners brings benefit 10 ourselves.
The present unfortunate condition
ncross the water we cannot chsnge.
We wi !. however, do our part to re-
duce the temporary embarrassment
through failure Of usual Offsets 10 our
shipments and through greater pur-
chases here. Still, it is to be understood
that as plans for credit here are pro-
posed our own fnanciers are able 10
iudgc best what we can do and that
they will ioin in presenting the result
of this judgment to the foreign com
missioners.