New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-24
MARKET NEWS
AND COMMENT
Reaction in War Stocks
Follows Early Gains
Close Irregular.
FEW BUYERS FOR
STERLING EXCHANGE
Sight Drafts on London Go to
4.53 in the POund-Bank
Surplus Increased.

The short scssion began with more
large advances tn the war contract
group. but before the close these is
sues reacted sharply and prices were
irregular 90 the end Of the day. Deal
.ars % around half million shares
were Oh large scale for a Saturday
lut there was little 70 indicate any
confident market operations beyond
closing out Of speculative commitments
o. the week end Bonds also were
fairly active. with prices steadier than
stocks.
Dealings in stocks we're concentrated
fr few speculative favoutes. among
these Westinghouse was comparatyciy
quiet. only about 10000 shares chang.
inc hands. against the 100000 or so OF
Friday. and the stock fuctuated DO Is
narrow range. ending with gain or %
small fraction. Baldwin Locomotive
started vigorously upward and changed
hands a. more than 3 points above the
close Of the dav before. Then denial
tfstth company was 90 be included ln
tho NIirac merger caused q severe
break Of over - points. 10 closed a.
ifs lowest. or points on the day. Gar
and Foundry and American Locomotive
were favored early. but suffered some
what with the reaction in BALDWIN.
sulc1.kcr. iu small dealings, MADE
mas mum loss Of points, but recov-
cred most of this before me inlsn.
some Of the other automobile issues
made considerable gain on the day
Tr Bethlehem Steel only one BLOCK
changed hands. with an advance OF I'D
points. Canadian Pacific, whose mar
ke' course has shown little rear
among trader. that purchases by the
British government 10 strengthen eX-
change viii cause selling pressure here,
WAS ur DID, point early DOB the session.
Tho Erie issues, concerning when
much favorable talk is heard because
of the increase in traffic, were strong
an dav Sew Haven went back "a point
Dealings o. between 10000 and $4,000
shares ,r United States steel we're the
LARGEST .n the list. but the stock moved
little and ended a trihe lower. WIZ
Tuesdays meeting OF directors eApeCl-
cd 90 bring report Of one OF the mosl
remarkable quarters ~ the corpora
tiou's history. the action or steer is
pulling traders. Il has gained on the
week nearly . points, but mas oeeA
heavy for The last two days. .,...,
JOB the foreign exchange market niue
business Was done. Buyers, as al tne
zinc al the break early last month,
frsf carried sterling exchange 10 4.0V
for demand. practically withdrew from
the market. Quotations were largely
nominal but sales of sight drafts on
/ london were reported as low as 4.o3.
In London as well as here there Is
much questioning as 20 when the prom
ieed stabiUzing Of exchange rates is 70
ber.r ON former occasions OF pro
rounccd weakness, when the market
secmed completely out OF hand' specu-
istors in exchange have been dlscom-
forted hv fnding suddenly that rates
were completely under control
Tn the present instance there Is IN
oucstionah.y an immense outgo on
Good. 90 Europe 20 bee PAID ior' bal!
eXport figures in this district gwen Cu'
last week aggregated more IMAM SoH
10000 There ls reason 10 Oelle'
that the export movement mas NO.
reached its height. To the mass VI
commercial bills created by these sh'P-
,rerfs is added pressure OF those when
80 hold from the market, while the
rrire Of demand sterling was advanced
from 30 90 4.73. The situation Is one
rcouirirg careful handling, but Juog-
no bv former experience, u is not sale
~ predict the course Of sterling from
mere surface indications IN the foreign
exchange market.
Though .u the week there was re,
ce.vod here upward Of S3l.OOO,OOO OF
cold from abroad the statement OF
rendition Of Clearing House members
Yesterday morning showed an lncrease
MI less tfan SI6O0O.OOO in gold IN vault
The Federal Reserve Bank added less
ttar sg.000O0O 90 its gold here. ana
st,te institutions not members OF inc
ClcarIrg House reported gold holdings
rractical. unchanged Such obscur.l\
En- gold movement recalls me spec'ai
d.no.it tor credit o. the French gov
eminent carly in the war
The aggregate reserve OF 'leat ing
Vor.e member. increased about Sl-'-
5lGOo0 There was further expansion
NJ .yer sitO00000 in loans. presum-
ADJ. uart Of the Anclo-french loan or
Grafton. and deposits made another IN
rreasc. Surplus reserve was ABOUT
st50OO00 greater. IT, now stands az
over sig2 100000. about S3l00O'OOO be-
lov. it. maN.mum reached early IN sep
frnhrr. ln the same period loans nave