New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-12
MARKET NEWS
AND COMMENT
Stocks a Little Lower on
Quiet Trading-Public
Interest Small.
PRICES AT CLOSE
UP FROM BOTTOM
SPECULATIVE Break in Sterling
Exchange-Clearing House
Surplus S224,00O,0O0.

While there was little in the over
,irht news TO lessen the strain in our
,ls,ions with Germany and Austria.
70 important outside selling appeared
% carry further the late decline Of Fri
ay into al extensive break The mar
s, was s small one, principally made
% Of dealings Of professional oper-
,.ors. The course OF prices was down
ward. but losses were no greater than
have been seen on other Saturdays fol-
lov;ng natural selling against possible
rr;oward developments over the week
md The tone of the market was such
a. 70 give considerable encouragement
% those committed to the long side.
0ptning losses of fraction 70 q point
Or $. were generally made up in an
Early rally, and after prices sagged
sesin there was some appearance of
trnness toward the close on short COW
.rins. The close was under that of
Friday, but above the days lowest.
What is TO be the outcome Of the
peculiar course Of German statecraft it
/. difficult 10 forecast. Belief still pre-
nails, however, that no such expression
q willingness 70 meet our wishes as
vas offered could have been made had
German authorities been willing to see
relations with this country broken of.
What the internal complications may
be that have been responsible for the
sndignifed and inconsistent vacillatiOn
which has failed to make good such
promise is not known. The security
market, while prepared against a sur
Prise. persists in the belief that the
rev hrmness at Washington will bring
ample satisfaction from both Germany
and Austria.
At the outset yesterday q few war
order ndustrials showed losses Of
point or more. Dealings were light and
selling even IN these issues reached no
greGt amount. At the close Crucible, Can
and Stubebaker were down point or
%, and Westinghouse and Allis Chal-
rers considerable fraction. Rail
roads made changes for the most part
Of slight Importance. Rock Island was
firm all day on hopes derived from dis
eussion Of the roads prospects at court
proceedings in Chicago. United States
Steel got below "A, but offerings were
well taken and il closed shade above
that figure with a fractional loss.
Bonds were quiet and steadier. with
talk that heavy foreign offerings had
ceased for the time at least.
The foreign exchange market pro-
vided q little excitement as demand
sterling broke over cents 70 1851 in
the pound During the week specula-
tive purchases from London have been
unusually heavy. When an attempt
vas made 20 take profits yesterday bills
we're supplied in such abundance that
profits soon melted away. The closing
priee was q trihe under that Of the
Saturday before. though since that
time IT has ruled considerably higher.
Before another week has passed II is
hoped that enough will be known OF
arrangements through which we are TO
provide credit for our customers among
the Allies 10 steady the course Of for
tign exchange Though formal confer
snces have not yet begun, the PROPOSE
ton which our visitors have TO submit
has been informally made known TO
bankers here. Whether the result will
be one large issue Of foreign obliga-
tons or whether the remedy for the
abnormal course Of exchange will be
provided through combination OF
loans and credits remains 10 be decided
As II is, 50 great is the supply Of
unused credit here that talk Of lending
$5O0O00,000 and upward TO Europe has
not caused even a sentimental harden
Ing Of money rates. Banks and trust
companies in the local Clearing House
held a surplus yesterday morning Of
more than 1924 100000 This new high
mark was over Sl5,O00,000 greater than
the week before. the aggregate reserve
Increasing by not quite the amount OF
Yold recelvel from abroad. Deposit
liabilities were nearly S23,0OO,OOO
greater through an expansion Of more
ihan $4,000 900 in loans. This add
non TO the loan item represents IN
great measure the European securities
We absorbed during the week.