New-York tribune., 1915-10-03
MARKET NEWS
AND COMMENT
Speculative Zeal Gives No
Sign of firing in Short
Session.
TAKING OF PROFITS
OPPOSES BUYING
Price Movements Confused ard
Changes lrregular-A Few
Spectacular Gains.

There was no lessening OF specula-
tive ardor at the week end, some 1OO,-
600 shares changing hands in the two
hours of trading. Price movements
we're irregular and confusing. Profit
taking was heavy, but new buying was
insistent and pool operations carried
special issues 20 substantial gains.
New !ndustrials came into favor win
advances OF 2, and points or so,
while the railroads worked little
lower on the trifing changes.
Westinghouse, which had gone uo
over points the day before while a
strike was being voted on By the com
psny's men, rose another yesterday,
the result OF the vote being against
trouble. Dealings in Westinghouse
were on a remarkably large scale, In
volving more than 200 900 shares.
American Car and Foundry went up
II points and closed az its best on
dealings second only 70 those In West
iughouse Talk Of new war contracts
following the successful result Of the
Anglo French loan negotiations accom-
panied the rise.
Some Of the other equipment stocks.
such as American Locomotive and
Pressed Steel Car. were favorably a..
fected by the strength in Car and
Foundry United States Steel, on deel-
ings proportlonately smaller than on
Friday. came within 8 shade of .hc
high record Of that day, and closed
with d fractional gain. a number Of
The chemical stocks improved.
End O. the month needs produc 8
expansion Of around Slf.000.000 o.
loans and Sl2,00O,000 in deposits Of
Clearing House institutions yesterday
morning Reserve holdings made a
small gain. as had been expected. but
the additional requirements reduced
surplus by about S1,700000. The eX-
cess reserve is now over Sl96.OOOOO9.
ample. 10 appears, for financing this
c.tys part Of the foreign loan with
out undue strain.
Subscription TO the underwriting
syndicate that is 20 take the $780,
100000 OF notes viii probably be
closed early this week. though 10 IS
expected that O day or so will H.,
given 50 as 20 allow as broad partici-
patton as possible. The banks are
rutting their customers in on the
same basis as themselves and sub
ecriptions Of individuals are running
from 500 up 20 S35,000.000.
A few weeks ago il seemed that Il
would be necessary for our bankers
and those interested in supplying ma
uitions 20 take the obligations that
would be offered as q matter Of neces-
sity. Now, 10 is certain that large
oart will be bought solely for invest
ment purposes, and the bankers are
willing 20 keep what viii he left &
them az profitable employment Tor
funds that otherwise would have NJ
occupation.
How this unexpectedly large publi,
interest will affect other investment
issues remains 10 be determined. There
has been practically nothing this weeS
70 show that owners Of the savings
hank class Of bonds have been disp0s-
ing Of their holdings 20 take advan
tago Of the greater yield. from = 20
rcr cent offered hy Anglo-French
notes Those who place their funds
ip such h.gh-crade issues are not 40.
90 be drawn away through promise o.
greater return. The more speculative
obligations now are being dealt In on
an income basis as good as offered
tv 'he new securities.
= City bonds were depressed little
toward the end Of the week Af.e-
October I. when tax lists were made
un. they were no longer in special de-
rand. il is probable that many who
had purchased these issues because
they were tax-free and might other
wise have retained them were infiu-
enced 20 sell through the foreign Of
fering New York City AVS Of 1860,
the most active Of the city bonds.
closed 3. Of a point under their best.