New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-01
MARKET NEWS
AND COMMENT
Stocks Rally from Early
Break and Are Higher
at the Close.
SUBMARINE RUMOR
STARTS REACTION
Shorts Cover and New Buying
Appears When Facts of Our
Vessels Loss Are Known.

The expected reaction came in the
second hour OF yesterdays trading in
a break that carried active issues down
.. 3 and Z points below their best, with
extreme losses Of up 20 : and 10 points
among the more volatile Of the war
stocks. News Of the sinking Of an
American vessel iu the White Sea
started rumors that another liner had
been torpcdoed Weak accounts were
shaken out as stop orders were reached
and short selling was heavy. il soon
became known that the vessel lost had
bit mine and the market rebounded
vigorously, short covering playing a
considerable part in the upturn. Re
covery was rapid and, I'm spite Of an
other period of selling in the late af-
ternoon the market closed strong.
High prices Of the day were reached in
q number of issues At or near the close.
The decline apparently brought new
buyers into The market. confident that
tho upward movement had merely cen
interrupted.
There was no sign Of lessoning in the
volume of trading, the days total be
ing again around the million and .
half share mark Speculation shifted
somewhat, but the war group was still.
prominent Coppers led in the late
recovery and showed some gains OF =
20 8 points AZ the close. Inspiration
was particularly active, coming next 20
Steel in the amount of business done,
with n total Of we'll over 125,0OO shares
Some OF the public utility issues were
brought forward and advanced, and q
few low priced specialties assumed
prominence. The railroads were quiet
and rather heavy at the start, though
for the most part they had made up
their losses of the morning reaction at
the end of the day.
At the outset the market was quleter
than il had been on any previous dar
Of the week. with prices showing no
certain trend. The excited trading that
had marked recent sessions soon reas-
serted Itself and prices of favored is
sues were rapidly rising when the re
action came. At the lowest OF the de-
cline such issues as American LOcomo-
tice. Can, American Car and Foundry,
Colorado Fuel, Pressed Steel Car and
Republic Steel were or points under
their previous high, and Baldwin Loco
motive. Crucible Steeel, Lackawanna
Steel and Continental Can were down
7 10 10 points. United States Steel got
below II. but in the final upturn went
a shade above 70. where II closed more
than a point higher on the day.
In such trading outside news had lit
tie direct influence, but the reports OF
favorable reception Of the foreign loan
added 20 that underlying feeling Of
confidence on which the speculation Of
the week has been reared. From abroad
are coming, as anticipated, complaints
Of the favorable terms allowed our IN
vcstors. hut il may be assumed hat
the terms agreed upon viii lie formally
Endorsed by the Legislative bodies OF
Great Britain and France.
The market for foreign exchange
continued quiet, sterling checks holding
around S472 for most of the day ana
advancing in the late afternoon. The
Bank Of England reported another loss
Of bullion. amounting 20 over $1,000
600. but with deposit liabilities 10"
this meant little reduction in the
serve proportion. Only little s.
has come 10 this country recently, and
i'm foreign exchange circles 1t IS g
eested that there may be another slip
ment Of the precious metal held at
Ottawa awaiting the proper moment 10
make It's entry into this city.