New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-20
MARKET NEWS
AND COMMENT
Prices Sag Toward Close
Railroads Lose Their
Early Advance.
TRADING is SMALL
IN MID AFTERNOON
Copper News Fails to Strengthen
the Stocks-Further Rise in
Sterling Exchange.

After good resistance TO professional
selling in the forenoon and some ad-
vance in the railroad list, securities
turned dull and sagged toward the
close. Dealings amounted to less than
100000 shares, and in the middle OF
the afternoon trading was at the rate
Of less than a quarter of a million
a day. The railroads had large
share of the business, but attempt to
carry on the advance in these issues
was unsuccessful. Coppers were
ouieter and the war stocks were dull,
with a few further losses. In bonds
activity was better sustained and prices
were still firm.
Irregular fractional changes marked
the opening, the railroads ruling
higher. Bear pressure checked for a
while the tendency to rise, and when
the carriers recovered offerings az
higher prices we're sufficient 10 cheek
the upward movement. While the ran
roads were at their best few went 70
new high levels for the year. At the
end Of the day losses extended from
good fraction to point or more.
Union Pacific and Erie were prominent
in the late decline. Canadian Pacinc
fell back on small amount OF busl-
ness.
Higher prices for copper in London
and reports of large sales here falled
70 arrest the decline in copper stocks,
which ended fractionally lower. The
petroleum issues continued to advance.
In the war group Crucble Steel made
some improvement, as reports came
from the annual meeting telling Of de-
mand for the compsny's products, but
the stock ended with loss. BALDWIN,
Studebaker. Maxwell Motor and others
Of the industrial favorites fell back.
There was no heavy concerted selling
by the short interest in the late reac,
ton, but the market party committed
70 the other side seemed unable to at
tract any large public following. Rea-
sons for hesitation persist. Abroad
the Balkans bring no news of any i'm
portant success by the Allies, with
whom our business affairs are steadily
becoming more involved. The coming
session of Congress, talked of among
traders as reason for uncertainty, ap-
pears. after all, as no great cause for
disuuiet National legislators Will
doubtless, as in the past, make sug-
Cestions that are inimical to COM
nerce, but their constituents are less
likely to approve business batting than
before the war abroad shook our whole
commercial system.
How greatly we have recovered from
that shock almost each day brings evil
dence. Bank clearings throughout the
country continue to expand, cities out
side Of New York showing even greater
percentage of gain over the CORE
spending period of 1918 than they did
the week before. Gross weekly rail-
road earnings that come TO hand for
the first week in November not only
make the largest increase yet seen
above 1914, but indicate that the trans
portation industry is obtaining greater
receipts than in the bumper times Of
1913.
To make il easier for our foreign
customers to purchase here and 10
carry on the foreign trade that has so
stimulated our domestic affairs is the
purpose of the banking credits being
arranged here for London. Banking in
terests were heavy purchasers of ex-
change yesterday, and sterling rose
further. sight drafts on London selling
above 40 in the pound.
The foreign trade of France shows
why our customers abroad need accom-
mediation. For the first ten months of
this year the excess of imports was
over s775.000,000, where it had been
$3.50. 100000 the year before.