New-York tribune., 1915-11-18
MARKET NEWS
AND COMMENT
Irregular Reaction in Late
Afternoon Follows
Early Advances.
SHARP RECOVERY IN
STERLING EXCHANGE
Copper Stocks Weaken on PrOnt
Taking-War Industrials
Firm for a While.

Profit taking in the latter part Of the
J afternoon was more than sufficient to
overcome any new buying or short
covering and the rise that had marked
the earlier part Of the session gave way
/ TO uncertainty with some considerable
declines. News of a copper merger,
while testifying to confidence in the
outlook for the industry, was not suffi-
cient to carry much further the ad-
vance in these issues, and the more
prominent copper stocks after improv-
/ ing in the forenoon ended lower. The
war industrials in the early afternoon
were up from TO points, with "a
point advance in Bethlehem Steel to
show the way. This strength in specu-
Iative favorites was short lived, and a
good part of the advance was lost be-
fore the close. In the bond market un-
deriving investment issues were hrm,
with little irregularity appearing
elsewhere.
The market moved by sections rather
than as a whole The copper and oil
stocks were in demand around the
opening. steel making and equipment
concerns improved later with some OF
the automobile issues and the railroads
came in for some gain. The uprush IN
war speciaties was the last OF the
movement toward higher levels. Then
irregular reaction set in, with feW
issues showing exceptional weakness.
Business in the forenoon was on very
large scale. but slackened later. In all
a little over a million shares changed
hands in list still broad.
United States Steel was more active
than on previous sessions OF the week
and ceased to act as a drag on the mar
ket. At its best it changed hands at
88, more than a point up, and only
fraction below its highest OF the year
Among the war specialties Lackawanna
Steel was conspicuously strong to the
close, only with a net gain OF over
points. Baldwin Locomotive, Cruclble
Steel and Maxwell Motor made maxi
mum gains of considerable extent. Mer-
camille Marine preferred, which with
definite evidence of greatly improved
earnings because OF the war. mas maze
such a remarkable advance, broke
sharply when the receiver Of the COM
pany repudiated exaggerated estimates
of recent receipts.
In the copper stocks Anaconda lost
more than a point, American Smelling
=. Inspiration ended unchanged, while
Utah gained nearly q point Dealings
in these issues was on very large
scale. Among the railroads Erie was
firm at the close with fractional gain.
Canadian Pacific, which presented an
other of its weekly reports of great I'M
movement in gross earnings, advanced
point on the day. The more active
1 fractionally lower.
} The market still gave evidence of the
presence of a spirit of caution and
i hesitation, in part the result of the
great advance in security prices and
the unusual preponderance of specula-
tive commitments for the rise, in part
! from the disturbing state OF European
affairs. Against this is confidence IN
! the remarkable expansion Of our COM
mercial affairs, TO which the head OF
one of the great international banking
houses paid tribute on Tuesday. Of
this great present prosperity few doubt.
There is, however, considerable ques-
tion whether the security market as 1t
now stands has not now discounted a
large part of this improvement in busi-
ness.
Our foreign trade is being facilitated
/ by the commercial credit which bank
ers here are furnishing to London in
/ stitutions TO relieve the exchange mar
/ ket. Sterling rates yesterday rose
/ sharply until sight drafts on London
sold at 468 in the pound, and exchange
on Paris also improved.