New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-05
MARKET NEWS
AND COMMENT
Early Stagnation Followed
by Advances as Shorts
Cover Their Sales
BUSINESS ENLARGED
TOWARD THE CLOSE
Clearing House Reserve Reduced
Surplus a Bit Lower
Sterling Holds Steady.

For time yesterdays security mar
ket presented unusual stagnstion, but
in the second half Of the short session
activity was doubled and prices hard
ened. During the first hour few
irregular gains at the opening were fol-
lowed with some advances here and
there among industrial speeislties and
abnormal quiet elsewhere in the list
Toward the close professional Wall
Street evened up part Of its outstand-
ing contracts before the week end. and
as these had been mainly on the short
side the market was higher on repur-
chasing.
Gains on the day in active issues
were generally of fractions, but
among the more speculative industrials
advances were made of point or two.
American and Baldwin Locomotive,
Lackawanna and Republic Steel, Colo
RADIO Fuel, American Car and Foundry,
Crucible Steel and Inspiration showed
conspicuous improvement. General
Motors made q spectacular rise on a
small amount Of business TO over 492,
more than % points above Fridays
close and the highest it has ever
reached.
United States Steel moved in a mar
row range and ended with . fractional
gain. Among traders the argument
that we would have to supply material
20 the Allies even should their capacity
for making munitions meet their de
mands carried more weight than the
possibility Of Federal tax upon fabr;
Gated iron and steel. litter all, il ~.
pointed out, consumers of steel pro
ucts had let down little in their buyin
because of the continued advances j.
prices imposed by producers, and might
we'll accept additional increases if
such should be made necessary by
Federal taxation with comparative in
difference.
The coming session of Congress and
the Presidents speech were influential
in restricting trading, but otherwise Of
litos direct market moment. From
abroad advices continue unsatisfactory.
Apparently the position of the Allied
forces III the Balkans. as we'll as Ger
many's airing of domestic difficulties in
the Reichstag, has been deemed serious
enough to call for conceslment by cen
SCrship. Our demand for recall of two
German attaches whose zeal for their
country had carried them beyond limits
of discretion and the possibility that
cur Ambass ador 10 Belgium might not
be welcomed back in that troubled
country, though ignored by traders,
suggest that our course of neutrality
has its difficulties.
The Clearing House statement, issued
after the close of the market. again in
Gicated how, with this city the only
great free market for gold in time of
war. currency movements here are not
easy 20 trace. A heavy gain in cash
lad been expected. but instead the ag-
yregate reserve held yesterday morning
was some 100000 lower Not all the
& Id brought in by the ocean liners
reaches the Assay Office and Sub-Treas-
any. and earmarking for special &C.
counts apparently keeps part of the
gold held from appearing in the reports
OF the banks. Loans made only a small
expansion and deposit liabilities
showed some reduction, but with this
loss in reserve surplus at about s179,-
100000 was some 100000 lower than
that reported the Saturday before.
Sterling was steady at about the final
levels of the day before. and there was
little movement elsewhere among the
exchanges. Canads's ability, because
OF the great popular response to its
internal loan, TO double the S50,000,00O
offered suggests a new source OF
strength for the British Empire that
hitherto had been little taken into &C
count.