New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-10
MARKET NEWS
AND COMMENT
Note to Austria Adds to
Traders Uncertainty
Close Heavy.
ANGLO-FRENCH LOAN
UNDER PRESSURE
Dealings on Larger Scale, but
Not Well Distributed
Silver Stocks Rise.

Uncertainty over the effect OF GU
note of protest 10 Austria. with sorla
disturbance from heavy selling OF the
Anglo-French notes, unsettled yesteT-
days market, but there was no great
reaction. The day began with an un
even advance, prices weakened before
noon and then business slackened. In
the last hour trading was on larger
scale and stocks gave way lrregu-
larlv. The general tone at the end OF
the DAY was heavy and final prices for
the most part were fractionally under
those of Monday. We have waited be
fore for the text of Washington s
warning message TO Europe in cases
that seemed more shocking than that
Of the Ancona There seemed, how
ever. indications that the administf2-
tons limit Of tolerance might have
been reached. At any rate, there wa
enough uncertainty about our ;nterna-
t'onal position to limit dealings TO III
professional trading element.
Next week is set FOR dissolution o.
the syndicate that underworld the
Anglo-French loan and free marke.
in the issue is then expected. The en-
thusiasm which met the first announce
ment Of this offering has not been con
tinued, in part because of the unsatls-
factory course of warfare abroad and
part because our investors are still too
unfamiliar with foreign securities read
ily TO absorb so great an issue. The un-
sold notes will soon be on the market
and transactions yesterday as low as
% for future delivery, more than q
point below the cost to underwriters
may be taken TO indicate speculative
opinion as TO their market course. IL
may well be. however, that, as argued
Yesterday. there are many purchasers
waiting for the opportunity they telt
certain would come to buy the bonds 4.
concessions from the set price OF W.
when the syndicate wound up its opera
tons.
Other news developments added to
the feeling Of depression. From Ger
many came official announcement that
il was not that country's place 20 make
peace proposals, since il was able 10
carry on the war for long time 20
come. The Allies position in the Bal
kans seemed even more precarlous
More announcements were made yes
terday of higher dividends, but the
market was not improved by these o.
by the similar declarations Of the day
before and this failure to rise on good
news had its unfavorable impression
upon traders.
Dealings were about 100000 shares
above those of the day before, with trad
ing concentratedin few issues. Two low
priced silver stocks, advanced because
of the strength of the market for the
metal, were dealt in more actively than
United States Steel. Early in the ses-
sion a few of the smaller steel com
panies and some Of the automobile is
sues improved, but for the most part
these gains were lost before the close.
Railroads were quiet and little changed.
In London the Bank Of England. prin-
cipally as a result of exports to this
country, lost some SS,00O,OOO IN gold.
There has been little progress IN Great
Britain in drawing the precious metal
from the people. In France this pa,
triotic fervor continues to add to gold
holdings. last weeks increase at the
Bank of France reaching Sl2.OO0OOO.
Here exchange on London and Paris
was in fairly good demand, sight drafts
on London advancing to 4.7l1s in the
pound. the highest of the recent re-
cOvery.