New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-27
News in the Arabic Case
Is Not Good Enough
to Carry On Rise.
MARKET STANDS UP
UNDER PROFIT TAKING
Early Advance Does Not Get
Far-Coppers Up Again
Sterling at New Low.

Though news dispatches indicated
growing belief in official circles that
our difficulties with Germany would
be amicably settled, there was nothing
definite enough from Washington or
Berlin to carry on the great market
advance. The German Chancellor an
nounced that there was possibility that
a submarine commander had gone be-
yond his instructions, and with this en-
enlargement the market opened with
another showing of large gains. For
the most part these were in the more
speculative members Of the war group,
and their strength was not particularly
convincing.
Outside buying was still in sufficient
volume to prevent any material loss on
the day, in spite of a good deal Of
profit taking. There was, however, no
such frantic bidding for stocks as had
characterized the day before. Open
ing advances gave way under realizing,
and the market became comparatively
dull in the early afternoon. Toward
the close specialties were again put up,
but the final movement was irregular.
Dealings were less than three-quarters
of the million share total of Wednes-
day.
Yet, when the extent of the recovery
from Mondays low prices is consid-
cred, the net result of yesterdays trad
ing furnishes remarkable testimony to
the confidence of the market Few
issues made losses Of more than frac-
ton, and gains of from l to 2 points
and more were common among issues
actively dealt in. The railroads at no
time improved as they had done on the
day before, and attracted less trading,
but lost little on the day.
Gable advices suggested that it would
probably be two weeks before Ger
many would present its side of the
Arabic affair. Our authorities are said
to be determined on some pledge that
such outrages shall not be repeated,
but the present apparent desire Of Ger
many TO propitiate this country may
mean two weeks without further alarm
on the submarine account and an op
portunity for further extended market
operations. Yesterday the tendency
was toward a quieter market in special
favorites, with resumption Of pool ac-
tivities.
The squirt in the war order stocks
lasted only a little while after the
opening. Then the metal group be-
came prominent, strengthened by jump
in the price of copper in London and
frmness and better buying of copper,
lead and spelter here. Anaconda led
the coppers on transactions, involving
over $4,000 shares and gain on the
day of more than points. In the
final trading Tennessee Copper, which
produces acid as well as the metal.
made sensational rise of 10 points
after comparatively little movement
earlier. A war contract, already made
public. was brought forward again by
those interested in the stocks market
course.
United States Steel started higher,
but fell back under heavy realizing
After late recovery, it closed at 1874 4,
up a good fraction from Wednesdays
final figure. fractions received more
attention at higher prices The Rumely
stocks were reactionary. The reorgani-
zation plan, announced after the close.
provides for a small assessment on
these issues and reducing their
holdings.
In the afternoon sterling rates
weakened until London checks weak
ened to 4.63% in the pound. a of a
cent under the low of the week before.
A metallic sovereign is worth in our
currency S4.S63s, and yesterdays low
price for a sovereign in London was
the lowest ever seen in times of normal
money markets in this city. The Brit
ISL credit arrangement is still some
distance off, but shipment of 200,000000
francs in gold to England by the Bank
of France this week doubtless fore
shadows another large addition TO our
gold holdings from European sources.
San Francisco is steadily receiving
gold from the Allies, but not in suffi-
Gent quantity yet to maintain rates.