New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-08
MARKET NEWS
AND CONTINENT
Prices Strong in Mid
Afternoon Decline
Toward Close.
PRESIDENTS SPEECH
HAS NO SURPRISE
Steel Leads Upturn-Railroads
Weak in Late Reaction
Sterling Higher.

So far as yesterdays market may be
considered as indicating an opinion or
the Presidents Message, it was the
opinion Of the professional trading ele
ment. There was in the expansion Of
dealings nothing TO indicate larger
participation by the country at large.
The movement Of prices itself leaves
open the question whether the mid
afternoon rise or the late decline rep
resented more truly market opinion OF
the Presidents recommendations. SO
nearly did the speech follow the out
lines which had been circulated in the
financial district that both uncertainty
over the effect of taxation of iron and
steel and encouragement from the kind
words toward the railroads had been
discounted beforehand.
Preparedness against aggression
meets hearty support In Wall Street.
The spectacle of the vast load Of debts
now being piled up by warning Europe
makes postponement of payment.
through bond issues, seem undesirable.
The particular proposals for raising
revenue are, however, matter for dis
cusoion. The income tax is not popu-
lar here, as it is considered too ready
a means for taking from those that
have by those that have not. Reduc-
tion of incomes exempted, so as 70
make a larger proportion of our popu-
lstion feel directly the course Of pay
ment, is welcomed, but proposal Of
higher surtax is another question.
The suggestion of a 25-cent a tor
tax on pig iron and a similar impost
Cob 81
Congress Is now constituted, undergo
some modification before being enacted
into law. Apparently the steel trade
has become too conspicuous in its pros
perity. The plan for a commission TO
study the transportation problem be
fore further regulation is attempted
seemed to the hurried view of the mar
ket to promise little.
In the late decline railroads were
particularly weak. Roads that had
been strong on Monday and Saturday
ended with losses of from a good frac-
ton 10 point or more. United States
Steel led in the upturn, going over
point higher to S8A, only shade be-
low its best of the year. 1t ended
under 81 after having lost almost all
its gain. Dealings in Steel were heavy.
large blocks coming out on the rise.
Early in the session prices were fair
ly firm following an opening at levels
fractionally higher than Mondays
close. During the noon hour the mar
ket was quiet while the Presidents
remarks were being digested, but bust
ness was enlarged in the rise and fall
that followed. In all over 100000
shares changed hands, the largest total
for some weeks.
Little news other than thatfrom Wash
ington received much attention. For
eign trade figures for last week started
December well. exports reaching over
1890, 100000, which was nearly $50, 000,-
900 above imports. From London the
Board of Trade figures for November
gave a good increase over October in
exports to the greatest since war be-
gan. Imports, however. which do not
include government purchases, in
creased more than did exports. 0cto
ber's reduction in British purchasing
was, as was pointed out, mainly in food
stuffs and so could be only temporary.
In the London stock market Ameri
can bonds were reported as being &C
lively purchased by the government -
aid in correcting the abnormal ex-
change position caused by this con-
tinued unfavorable movement of goods.
In this city sterling exchange wa
higher, rising to 4.71i2 in the pound
it's best since the credit for London
banks was arranged