New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-22
MARKET NEWS
AND COMMENT
Little Change in Prices
Irregular Losses of
Fractions at Close.
TRADING ACTIVE IN
ONLY A FEW ISSUES
American Smelling Continues It's
RiSe-Time Money Rates
Firmer-Sterling Up.

Speculative interest in securities was
even smaller yesterday and the market
made little progress in either direction.
An attempt at selling pressure by floor
traders had little effect on prices, and
caused practically no increase in offer
ings. The list was still broad one,
but active dealings were confined TO a
few issues and many stocks that ord-
narily received considerable attention
did not appear at all until the session
was well advanced. Price movement
was narrow and changes on the day
were generally of fractions. with more
losses than gains among issues most
prominent.
American Smelling and Refining, as
on the day before, accounted for the
largest dealings. 1t advanced nearly
3 points to its highest in five years
and closed only a shade below its best
Mexican Petroleum. which on Monday
was also advanced on prospects Of
more stable conditions in Mexico ended
a shade lower on the day. Mercantile
Marine preferred improved again, and
General Motors on a small amount of
business made up 10 points Of its re-
cent loss. Peoples Gas after early
depression recovered to close trliie
higher and American Tobacco made up
its early loss. American Car and
Foundry improved in the late dealing
after some weakness. Steel lost the
fraction gained on Monday.
The bond market was quiet outside
Of the Anglo-French notes, in which a
good deal of business was done be-
tween 94a4 and %. In spite of reports
of active dealings in American bonds
in London and receipt OF large ship
ments from England here, bond houses
still complain of scarcity Of obligations
Of the best grade. The demand for
railroad bonds is good, even though
business is for the time taking on holt
day quiet. The st. Paul disposed of
small issue for refunding purposes and
plans are under way by which the Eric
will arrange for maturing notes
through convertible bonds.
There have been large calls on the
investment market, but the supply Of
funds available continues great and a
good deal Of new financing Is in pros
pect Temporarily the money market
is a little frmer because Of year-enG
requirements. but lending institutions
see no reason TO expect any continued
stiffness in rates. Time accOmmoda-
tion yesterday was about One-fOurth Of
] per cent higher for some maturities,
but call loans were renewed at ia
per cent, against . on Monday. Pur-
chases of sterling against securities
returned here and for year-end set
Elements sent demand to 4.12@s, its
highest since early in October.
Evidence Of good business continues
1 to accumulate, and though its market
/ effect was negligible. il means add
/ tional prosperity, on which sound mar
| ket advances are based. Baltimore &
Ohio started November earnings state
ments Of the more important railroads
! with large gains in gross and net
/ Metallic copper was firm at its recent
advance above 20 cents a pound, and,
while production is immensely greater
than when the price advanced so rap
idly in the summer. domestic consump-
ton is now on an unusually large
scale. Coal, both anthracite and BIZ
luminous, is in great demand. Re
tail business gives promise of furnish
ing remarkable Christmas totals.
Foreign trade last week furnished
an export excess Of over 5i,000,00O,
not so great as for the two weeks pre-
ceding. but this was only because the
port OF New York was unable TO get
the goods ahoat.