New-York tribune., 1915-12-11
"FARKET NEWS
ND COMMENT
sharp Late Decline After
Stocks Fail to Rise on
Steel Orders.
AIN IN TONNAGE
NO AID TO PRICES
.ose Near the LoWeSt-Early
I-ading Quiet-PreSSure on
AnglO-French Notes.

nc failure of the market at present
10 benefit from good news of domestic
business was most emphaticaliy shown
yesterday when, after announcement Of
the immense increase Of over a million
sons in untitled orders on the books
Of the Steel Corporation, prices de-
cliued Early in the session stocks
we're dull and steady, few industrial
pecialties making improvement with
out particular significance When the
steel figures came at noon the market
hesitated and then sagged The short
interest, encouraged by this failure TO
rise on such notable news. sold heavily
IN the last half hour and brought on
some liquidation.
United States Steel. which has been
near its best of the year, was at S7h
around noon. II failed to rise with the
GOOD news and in the late decline went
Sc. closing only a shade higher, with
ID net loss Of y of a point. The indus
trials fell back / and points or more
.psds were also weak. losing point or
so. with Canadian Pacific making a
maximum decline Of over 4. Early In
..a session there had been little sell
.e of the weaker railroads and some
. oit taking I'm the copper stocks. IN
the last hour business was on
snail scale. out activity grew with the
.cc inc. Steel being particularly heav-
y sold
This great addition to untitled busi-
iess of the Steel Corporation was above
the most enthusiastic estimates. The
month before nearly $4,000 tons had
cen added to orders on the books and
Predictions that an equally good show
PC would be made were generally dis
credited in view of the reports OF eX-
.aOrdinarily high rate of production,
sing prices and refusal TO accept new
-siness because Of lack of facilities 70
lIke deliveries. ONLY once in the his
tory OF the corporation has this gain
cen exceeded. and the total of un
led tonnage is now twice that at the
d Of November a year ago.
.f proof were needed, the action OF
esterday's market gives ample evil
oencc that it is not doubt Of the coun- |
try's present prosperity that is holding
back the securities For the vacillating,
uncertain condition into which stocks
have fallen fear Of political interfer
ence here has small responsibility.
There will doubtless be unreasonable
propositions advanced at the nations
capital; this week has already seen a
few The doubt, however, that obsesses
the market and has made the outside
public hold aloof has its origin in war
conditions.
At present the immediate prospects
of the Allies and the, possibility that
we ourselves may not be successful in
keeping apart from the European tur-
moil have seemed to give need for eau
tion. The German drive into the Bal
kans, so easily disregarded by super
ncial observers at its start, has brought
disaster 70 the Allied arms. Offering
Of the Anglo-French notes on our ex-
change yesterday for delayed delivery
al 3i4 points below the price at which
they were being sold to investors is
one indication Of the change in the
ortunes Of war.
Our letter delivered 20 the Foreign
Office in Vienna, demanding satisfaction
for our citizens killed on the Ancona
marks only one of the sources of inter
national difficulty that confront us
Repeated ouJrages on concerns at work
on war orders for the Allies, coupled
with such details as are known Of
Teutonic interference here, suggest
hat in spite Of our patience and for
rearance we may yet have 10 assert our
rights in fashion that would disturb
Do, peaceful course Of our business.