New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-25
MARKET NEWS
AND COMMENT
Securities Generally Hold
Steady-A Few Weak
Spots Discovered.
DEALINGS OF AROUND
HALF MILLION AGAIN
War Stocks Irregular-Coppers
Firm-RailrOadS Quiet
Sterling Easier.

With trading so largely professional
and in the main governed by evening
Of commitments before the holiday. the
securities market yesterday Daid no at
tention to news of important develop
ments from the outside. The negotia-
tons of Greece with the Allies, word
of the projected abandonment of the
Gallipoli campaign and advice that
peace proposals were to be expected
from Germany were UNDECIDED. Report
that such progress had been made in
France and Great Britain that these
countries could supply their munition
needs without our help and an inter
view crediting the head of the Bethle-
hem Steel Corporation with character
lzing the war contracts of the country
as greatly exaggerated found no re-
Election in the war stocks.
For the most part prices held steady.
A few vulnerable issues were de-
pressed by the short interest, Mercan-
tile Marine preferred and New Haven
declining under some pressure. The
oil stocks improved again, and coppers
were firm, as il was understood that
considerable amount of business was
being done at 20 cents pound, to
which the price of the metal had re-
Gently been raised. American Smelt-
ing and Refining was advanced more
than 3 points to over par again, and
Utah Copper was also higher.
The railroad stocks generally were
quiet, with fractional improvement.
Southern Pacific's report of earnings
for October was particularly favorable.
Gross earnings increased more than
S2,OOO,0O0 TO the best ever recorded
for the month, and net was over Sl,000,-
900 better than last year. The large
of the increase in total rev.
enue was from freight, again produced
by better business in the territory
served as well as through traffic thrown
to the road by the blocking of the Pan
ANA Canal.
Crucible Steel showed little weakness
on the overnight news that its direc-
tors had failed to take action on the ac-
dividends on the preferred,
and Baldwin Locomotive made only a
dip following announcement.
in the afternoon that no disbursement
had been declared on the common.
United States Steel, still unusually
quiet, closed a fraction higher at above
81. In spite of to-day's holiday the
total turnover was about 10000 shares
above that Of the day before.
Local monetary conditions continued
to present evidence of overabundant
supply, but rates held steady. Sterling
exchange was not supported as on the
day before and demand fell back half
a cent in the pound from Tuesdays
best Business in exchange was in no
great amount, though there was some
selling of sterling cables.
The weekly reviews of the steel trade.
which had been furnishing material
for optimism, this week brought the
note of warning that high prices were
unduly checking domestic business.
The Pennsylvania Railroad has with
drawn an inquiry for IL, 900 cars be-
cause of the great advance in bids.
This sudden expansion of our steel
trade through foreign orders will have
an unwelcome sequence if legitimate
needs of the country cannot be filled.
Semi-fnished steel has been in unusual
demand and the mills are becoming
booked for months to come.