New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-28
MARKET NEWS
AND COMMENT
War IndustrialS Lead in
Observation-Disclosures
Hold Up Well.
SOME FIRMNESS
IN COPPER STOCKS
More Gold Comes Here Through
Canada, but Sterling Goes
to Lower Levels

Failure Of the Steel Corporations
quarterly statement, excellent as It
was. to come up to market anticipa-
tions had a discouraging effect upon
trading yesterday. For a while after
the opening prices were held firm, then
distribution in the recently inflated in
dustrials was not well absorbed and
there we're some fairly heavy losses In
the war group. Railroads were COM
paratively steady and the copper stocks
resisted the downward trend OF the
market. In the last hour selling press
ure was heavy. but covering by the
short interest caused little upturn at
the close.
In United States Steel the maximum
loss was not more than Y points, and
the close, shade under IS, was only
point below the final figure Of Tuesday
In the first hour there WAS considerable
buying of Steel and it changed hands
az high as Sc. Trade authorities con-
Time TO tell of an increasing demand
for steel products that threatens TO
produce a runaway market. Steel max
ing pig iron has been bought IN large
quantity, and in the trade there is eS-
pectation that iron, prices are at last
to get up 10 reasonably remuneratlVe
levels. =.
To the securities market, however. 1t
was.not so much the actual conditloh
of the steel industry, now taken "a the
criterion of the war order business
that was of interest, but the question
whether industrial profits had been
widely overestimated. Publication OF
the Steel Corporations report seemed
70 have been taken as a sign for un-
doing a number of speculative ventures.
Vague talk of peace, while not taken
very seriously, added to the uneasiness
in the war group.
Baldwin Locomotive, Crucible Steel,
the automobile stocks and issues OF
equipment making concerns and inde-
pendent steel producers generally were
under pressure, with maximum losses
of 6 and points or so. The railroads
held firm longer than the industrlals
and for the most part failed to make
any important losses on the day.
Anaconda led the copper stocks, ris-
ing at its best 2 points above the close
of the day before to its highest for the
wear. Rumors of better dividends IN
prospect helped Anaconda, but expec-
tation of larger export purchasing was
the sustaining influence in the copper
group. Stories of further foreign con-
tracts placed this week failed to sus-
tain the munition stocks, but the cop
pers had not been inflated as have these
issues and hope of an increase in for
eign buying had greater influence.
The expected shipment OF gold by the
British government from Canada came
in TO the amount of 100000. Ster-
ling was weaker. getting below 4.6l
in the pound for demand, nearly cent
under the lowest price of Tuesday. Ex-
change on Paris weakened with that on
London.
Too late TO affect the course Of the
market came reports from Washington
that the administration would support
legislation to modify the antitrust
laws and allow American manufactur-
ers TO combine for foreign trade. The
events Of the last year have taught US
all something, and even our statesmen
at Washington are beginning to realize
that business prosperity is something
that should be conserved instead OF
discouraged.