New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-12
T.7ARKET NEWS
AND COMMENT
No Pressure of Selling
Prices Make Some IT.
regular Recovery.
QUIETER DEALINGS
IN ALLIES NOTES
Some Industrials Up on Short
Covering-Clearing House
Loans Expended.

fridays decline on failure Of the
market TO rise with the Steel Corpo'
ration's tremendous gain in untitled
tonnage brought no selling pressure
yesterday from outside sources. The
market opened wit. triAing changes,
and after some hesitation, there was
a slight, irregular recovery. Improve
ment did not get far. Before Monday
there may be made public the text Of
our protest to Austria. and the wsf
Itself holds too many possibilities OF
trouble 70 encourage purchases over
the weekend. The ruling influence
yesterday was the evening up Of pro-
..ssioral operations. principally IN re-
IL. chases TO cove- short sales.
dealings were HsAt and IN ic~ Is
sues reached any arEe proportions.
UNITED States Ste.i 10. below CO. Du
rallied 70 that figure at the close a
shade lower on the day. Traders pro
fessed TO see foreign selling OF Steel
but since the outbreak OF war prop
ably one-;hiTd of European holdings
OF this issue have been returned with
out much appreciate influence on It's
market course here. So II may be az
sumed that IL was the domestic ratheF
than foreign attitude that has been
reenonsible for the unusual manner in
which Steel has received good news.
New York Central was taken in hand
epd advanced TO its best Of the year,
making a maximum ~ain Of more than
Il I,rrsva I r
lean Car and Foundry and Studebakef
ended a point or so above Fridays
c.cse. and Mercantile Marine, after
rather wide fluctuations, made s,ml-
lar net gain.
The Anclo-French notes were much
cuieter and dealings for delayed de-
livery were not made under 80. Al
though il is believed that with the
formal closing Of the syndicate the
unsold portion OF the notes Will be lar
shove the SlO0,000.000 that has been
suggested, underwriters cannot sc-
cording TO the terms of their agree
ment, sell the issue for less than inc
public offering price OF SO. less a small
brokerage commission. So the dealings
on the exchange are considered as
short selling. which in some quarters
Is ascribed to the pro-German lnnu-
cnce that has opposed the loan since II
was first considered
The sterling exchange market was
dull Yesterday. with rates under the
high levels established in the DAYS
Immediately preceding. Bankers, how
ever, are confident that, with proceeds
of the London credit soon to be drawn
on. rates can be kept in hand for some
time. In preparation for further col
lateral loans here, the British govern
ment is preparing a bill to be intro
duced in Parliament this week when
will free from existing trust Prov
sions any of our securities that may
be turned over to the authorities.
The Clearing House statement OF
conditions Yesterday morning showed
little change in the strong reserve
position Of local banking institutions.
surplus was a trife lower, an eXpan--
sion of around s24,0O0,0O0 in loans and
demand deposits being more than SUI
fcient to Offset an addition Of $4,000
600 20 aggregate reserve. Aga'R re
serve holdings failed to make the gam
exp.cted from known currency move
roents and god imports.