New-York tribune., 1915-11-24
MARKET NEWS
AND COMMENT
Narrow Price Movement,
with Stocks Firm in
Dull Session.
A FEW OF THE WAR
SPECIALTIES ADVANCE
Our Export Balance Still High,
but Sterling Exchange Shows
More Strength.

The apathy of the outside specula-
tive public toward securities was moro
marked yesterday, and trading, par
ticularly In the afternoon, was dull end
on an unusually small scale. II Is nee
essary to go back to around the pre-
vious holiday time at the beginning OF
July to find as small full days total
as 100000 shares or so dealt in yes
terday. Prices, however, held firm.
Some of the specialties improved and
standard issues were generally higher
on the day. The continued breadth OF
the list Of active stocks and the S5,-
900 900 of bonds traded in told Of q
sustained investment demand not
greatly affected by the lull in specu-
lation.
There was little or no concerted
bear pressure and the short interest
was inclined TO cover its outstanding
commitments. New Haven, which had
weakened the night before, recovered
a point and held most Of its gain TO
the close. The principal business Of
the day was conducted in the war is
sues. Great Northern Ore, Baldwin
and American Locomotive, Crucible
and Lackawanna Steel and Westing-
house, with United States Steel, were
among the most active stocks.
Crucible's resumption of dividends on
the preferred came at the close too
late to affect trading. United States
Steel moved in the narrow range of
three-eighths Of point.
A few of the automobile stocks ad-
Nd he fro
ally higher. Profit taking brought
some setback in the oil stocks. Some
of the low-priced railroads slowed
evidence of accumulation, but Cana
dian Pacific, with net gain of over q
point, was about the only standard
carrier to make any substantial i'm
provement.
Reports from the London market
were watched with unusual interest to
see how British consols, for so many
years the worlds premier security,
behaved when no longer protected by
a minimum price. They were dealt In
from 81 to 5S, against the former
minimum of 65, bringing them fairly
into line with later British loans. Not
since the Napoleonic wars of a
hundred years ago have consols been
quoted at so low figure. According
to cabled reports of the days dealings
in London, abolition Of most of the
minimum prices there did not bring
out any large amount Of offerings and
business generally was described as
still quiet.
From the principal customs districts Of
the United States. exports last week
reached nearly sSs.000,000, and were
more than s5s,000.000 above imports.
For the first three weeks Of this month
the balance our way on movement OF
goods has been over s140,000,00 De-
spite all this balance to be met, ex-
change rates on London and Paris are
being held steady through use Of the
proceeds of the sale Of the Anglo
French notes and through banking
credit arrangements. Demand sterling
yesterday went above 40 In the pound
again and francs were also frmer.
With the incorporation Of a s50,000,-
900 company by strong financial inter-
ests (announced yesterday comes a
step toward developing our foreign
trade that looks beyond the present
emergency and its unusual demands in
goods and credits. The great investing
nations of Europe built UP In the grad
ual course Of years an immense busi-
ness with other countries through the
assistance offered in the willingness
of their people TO risk funds abroad.
If We are in any way TO take the place
that these countries have occupied, VIC
cannot wait for any such slow process
to accustom our people TO foreign VEN
lures.
The heads Of large enterprises who
have been brought together in the cor
poration just formed will do what they
can to hasten the movement toward in
teresting our investors In foreign op-
portunities. If we are to sell our sur
plus products abroad in great volume,
we must add to the purchasing powers
of our customers in the less advanced
nations and in the warning powers
when they take up the work Of re-
habilitating their industry when war Is
at an end. II Is TO help along such
lines that this new corporation has
| been formed.