New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-29
MARKET NEWS
AND COMMENT
Stocks Turn ReaCtionary,
with Weakness in the
Final Trading.
u. S. STEEL LEADS
IN LATE DECLINE
Fear of Break with Austria Adds
to Losses at ClOSe-Demand
Sterling at 4.733s.

Such insistent buying as had carried
United States Steel TO new high level
for the year on Monday was lacking in
Yesterdays market Traders did not
feel compelled to cover short commit
ments, and after little frmness
around the opening securities fell back.
In the last hour. when word came from
Washington that Austria was expected
to reply 10 our second Ancona note in
such way as to bring break in diplo-
matte relations, weakness became pro-
nounced. Active issues in some cases
lost all their gains the day before and
declines of /, and up TO 3 points were
in evidence at the close.
In the upturn Of the day before diff
culties arising from the war were for
the time forgotten. Overnight news,
while containing no particularly de-
pressing item, at the same time did en-
phasize unpleasant possibilities that
might be of Importance TO this market.
Reports Of difficulty in the British
Cabinet became more definite. With
drawal of the Indian troops IRON
France seemed 70 portend aggressive
operations of the Central Powers be-
yond ConstantinOple. Continued sink
ing Of passenger vessels without warn
ing in the Mediterranean indicated that
our dispute with Austria might not
easily be settled.
In the afternoon reports that
Vienna's reply 20 our demands arising
from the attack on the Ancona would
be wholly unsatisfactory were gen
orally circulated. 1t was understood
that diplomatic correspondence on the
case might cease and that complete
break such as had been averted with
Germany may come at any time. The
short interest took this as occasion TO
apply selling pressure. Steel was first
attacked and when this issue weakened
the rest of the list followed.
At the close Steel, which had
opened unchanged az SO and risen a
fraction thereafter, was more than a
point down. New York Central also
lost more than point, The railroad
list had held fairly well early in the
day. but weakened in the late decline.
Issues such as Westinghouse, Mercan-
tile Marine preferred, Baldwin Locomo-
tive and Mexican Petroleum, in which
there had been some attempt at ad-
vance previously, lost all their early
gains and ended lower on the day.
Announcement VI Llt tApNNNtu III
crease in the Anaconda dividend to the
Sc rate had been discounted and the
stock closed more than a point down.
Higher prices for the metal here and
in London failed to influence the course
of the coppers. Goodrich, concerning
whose prospects market gossip has
been particularly busy Of late, was one
of the few active stocks TO show any
gain held to the close. Texas & Pa
cifc followed news of application for
a receivership with a maximum drop Of
points that cut the market price near
ly in half.
Sterling exchange was fairly actively
purchased and was firm all day. De
maud rose to 473as, which put It
above last weeks best and at the high
est since the break at the beginning Of
September. Last weeks export bal
ance of under S25,OOO.OOO was the
smallest in more than three months,
but the present tirmness of sterling is
the result of credit expedients and Of
year-end requirements, not of any
scarcity of commercial bills.