The Washington herald., 1915-11-16
EARLY ADVANCE
LOST At CLOSE
Stocks, However, Showed
Firm Undertone at End
of Trading.
COPPER HOLDS INTEREST
Gold Ore of Low Grade Said to Have
Been Discovered in Anacondas
Property.

New York. Nov. l5-Stocks were active
and strong during the early trading to-
day, but receded in the afternoon on Of
ferings by traders who sold on the theory
that the recent rise had weakened the
technical position of the general list and
had rendered it vulnerable TO attack.
Copper stocks, under leadership OF Ana
conda. attracted attention throughout the
day for their strength, which was largely
due to further Improvement in the cop
per metal market. strong undertone
prevailed at the close. but good Judges OF
the market expect a see-saw throughout
the week until there is some ammunition
TO excite additional speculation
War Issues in Good Demand.
War stocks were in good demand and
rose from TO points. Low-priced rails
were also strong. Missouri Pacific, Chi
cago, Rock Island and Pacific and Mis-
souri,, Kansas and Texas being higher.
At the end of the second hour the general
list suffered a recession from the best
owing to rumors that another steamer
with Americans aboard had been sunk by
a German submarine. Lack Of confirma-
ton was followed by a rally, but in the
late afternoon, the list again receded on
professional offerings. Owing to improve
ment in the demand for copper metal and
an advance in the price OF copper metal
TO IS 3-4c a pound by large producers,
the copper shares were the center OF at
tention. Sales of copper are said to be
very large, and the marking up OF quo
tations for the metal is said to be gen.
uine and due to the big demand Ana
conda was at the front of the advancing
coppers, with Utah a close second. The
former rose more than points and
closed within an eighth OF the best fig
ure. Utah rose more than a point and
also held practically all OF its gain.
Gold Ore in Anaconda.
Buying of Anaconda, according to
brokers, represented accumulation, In
anticipation of an important discovery.
1t is learned from an insider that this
important discovery has been the dis
covery of a large quantity of low-grade
ore in the company's property. The
profits that are expected to result from
this gold ore are estimated by insiders
at approximately $5O.0ooOC0 a year. A
small pool is also said to be in process
of for,nati in the stock in anticipation
of announcement of the discovery.
Brokers report that many insiders of
different companies are trying 10 get
hack stocks lost many weeks ago. This
is said to lie particularly true with re-
gard to American Can. which has had a
comparatively narrow range of price
fluctuations within recent weeks. Cotnci-
dent with the reported accumulation ru-
mors are current that the earnings for
last year will not make as favorable
showing as generally expected.
Some Mystery About Erie.
Bulls on Erie shares are at a loss TO
explain the failure of the first preferred
to advance in proportion to the common
and second preferred. Professionals who
trade in Erie usually figure their respec-
tive market values ten points apart. the
secord preferred selling ten points above
the common and the first preferred ten
points above the second. The laggard- |
ness of the first preferred in the recent
rise has upset this theoretical trading.
Next to the war stocks the bond mar
ket is attracting attention for MAIN |
tenance OF prices at high levels.