New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-06
MARKET NEWS
AND COMMENT
Whole List Falls Back in
Late ReaCtion-CloSe
Near Lowest.
THE COPPERS FIRM
FOR PART OF DAY
Railroads ard lsdustrials 20
Down TogcthCr-More Gold
Direct from London.

The spirit Of reaction, which had
been in evidence for a day or two pre-
oedinc. was more potent Yesterday
The market during the morning was
irregular rather than weak and came
70 a halt around the middle OF the
day. In the late afternoon. under con-
siderable selling pressure from pro
fessional sources, the list as whole
moved downward, closing st or near
Tie lowest prices OF the day. kali
reads ended with losses of point or
so, war stocks fell hack futher and
the more conservative induStrlals
icired in the dccli>c. BUSINESS was
less than on the day before, not
reaching million shares Dur inc "'-
tive list expanded.
Fo~ .he decline in the railroads for
eicr selling was held responsible IN
some quarters. but ~ was more proc
ably due 20 lack &C domestic buyers AT
tho high levels reached than any I'M
pcrtant increase OF liquidation from
abroad. When II is considered that the
carriers do not offer mysterious pos
sibilities Of great profits such as were
used 20 lift many o. the lndustrials'
their rise from the low prices of the
wear has gone far. The railroads are
benefiting through healthy CROWN
of traffic and through more economical
operstion. Increased disbursements 70
stockholders are not, however, TO De
generally expected and numoer Oh
issues have reached such heights mat
their investment po<Hon is caiIeo IL
question.
For a time in the sfe<-noon the cop
pel stocks responded 10 the large in
creases In earnings reported by the
porphyry companies and showed gen
-sf strength, some rising TO new high
@cords. Most of the improvement was
ost before the close, though American
Smelling and Refining ended with
gain Of more than point. Onlted
states Steel was more actively traded
In than on Friday and advanced for
-rhile, but closed at It's lowest, more
man a point down. Great Northern
Ore had q period Of firmness IN the
ate forenoon, hut this was not lasting
Among the railroads Chesapeake
Ohio and Great Northern made early
advances. and Canadian Pacific was eX-
ceptionally weak, adding more than
. points TO its reaction from the rise
o. early in the week.
No announcement OF details OF the
proposed banking credits for London
were made known during business
hours. but demand sterling got up 10
465X. nearly 20 its best of the week
before. There was received at the As
saw Office S3,250,000 in sovereigns d.
rect from London and more gold was
released for export 70 this side by the
Bank OF England.
Commercial agencies report an in
creased momentum in trade recovery
81 which bank clearlngs in cities out
side Of New York. with an excellent
,-ain over those of two years ago, iur-
niyh one indication. This expanding
volume Of business is making little
call upon banking funds. The Con-
,reller's report, based on national bank
figures Of September ?. shows surplus
reserve OF SS6S, 100000, S9OOOO,OOO
greater than reported in June. Though
estimates Of currency movement snow
p small loss by local banking instltu-
tions on direct operations with tne
interior last week, imports OF gold
and gains through the Sub-Treasury
have apparently added some sl2,OOO,-
OOC to their holdings.
Lending institutions find their IN
creasing resources cause of embar-
rassment and are beginning TO reduce
interest paid on large deposits. Com
mercial paper of the best quality is
scarce. and bankers have about become
reconciled TO the view that only the
unexpected can bring an important
change in the prevailing low return on
their funds. This great ease OF money
means constant pressure toward OPP
erations in the securities market