New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-23
MARKET NEWS
AND COMMENT
Advance in Copper Stocks
Brings Strength and
Activity to List.
DAYS TOTAL ABOVE
HALF MILLION AGAIN
IndustrialS in Vigorous Rise
Sterling at Best Since the
Break of Summer.

The further rise in price Of copper TO
81 cents a pound accompanied by news
Of placing an immense foreign contract
for the metal at last started active
buying of copper stocks. When the
text OF the second Ancona message had
been received around noon without the
slightest disturbance, not only the
copper stocks but the rest OF the mar
ket advanced. Improvement was rrin-
cipally in the industrial list, where
maximum gains of a point or two were
common in active issues, with exccp-
tional rises Of from 3 70 >. Toward
the close speculative profit taking,
since the market was still traders
one, sent prices below the best. Deal
ings expanded to above the half-mill-
ion share mark and in bonds the days
total was nearly a million dollars more
than Oh the day before
At the outset there was some IN
certainty, with changes fractional and
dealings small, save in a few favored
issues. As the day went on improve
ment in copper stocks became pro-
nounced. Railroads, still quiet, gener-
ally did not at their best get moro
than a fraction above Tuesdays close.
Union Pacific and New Haven, how
ever. made maximum gains OF point.
American Smelling and Refining
showed early firmness and went TO a
new high for the year. Anaconda on
heavy dealings went up over 3 points
and Utah Copper, Tennessee, Gu6gen-
helm, Inspiration and Chino also i'm
proved. Great Britain, il wa2 learned,
had placed a contract for delivery Of
copper next year amounting TO around
135,000,000 pounds, and further pur-
chases by the Allies are expected
Oil stocks were also strong, Next
can Petroleum making an aggre"~ @
rise late in the session that sen, :
more than points above the close Of
the day before. Can. Crucible Steel.
Studebaker, Westinghouse, Baldwin
Locomotive and Republic Steel were
all higher in the middle of the after
noon. United States Steel rose a point
to over sc and reassumcd its place as
the most active stock.
The rise in sterling exchange con-
tinucG until sight drafts on London
were dealt in at 4.73 3-16 in the pound.
This was the first time the price has
gone above 4.73 since the demoralized
break toward the end of the summer
that carried il down to 4.50. Purchas
ing against foreign securities ana for
end of the year settlements has aided
the bankers, who here and in London
have been operating TO steady the .eX-
change market. The $50, 100000 credit,
anticipation of which strengthened
sterling, is now complete, and as ether
credits and organized return O. our
securities are in prospect, the specula-
tive short position in exchange has be
gun to appear dangerous.
Outside of the Ancona note, which
was about as intimations from Wash
ington had led the market TO expect,
news of the day was favorable. The
Panhandle resumed dividends on COM
mon and preferred stocks and the
Pennsylvania Company increased its
disbursements. these distributions b.
subsidiaries of the Pennsylvania Rail
road putting in tangible form the bet
ter business and prospects Of the car
riers. Steel trade publications re-
ported railroad ombargoes enabling
mills to do better with domestic bust
ness.
From Washington foreign trade fig
ures for November gave exports at
record total of more than 1891 100000
and 2 favorable trade balance Of over
S164 100000. For eleven months OF the
year the export excess has been above
s1I75,00O,O0O and in the same time
we have received over 1885 100000 of
gold above shipments.