New-York tribune., 1915-11-13
MARKET NEWS
AND COMMENT
Metal Stocks and the War
Issues AdvanCe-LeSS
Done in Railroads.
IRREGULAR SETBACK
IN LATE TRADING
Steel Gets UP to Its Previous
Best of Year-Coppers
Come to Front.

Railroads Jagged in yesterdays trad
ing. while the war stocks, with copper
end other metal issues, absorbed trad
ing attention. Speculative favorites
were up al their best 2, 3 and points
or so. Medium priced specialties had
been advanced early, and new profes-
sional buying turned to the leaders Of
the war group, short coverirg in these
issues adding 10 the rise. In the final
trading, price movement was irregular
on profit taking, and the close was be
low the best In bonds, while business
was not up 10 the great volume of the
day before. trading was active and
prices were strong.
Less spectacular than the rise in war
contract issues. strength in the metal
stocks made a GOOD impression on trad
crs. Exports of copper from this port
are increasing. The supply is said to
be small and the price is firm here and
in London. In general, metals used
for ammunition making have made sub
stantial recovery from their recent
slump. Yesterday American Smelling
and Refining and Anaconda were CON
spicuous on the Exchange, both rising
on heavy dealings. Smelling got above
10l. more than points better than
Thursdays close. and then fell back
to end shade below par, with net
advance of a point. Anaconda in the
last hour lost practically all Of its
earlier gain.
United States Steel rose above SIS 70
its previous high mark of the year
aud then dropped back TO close with a
fractional gain. Can, Baldwin, Crucible
and Studebaker stood out in the war
contract group with maximum gains
that reached from around 3 10 over :
points. Revival of steel merger talk Of
a few weeks ago followed news OF sale
by the Pennsylvania company OF its
holdings of Cambria Steel, but had no
great market influence.
Railroads were ouleter and little
changed, though few at their best
were up point or so. and Union Pacific
closed with a one point gain. More
was heard of foreign selling OF the
railroads, and for the time at least the
upward movement started by recent in
creased transportation earnings seemed
TO have died away. Preliminary state
ments of gross earnings of last month
register, as expected, a notable advance
over those of last year.
From business generally continued
progress was reported. Bank clearings
keep we'll above those Of two years
ago. Purchasing OF merchandise, IN
spite of unreasonable weather and slow
moving crops, is large and, through the
small stocks carried, has brought heavy
orders from retail dealers. Exports of
wheat and -four for the week ended
Thursday surpassed by more than
million bushels the previous high rec
ord Of two weeks before.
In this city we continue TO accumu-
late currency Estimates of direct trans
actions with the interior give gain
instead of loss as for the week be-
fore. Gold imports reco' ded were
nearly S13,000,0 900, practically all from
London. Money rates here go no
lower because lending institutions feel
that they have already made the great
est possible concessions to borrowers.
Sterling exchange held steady yester-
day, sight drafts on London again
changing hands as high as 4.65Ss in the
pound.