New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-04
Recovery as Shorts Meet
Substantial Buying
Dealings Small.
RAILROADS FIRM;
STEEL GOES HIGHER
Less Aggressive Bearishness-
Wide Participation in
Credit for London.

Security prices improved yesterday
and the aggressive selling that has
marked recent sessions practically dis
appeared. The market opened little
lower, but traders found purchasing
that appeared 20 come from strong in
.erests and covered their short commit
ments. Railroads were firm, advancing
from good fraction TO a point or so
on the day, and some Of the industrial
specialties made gains Of greater ex-
tent. United States Steel, which had
been so depressed on Thursday, rose
point, part of this strength being due
10 repurchases for the short account.
Dealings were small, particularly In
the afternoon, and the days turnover
Tell below half a million shares again.
There was still nothing TO indicate any
important resumption of speculative
interest by the outside public, but the
tone Of the market was less bearish.
An indication of this improvement in
sentiment appeared in emphasis placed
among traders on such part of the fore
casts of President Wilson's message as
might be considered favorable to bust
ness. Better treatment for the rail-
roads. il was argued, would form an
important part Of the Presidents ad-
sress.
More gains in railroad gross and net
Tor October came 10 hand yesterday,
rOtable among them being reports Of
the New Haven and the Norfolk &
Western. Announcement that public
subscriptions to the Baltimore b Ohio
bonds had been four times the s60,000,-
200 offered furnished another evidence
Of the improved position OF the car
riers. Those lines that furnish weekly
reports of gross earnings showed a gain
. more than 10 per cent over last year
Tor the first three weeks of November.
This accumulation Of favorable news
Of the transportation industry, like the
continued reports of expansion In do
nestle trade that is benefiting whole
sale as well as retail merchants, is for
me time not directly influencing the
7.Ovements Of securities. Both have,
aOwever. strengthened the undertone Of
confidence that has enabled prices TO
resist so impressively the bearish op-
srations of traders influenced principal
= by what they believe to be their
soowledge of the markets technical po-
ition.
For the most part prices yesterday
moved up from a good fraction to
point or so. In some of those issues
n which there had existed fairly large
snort accounts gains reached greater
proportions. and some specialties made
considerable Improvement. Baldwin
Locomotive ended over 2 points high
-. Montana Power was very strong in
he late tradirg and Allis-Chalmers is
sues made notable substantial adj
sances United Fruit, after an early
recovery. showed exceptional weakness
On selling credited to New England &C
sount.
Money for market purposes was. If
anything. easier. call loans renewing
over until Monday at ia per cent, in
stead of the , per cent Of previous ses-
sions of the week According to known
currency movements an addition of
a.ore than S2O.000000 has been made
20 holdings Of local banking institu-
lions. There was some gain on direct
business with interior points, favor
able balance on Sub-Tressury opera
IONS and nearly s15.000,000 of gold
o-ought in from abroad.
Sterling exchange was a little easier
yesterday. while marks continued under
pressure. Sight drafts on London end
I'd at 4.70as in the pound, Il of cent
over on the day. With the formal
completion Of the S50,000,000 credit for
London. it was made known that some
Two hundred banking institutions
throughout the country had participat-
I'd in the accommodation. As another
.ail has been issued for the proceeds of
he Anglo-French loan, amounting to
10 per cent. it is probable that there
will be needed further credit in no
long time for our customers across the
water. Obviously this will readily be
granted as collateral is profered.