New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-30
MARKET NEWS
AND COMMENT
Stocks, Sluggish, Sag at
the ClOSe-RailrOadS
Almost Ignored.
BONDS IRREGULAR
AND LESS ACTIVE
French Exchange Continues Its
Rise, While German Drops
to a New Low Price.

The stock market began the week
without much animation. Dealings
were a little larger than on Friday
but movement, save in a few issues,
was narrow Though opening prices
were generaliy a fraction higher, the
advance was not continued. as there
appeared little evidence Of commission
house buying and some selling from
the West. The general level remained
fairly steady until the late afternoon,
with little recession on short selling
before the noon hour. After very
quiet trading business expanded some
what in the last hour and prices
sagged little. The close was heavy,
with fractional losses general. Trad
ers were inclined TO work for a reac-
ton, so prices would appear more
attractive 10 the public. but their sell
ing was not heavy. In bonds business
fell away to the smallest for some
weeks and prices were rather irregu-
lar. New York City issues, however,
were HOldOiy SbTOHR.
Business in stocks was distributed
over an exceptionally broad list and
few issues received any large amounts
of attention. Mining stocks were &C
tive toward the close. The copper
group, on no large amount of dealings,
was reactionary, American Smelling
and Refining adding over q point to
Saturdays decline and Anaconda fall
ing back. Some of the sugar and auto
mobile stocks improved, American
Locomotive advancing, and the Allis-
Chalmers issues made improvement in
the war group. United States Steel
continued comparatively quiet and
ended fraction lower.
The railroads ignored further evil
dence of immense business in freight
congestion around this city and, in
addition, excellent statements of
earnings for October. Reports received
yesterday included roads in the East,
the South and the Northwest, all fur
nishing large total receipts and excep-
tional gains in gross and net Early
in the day there was little selling OF
some of the Northwestern lines on the
theory that the unusual step taken by
Canada in Communicating wheat for
war purposes might interfere with our
export market. Wheat prices gave no
evidence Of alarm in that market and
pressure on the carriers was not con-
tinued.
The approach Of the end of the
month, with its monetary requirements,
was scarcely reflected in the local
market for funds. Commercial paper
was bought little less freely and call
loans were renewed at 2 per cent,
against 1% on Friday. Fixed date
funds on collateral were offered at
former low rates In more than sufh-
Gent supply to accommodate all de-
mands. More gold came from abroad
over the week end TO add to our re-
dundant reserve.
Exchange on Paris continued to
strengthen with the demand for remit
lance TO subscribe TO the new French
bonds. Millions of dollars are being
sent from here by those who, remem-
bering how France rallied from
period of former stress forty years or
go ago, believe that the unusual terms
offered and the favorable exchange
rates afford them remarkable oppor-
tunity for investment. Sterling rates
were little changed from the late quo
tations of Saturday. =.
Exchange on Germany sank to It's
lowest since the war, marks selling at
four for 1888 cents, against metallic
parity Of 951a. This great discount on
funds in Germany is, of course, OF
comparatively little consequence to
business interests, as that country is
so isolated. When war is at an end
and Germany resumes trade relations
with the rest of the world the de-
probation Of her currency will be a
matter for the exercise of German
efficiency.