New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-03
MARKET NEWS
AND COMMENT
Securities Go Lower, War
FavOriteS Leading in.
the Decline.
u. S. STEEL UNDER
HEAVY PRESSURE
Slight Rally Toward the Close
Operations Expand as
Prices Weaken.

The market, disposed toward reac-
ton, drew encouragement yesterday
from a speech by the president OF the
country's largest bank, which contained
the suggestion that purchases OF the
warning powers here might have to be
curtailed through lack of means OF
payment The tribute to the country''
: financial power and industrial develop
ment that made so large part Of the
Same remarks was UNDECIDED. There
was considerable liquidation of specu-
lative long accounts, particularly no"
ticeable In the war group. The steel
companies which have prospered
through wars demand were also under
pressure, and the rumor that our gov
eminent might propose some tax on
steel and iron products received more
credenee.
Business expanded with the decline
and the days total rose until 1t APP
preached 100000 shares. Overnight
changes were toward frsctionally lower
levels. Some early recovery followed,
and then came alternating periods OF
decline and dulness. Though the war
stocks naturally furnished the most
conspicuous weakness, practically the
whole market went lower. In the early
afternoon railroads were off from a
fraction 20 a point or SO, with losses In
industrial favorites extending to .
points or more. Toward the close
some covering Of short commitments
brought on a feeble, irregular rally.
United States Steel was dealt in to
The extent of over 100000 shares for
the first time in over two weeks, and
at its lowest was more than point
down at under So. Advances in the
price Of finished steel, unprecedented
activity at the mills and expectation of
a large accumulation of untitled orders
10 be made known next week were dis
regarded, and traders talked Of pos
sible Federal tax on the corporations
business without much definite notion
of how such an impost might be APP
piled.
Among the industrials, Baldwin Loco
motive, American Car and Foundry,
Lackawanna Steel, Westinghouse, Cru
chile Steel, American Locomotive,
Studebaker and Allis-Chalmers were
sold 70 considerable amount. Bethle-
hem Steel, which had led the group in
its remarkable rise and pointed the
way down again, did not appear upon
the tape. Anaconda, American Smelt-
ing and Refining and some of the other
copper stocks made losses of around
point on the day.
Exchange on Germany was offered at
new low levels and found few pur-
chasers. Checks on Berlin were sold as
low as Is Gle cents for four marks
against a metallic parity Of 951s. This
decline of German exchange to the low
est in memory OF the market cannot be
deprived Of its significance through
the small business done, now that trade
with Germany is so restricted. II con-
fdence in German triumph persisted
and belief prevailed in her ability TO
bring back her currency to the basis Of
before the war, purchasers would come
forward for paper calling for German
funds before such depreciation ap-
peared
In sterling and francs rates were fair
ly steady. Local monetary conditions
were practically unchanged, call loans
renewing at per cent and time accom-
mediation continuing In light demand
Abroad the Bank of England reported
a loss Of 100000 600 in gold, an increase
in government loans and an addition to
deposit liabilities. The reserve proper
ton was reduced nearly per cent TO
about Pan. In Paris the Bank Of
France, presumably through the pay
ment on the war loan, increased the
weeks addition to gold holdings to
more than 100000.