New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-21
MARKET NEWS
AND COMMENT
Stocks lrregularly Lower
After Some Recovery on
Short Covering.
WAR STOCKS SHOW
FURTHER WEAKNESS
Despite Smaller Expansion OF
Loans, the Banks Surplus
Goes a TrifIe Lower.

Dealings on the Stock Exchange con-
tnued in comparatively small volume,
little over 100000 shares changing
hands during the two hours of trading.
Business was principally confined to
that Of professional traders whose at
ttude has for some time been gen
orally bearish. Overnight changes were
insignificant. Before the first hour had
ended short selling depressed the list,
weakness being most pronounced IN
war stocks. Later, as short commit
ments were covered before Sunday
there was moderate recovery, but final
prices were for the most part below
those of Friday.
More or less unwarranted rumor and
gossip was circulated during the de-
cline, of which discussion of the pre-
carious situation of the Allies in the
balkans had the most substance. The
accommodating volume OF favorable re
ports from expanding business OF the
country was ignored. Further advance
in the asking price for copper to 1874
cents a pound found practically no re-
=
fection in the securities market.
United States Steel gave way little
when the rest of the market receded
and ended only small fraction down.
Crucible Steel, Baldwin Locomotive
Studebaker, Maxwell Motor and Ten
nessee Copper at their lowest we're :
10 4 points or so under Fridays close.
The oil stocks. led by Texas Company,
improved around the middle of the
session and ended with gains OF from a
good fraction to over points. ran
roads were fractionally changed and
generally lower. Erie, which had
large share of the trading, was only
shade off on the day.
Offerings of foreign exchange yes
terday we're sufficient to cause some
little setback from the weeks best in
sterling and francs. Sight drafts on
London, which on Friday had changed
hands as high as 4.70h in the pound
ended at 4691s, which was about !
cents higher than the close Of the week
before.
There is wide divergence Of opinion
as to how much is to be expected from
the bankers credit, now practically ar
ranged between this city and London.
Cable dispatches from the other side
suggest that a price of around 4.S0 for
demand is possible. In foreign eX-
change circles here there is a disposi-
ton 10 doubt whether the present re
covery from around 4.60 at the end OF
last month has not discounted the &C
commodation 20 be granted. At pres
ent the market is being artificially
sustained The great volume Of our
exports that must be paid for is known.
The resources of the banking group
committed to steadying exchange are
so large that, while the extent of the
agreement with London is not known,
predictions as to the course of eX-
change are unsafe.
As sterling has risen, exchange on
neutral countries of Europe for which
settlement is made in London has
also advanced. Since the rates have
ruled comparatively strong during the
war they have in some instances
crossed the usual point that would
mean payment by us in gold, but under
the present unusual conditions of ship
ping and insurance export points are
rather indefinite.
The statement of Clearing House in
stitutions as of yesterday morning
showed an increase in aggregate re-
serve of only about a quarter of a
million dollars where a much larger
gain had been looked for. In COMPARE
son with recent weeks the expansion
of less than 100000 in loans was
small and deposit liabilities were not
much heavier. Surplus reserve made
a small decrease of about $4,000.