New-York tribune., 1915-11-16
MARKET NEWS
AND COMMENT
Securities Make Little Re-
covery from Midday
Setback.
TREND LOWER IN
THE LATE TRADING
Copper Stocks Exceptionally
Strong-War Favorites Are
Weak Toward Close.

Further profit taking, little new buy
ing outside of the copper stocks. and
after the first hour, smaller scale OF
business. marked the reopening of the
week in the securities market. Prices
were fairly firm in the earlier deaI-
ings, but around noon a ridiculous ru-
NOR that the White Star liner Adriatic.
actually safe in Liverpool, had been
sunk by submarine aided the short
interest 10 cause considerable decline.
From this setback there was little re-
covery, and in the final trading the
tendency was toward lower levels, some
Of the war stocks proving exceptionally
weak.
The opening was at prices better
than Saturdays close. and a few in
Custrial specialties started with con-
siderable advances. The outside "ub-
lie failed to show through commission
house buying any resumption OF buy
ing movement. and the market slipped
back little, then rose again. In the
forenoon a few of the railroads i'm
proved, Canadian Pacific, Erie and
Northern Pacific getting I'D point or
more. Chesapeake & Ohio. on a COM
paratively large amount of business.
was also firm. Rock Island, in spite
of the estimate of the roads financial
needs published over the week end,
went higher. and the debenture 5s and
refunding As also improved
Announcement that one Of the large
agencies lad raised its price of the
metal 70 1884 cents pound brought
good following to the copper stocks,
I'll ba c1o
Utah. Chino and others were actively
purchased. Utah reaching the highest
Price of its history. American Smelt
ing and Refining was heavy after last
weeks gain of more than I points. In
absence Of the former statistics of the
Copper Producers Association, the ac
tual position of the metal is more or
less uncertain. but it is persistently
reported that stocks are low, as Euro
pean purchasing seems to be grow
ing.
The war stocks at the outset fur
nished gains of some extent, notably
Baldwin and Stu6ebaker. Crucible and
Maxwell Motor were advanced later.
In the midday reaction these issues
fell back easily and were in small de-
mand later. On the day losses of from
more than l TO points were made by
Maxwell Motor, Crucible, Baldwin,
Lackawanna and Republic Steel, Car
and Foundry and Can. United States
Steel lost good fraction.
AS on recent days, in outside news
developments there was little directly
TO account for market movement. Rail-
road earnings continued favorable; the
State of Missouri. which had been ex-
ceptionally harsh in its treatment of
the carriers. allowed higher freight
rates. and statistics of grain movement
TO Chicago showed heavy volume of
traffic. Definite announcement that
American citizens had been killed on
the Ancona made the trading public
uneasy on the submarine question.
More gold came from London. So
100000 in sovereigns being deposited
at the Assay Office. The Bank of Eng
land announced shipment of over S2,-
100000 to this country. In addition,
funds are flowing here from the in
terror. Signs of even greater ease ap.
peared in the local money market.
Commercial paper of the highest grade
was taken for the shorter date as low
as 212 per cent, and time loans on reg
ular collateral were placed at 2% to 3
per cent for six months.
Sterling exchange, which had been
held steady the latter part of last
week, moved little yesterday. London
checks sold as high as 1865 again and
exchange on Paris was frmer. The
credit arrangement with London banks
hangs IRE, no message having been re-
ceived from the other side in some
days.