New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-07
MARKET NEWS
AND COMMENT
Securities Decline, with
Selling Principally by
Professionals.
SOME RALLY LATE
AS SHORTS COVER
Copper Stocks Firm for Time
Bank Loans Expand and
Surplus Is Reduced.

Securities yesterday moved IN nsr-
rover list with the dealings prime
pally those OF professional traders.
whose disposition in the main WIS
toward continuing reaction. Early in the
session there was sufficient short COW
cring 20 prevent any marked decline.
though some OF the war contract group
fell further Railroads made small ir-
regular changes and some little firm
ness appeared among the cope
stocks. Pressure by the short interest
later sent the whole market lower.
losses in the railroads amounting 20 4
point or 50. Toward the close the car
riers and the less speculative indus
trials recovered on rcpurchsses by the
trading element, TO close above their
lowest
Selling pressure in the war stocks
was not heavy. but IN some instances
moderate offerings brought losses Il
considerable proportion. Baldwin 1o-
connective, Maxwell Motor. Air Brake.
Lackawsnna Steel and others added &c
recent declines. Canadian Pacific con-
tinued its downward course and Read
ing closed at its lowest. United States
steel was fairly steady, ending a shade
under Fridays close.
News Of the capture by the Bulgar-
ians Of the city recently the capital
Of Servia was without obvious marse,
irfue.cc When the German driv,
toward Constantinoplc was started. II
was taken as the signal for purchasing
war contract issues, on the theory that
IL meant long drawn out confic..
Now doubts arise as 10 whether the
result may not be q sudden peace. and
in spite Of official denisls such doubts
continue TO cause uneasiness. Il Is MT
only those who sec nothing save prof
its from foreign orders who would pre-
fer to see hostilities continued; there
arc many who feel that hope Of peace
10 last for generations lies only in con-
tinuinc the present warfare until there
can be no question that popular indig-
nation would greet any attempt 10 move
again in directions that might result IN
war.
More definite explanation "a TO the
nature and extent Of the accommode-
ton our banks plan for London l.
looked for this week. Sterling ex-
change yesterday in rather small buai-
ness was trihe easier, but closed al
about the final rates OF Friday. Brit
ish Board Of Trade figures for Octo-
Dor showed imports Sso.000,00O above
. those Of the year before. This. II has
been announced. does not include gov
crnmenT purchases of war SUPPLE.
The expansion Of credit facilities ana
ease Of money in Great Britain that
followed relief measures instituted 10
protect that country from the shock o.
war have had their natural effect IN
high prices. increased imports and con-
tinued loss of gold.
Here money is easy. but through ar
actual increase in reserve. A busi-
ness expands funds pile up so as more
than to meet the added needs of trade.
The war contract business. with It's ad-
vances and prompt payments. requires
little assistance from lending lnsutU-
fions. Purely domestic business gen
orally has kept to small stocks Of
goods and conservative operations, and
moro than usual is being conducted on
its own capital.
Clearing House members reported
$1,000. 900 loss IN surplus yesterday
morning. but the excess OF reserve Wa
still above S1S9.000000 An expansion
OF more than S52.O0O.000 in loans with
corresponding increase in demand
deposits. in which accommodation
granted to foreign customers played
a large part. had been more than
smell increase in aggregate reserve
could compensate for.