New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-27
MARKET NEWS
AND COMMENT
Trading Outlets Down and
Prices Recede After
Early Brisk Rise.
CLOSE IRREGULAR;
FINAL TREND WEAK
u. S. Steel Advances in Fore
noon-French Exchange Firm.
er-Railroad Financing.

After the holiday dealings in stocks
started with a little more vim. Only
trifing changes appeared at the open
ing, but industrials showed consider
able strength for a while in the early
trading. Buying was not continued at
higher prices, and after a period OF
quiet in the late afternoon there were
some considerable reactions. At the
close the tendency was toward weak:
ness. In spite Of the larger scale OF
dealings produced by the activity OF
the forenoon, business still seemed to
be of professional origin. The uncer-
tain state Of affairs in the Balkans con-
tinues and still restricts market activ-
ity of the kind Nat draws public fol-
lowing In bonds prices held steady,
but trading contracted.
Around noon the copper stocks were
firm, some at their best yet recorded,
and United States Steel was up point
at SO, within a fraction of It's best Of
the year. Can, with talk of new war
contract, advanced 8 points In lively
dealings. Tho railroads, while quiet,
were generally firm.
After this early improvement busi-
ness fell off 10 q scale under that OF
Wednesday. Prices halted and then
went lower toward the end Of the ses-
sion. New Haven, which had recov-
cred from early weakness, declined TO
close more than points down. Can
fell back and Mercantile Marine was
under some pressure. Final changes
were irregular Steel held a small
fraction of its gain, Allis-C Chalmers and
American Smelling were each up more
than a point, while Lackawanna and
Crucible Steel were lower.
Domestic news continued favorable.
October reports Of Union Pacific and
Atchison showed very heavy gross re-
CENTS that told of large traffic In
Western territory, and both made ex-
cellent gains in gross and net above
those Of the last few years. Weekly
reports Of gross railroad earnings for
the first two weeks OF the present
month show remarkable recovery from
last year, with the South doing better
than the year before. Bank clearlngs
for this city and outside continue lar
above those of two years ago.
From abroad the remarkable response
of the French people 70 the first for
NAL war loan TO which they had been
asked to subscribe gave evidence that
the patriotism and financial power OF
the individual Frenchman can again
be counted on. Cable advices received
during business hours put subscriptions
in Paris at the immense total OF 3d.
600 .OOOO0 with Sl000,000,000 from
outside. We are familiar with heavy
subscriptions to French government
loans. but they have often represented
the speculative expectation that only
part Of the amount asked would be
granted. The present offering is un-
limited and will mark new step in ma
tional financing.
The Bank of France continues to
draw gold from the people, S5,000,000
more having been added to its stock in
the last week. Across the Channel
where outgo of gold is not so restrict
ed. the Bank of England lost 100000.
Deposits fell off and the reserve pro-
portion remained unchanged. British
government securities, probably be-
cause of word of success of the French
financing, improved. Consols, which
early in the week had changed hands at
81 closed above 60.
While sterling exchange here was a
triie lower, francs advanced with word
of the excellent response 70 the French
loan. Local monetary ease was even
greater than earlier in the week. The
great abundance of funds and the bet
ter prospects Of railroads are resulting
in new financing on more favorable
terms. Atchison has sold Sl0,OO0,OOO Of
preferred stock TO bankers here who
have already placed it with investors.
Baltimore & Ohio has disposed Of
s60,0O0,0OO 8 per cent bonds issued un-
der its new general and refunding
mortgage Part Of the proceeds will be
used 10 retire the S40,000000 short
term notes put out last spring, an in
dication of the great improvement in
investment conditions.