Evening star., 1916-08-13
Rails Under Handicap of
Threatened Strike, But Gen.
orally Hold Firm.
few IMPORTANT CHANGES
IN ACTIVE STOCK LIST
Unusual Features and Cross Cur
rents Tend to Discourage
/ Investment Buying.

NEW YORK, August IL. - Metal
shares were the conspicuous features
of today's short session. which was
characterized by the usual weekend
settlement of professional contracts.
Rails continued under the handicap re-
shifting from the dubious state of the
labor situation and manifested marked
heaviness before the close.
The rise in coppers. which ranged
from one to almost three points, was
based upon reports that foreign inter-
ests, chiefly British, were about to
close contracts for enormous quanti-
ties of refined metal running into the
coming year. American Smelling and
the zinc issues shared In the move
nient, which was well sustained.
Changes elsewhere in the active list
were without much significance, eX-
cept among shipping issues Mercan-
the Marine preferred made an ex-
nbuncement of the plan of capital re-
adjustment, with a one-point loss for
Atlantic, Gulf and West Indies.
Small Gains Registered.
Munitions. equipments and motors
held their ground or registered mod
crate gains. with an additional five
points for General Motors, which at
t$ined a new high record at 5s5. Mis-
cellaneous specia1ties were relatively
quiet and irregular. Total sales of
stocks amounted to 2s5,o00 shares.
General news of the day included a
hardening of francs. with no material
change in sterling or rates to conti-
mental centers other than Paris. Mer-
camille reviews referred to the stability
OF business at important points
throughout the country. although SEN
timent in the west and northwest is
tempered by reduced crop prospects.
Contrary to expectation, the bank state
nient failed to reflect the weeks large ac-
cessions Of gold from Canada Instead Of
an actual cash gain. moderate loss was
disclosed in that item, with loan ex-
pansion of slightly more than s23,000,0 900
and a decrease in excess reserves Of more
than S9, 900 900.
Bonds were steady today, with large Of
ferings of the new French notes. Total
sales of bonds (par value), S2.110.0o0
Government bonds were unchanged on
call during the week.
Rails Generally Hold Firm.
The end Of moderately active and ir-
regular week found the financial district
more than ever in doubt regarding the
outcome of the controversy between the
railroad managers and their 100000 of
Organized employees. Failure Of the medi-
alton conferences. Of which Wall street
seemed so hopeful. was followed by some
heaviness in important rails, but the list
in general held firm. as final break was
not reached.
Another unfavorable condition was fur
nished by the government crop report,
which bore out some of the more pexei-
m 70 Of do Loo On, nv,
wheat in the west and northwest. In
spite OF these disclosures, little impress
sion was made upon prices Of stocks most
likely to be affected by reduced crops.
Elsewhere the market presented un-
utual features and cross currents. The
nbminal decrease in tonnage for July
shown by the United States Steel Corpo-
ration indicated no cessation In that i'm
portant industry. and the quarterly and
monthly statements of independent manu.
f4cturers Of fabricated steel and iron were
of the most hopeful tenor.
8. Large Market for Copper.
Coppers recovered from their long
period Of comparative inactivity on
signs of a renewal Of last years enor-
NOUS inquiry from abroad. 1t is under
market for supplies Of the metal run
ming into the millions of pounds.
Various specialties. notably those en-
bfacing the munitions. motors and
equipments, were in better demand, a
logical result of the recent placing of
additional foreign contracts Another
Important factor in this connection was
the annual statement of the American
locomotive Company showing a FIVE
feld increase in earnings over the pre-
ceding year.
The movement in other specialties OF
a. less distinctive class was more un.
certain. but mainly in the direction OF
higher levels. Issues whose future may
affected by tariff revision were oc-
cAsionally heavy.
There was no very direct reflection OF
tfe successful operations reported by
the armies of the entente powers. for
etgn exchange being little altered The
IAw British loan remains in allegiance
pending an agreement as to amount
LEad Hoxi GaHr "A