New-York tribune., 1916-02-10
Late Rise Led by COppers
Prices Sag Earlier in
Dull Trading.
FRACTIONAL GAINS
AT THE OPENING
Slight Response to Acceptance
of Germany's Lusitania Offer
Marks Rise Further.

Announcement overnight that nego-
tiations 20 settle the Lusitsnia case
we're virtually closed was greeted with
only slight advance at The opening OF
the Stock Exchange, and the market
turned dull and ssgeed for the greater
part Of the day. Still, this failure 20
respond 10 good news did not as in
former instances bring weakness, as
those traders found who worked for a
reaction. In tie last hour business ex-
panded and prices rose. the copper
stocks. which had been doing well from
the start, leading the advance. Deal
ings were larger than on the day be-
fore, the livelier trading toward the
close accounting for practically all the
addition.
So far as the professional traders
were concerned, tho outcome Of our dis
pute with Germany appeared pretty
well discounted. The general public
has refused 70 take this latest scare
with great seriousness, and so, per
haps not unnsturally, showed no great
relief when the threat of trouble
seemed removed. Ii is true that final
settlement has not yet been reached,
snd there IS yet an opportunity Tor one
Of those sudden reversals OF position
which have complicated our foreign sf.
fairs since the submarine blockade first
came to trouble us. Il could not be
said, however, that any such thought
was responsible for the smsll response
made in yesterdays market.
Refusal Of Tho copper stocks to move
TO higher levels in spite OF continued
reports Of large demand for foreign
and domestic use and record prices for
the metal has been one Of the curious
inconsistencies OF security dealings.
Yesterday the cOppers gave more evi-
dence Of sustained strength. and in the
final upturn number Of the more
prominent issues rose TO their best for
some weeks. Gains o, and g points
we're made by Anaconda. American
Smelling and Refining and Utah, and
the close in these issues was close 20
the best Butte and Superior which
benefits from the demand for zinc,
gained more than points on the day.
United States Steel improved in the
late dealings and ended a. S5, nearly
point higher, on no great amount Of
business. TO-day's statement OF un-
filed orders at the end Of January is
not Of as much market interest rs
usual, since following the tremendous
additions reported in the months pre-
ceding il Is understood that GOOD
deal Of new business has been refused.
The railroads, after fractional gains
a. the opening, did little until the end
Of the session, when they, too, rose
Union Pacific closed At its best, more
than a point higher. Reading gained d
point, and gains generally Of smaller
extent were common throughout the
list Of the carriers. Among the equip
ment. oil and similar stocks there was
considerable irregulGrity. Crucible
Steel ended az its lowest. more than q
point down. and Baldwin Locomotive
and Mexican Petroleum closed un-
changed. American Car and Foundry
made a good gain and Lackawanna
Steel was higher.
German exchange continued TO rise.
Berlin checks were held by some houses
here at the rate Of - cents COR four
marks. with actual sales as high as
1874. OF course, tho price Of exchange
on Germany In other countries cannot
be permanently affected by imperial
mandate. To strengthen exchange ship
ments Of goods or gold or obtaining
credits abroad Is necessary. Such lin
tied trade in goods as Germany is able
TO carry on is creating balance
against her. and 60 transfer of some
portion OF her accumulated supply or
gold TO the neighboring countries OF
Holland or SWednn is eXnected.