New-York tribune., 1916-02-15
MARKET NEWS
AND COMMENT
Securities Go Lower After
Early Decline in the
War Order Group.
COPPERS MAKE SOME
FURTHER ADVANCE
Whole List Reactionary in Late
Dealings - Little Outside
Interest in Trading.

After early weakness IN the war order
industrials the whole list became reac-
tionary in the late dealings and, except
Cor the metal stocks, closed lower. The
week started with dealings showing
little change from the professional nat
urc that has characterized recent mar
kcts. Wire troubles because OF the
snow storm possibly kept down outside
participation 70 some extent, but llttle
I'm way of new comm lssion house orders
was evident. The days total of around
$4,000 shares was principally account
ed for by the morning trading, as the
early afternoon saw business on par
ticularly small scale
For a time the copper stocks stood
out in direct contrast 10 the rest OF the
list, advancing on fairly large purchas
ing. while the railroads were quiet anu
the industrials were weakening. The
more prominent of the copper group
rose above their best Of last week, and
the zinc stocks also advanced. Follow
ing an optimistic statement OF the con-
dition Of the copper trade and OF his own
company by the president Of Anaconda,
profit taking in the coppers was general
and they closed we'll below their best
This letter "a stockholders expressed be-
lief IN large foreign purchasing Tor re-
habilitatiou when peace has brought
the present great demand for the metal
for war purposes 10 an end.
Baldwin Locomotives report, made
public since the close of business on
Friday. proved disappointing in the
small amount of business done on &C
count Of war orders. 20 information
was furnished as 10 how much Of such
work remained for the current year.
The stock was decidedly weak most OF
the dav and a. its lowest was nearly 3
points down. Crucible Steel continued
us decline Of last week and made
maximum loss Of more than points.
American Car and Foundry, American
Locomotive and the automobile and oil
stocks went lower.
United States Steel opened nearly q
point down at 81 and after a fractional
recovery went lower The foreclosure
sale Of the International Mercantile
Marine Company, scheduled for yester-
day. was again postponed, as had been
expected. but common and preferred
certificates were decidedly weak, the
preferred losing points on the day
under rather heavy selling. The rail
road stocks which had risen last Friday
fen back again. New Haven, New York
Central. Reading. St. Paul, all lost
point or so on the day
Obviously enough, last weeks strength
in coppers had not been sufficient TO
bring in the desired general interest in
the market and traders we're disposed
TO take the short side good deal was
heard of the possibilities of danger
from Germanys announced intention OF
torpedoing armed merchant vessels
without warning. though on Friday this
news had been ignored. An uneXpect-
ed and unusual decrease in the number
Of idle freight cars at the beginning
OF the month was absolutely without
market influence. TIE total, less than
2l 500 was not half that reported al the
first Of the year, and was the smallest
since November Of 1918.
Sterling exchange was steady at 4.76
for demand, while francs and marks
were trife lower In the local money
market a renewal rate Of . per cent
for call loans, as against Ia over the
week end, was the only noticeable
change