New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-20
Metal Group and a Few
IndustrialS Higher
Railroads Quiet.
BUSINESS SMALL IN
STOCKS AND BONDS
Reserve Held by Clearing House
Members S16,000,000 Lower
Sterling Firm.

Standard issues were quiet in mar
row range yesterday, dealings in stocks
and bonds were reduced 10 unusually
small totals and such movements of
prices as appeared in the stock market
was principally confined TO evening up
of commitments by the professional
traders. This generally took the form
Of repurchasing 10 cover short sales
and in the earlier part OF the session
caused fairly general rise among the
copper and zinc stocks and some of the
more speculative industrisls. Profit
taking caused some reaction toward the
close.
Attendance on the floor, where most
Of the days business originated, was
light, Tuesdays holiday meaning an
extended vacation for part OF the trad
ing element In stocks only about one.
Quarter of a million shares changed
hands. United States Steel, with
transactions involving around $4,000
shares and a fuctuation of one-quarter
of q point, indicates how dull was the
trading. Only about Sl,sO0.OOO of
bonds were dealt in.
American Smelling and Refining, with
a net gain of more than points, was
the leader of the metal group. Ana
cCnda, Chino. Utah and Butte and Supe-
rior rose a point or so. but all did not
hold the gain TO the end Of the day.
Mercantile Marine preferred was ad-
vanced again. The railroads did little,
one or two transactions being all that
was done in number of ordinary
prominent carriers, and some did not
appear on the tape all day.
For another week the public apathy
which has so disappointed the market
sine, the first Of the year has been
continued. The great rise in securities
that began last spring was in antcipa-
ton of the return OF prosperity 20 gen
eral business, which came some SIX
months later. II is the province OF Sc
ourity markets TO foreshadow and fore
stall the future. and II may be that the
present hesitation 10 merely in reeog-
milton Of the uncertainty that sur
rounds conditions after spring has en-
abled war in Europe 10 be waged IN
more aggressive fashion and peace at
last seems nearer.
While the Clearing House statement
of conditions yesterday morning
showed surplus Of more than Sl52,-
100000, this was S16,000,0O0 under that
reported the week before. There was
an expansion Of over s12,OO0,OOO in
loans. but demand deposits increased
less than 100000 and time deposits
were smaller The loss of surplus was
almost wholly due to reduction IN
aggregate reserve held, loss which
known movements Of currency and gold
exports had failed 20 indicate.
Sterling exchange rose with marked
strength, cable transfers being fairly
actively purchased. Sight drafts on
London rose 10 4.76is, their highest for
some weeks. Exports from this district
reported last week were only about
$50, 100000. az about the rate Of the
week before, though H. had been eX-
pected that shipment of munitions
would raise weekly totals. In prepa-
ration for further payments here, it
was announced in London that soon
our securities would be received as
loans in addition 10 the actual pur-
chases being made By the British gov
eminent.