New-York tribune., 1916-02-19
Prices Go Higher in Late
Trading as the Short
Interest Covers.
METAL STOCKS UP;
RAILROADS FIRM
Dealings on Small Scale, with
No Certain Movement for
Most of Session.

Security prices hardened toward the
end of yesterdays session and more
active stocks ended with gains OF
fraction to a point or more. For most
of the day business was carried on in
listless fashion. standard issues gener-
ally holding steady and few weak
speculative stocks making some resc-
ton. Traders, as on Thursday after
noon, tried out the market here and
there for soft spots and found few.
but practically all Of the early losses
we're made up before the close. Re
purchases 20 cover short commitments
accounted for most Of the late improve
ment. and in many instances considera-
hle advances were made on very small
amount Of purchasing.
The volume OF business was further
reduced. the total Of little over 4OO,-
900 shares making the smallest since
the week before Christmas. With the
lst still broad. this light trading
brought little business 10 any particu-
lar issue. United States Steel was
dealt in to the amountsof only around
$4,000 shares. The largest dealings
ELSEWHERE were UIONlutI hiiitA
Zinc. Mercantile Marine preferred, Ana
conda, Crucible Steel, Butte and Su-
rerior, Baldwin Locomotive and Utah
Copper.
Unimportant changes marked the
opening The short interest for
while concentrated selling in some or
the automobile stocks and sent prices
lower without causing any considers-
BILE amount Of selling from weak long
accounts Baldwin Locomotive was also
under pressure. In the afternoon trad
ing became intensely dull, but In the
final hour traders, in anticipation OF
the week end, covered short sales and
prices rose.
The railroads seemed for the time In
rather scant supply, Union racine
Reading and New Haven ended point
or so higher and most of the other car
riers showed gains at the end OF the
DAY. Steel went shade below SO, rose
A point from its lowest and finished
with an advance of good fraction
Metal stocks improved in the forenoon
and in the late dealings. American
Zinc and Butte and Superior went TO
new high levels, and some OF the cop
pers made good gains. lnterborough
Consolidated issues benefited by the
testimonial as to their value paid on
the witness stand the day before.
Currency movements during the week
appeared to indicate small loss by
local banks and trust companies. some
sA.OOO.O0O was gained from the interior,
but this was more than Offset by losses
TO the Sub Treasury and on movement
of gold in and out of the country. the
daily reports from the Bank Of Eng,
land show only small amounts Of gold
released for the United States, and
sterling rates are steadily maintained
In banking circles report that two Jap
lnese warship had arrived IN CANADA
with more than S5l00O,0O0 in gold
from Russia was received with mucn
interest. Ii was suggested that tins
amount. like a smaller shipment from
South Africa recently received IN bos-
ton. might he intended for deposit IN
Canada.
Announcement Of purchase by the
United States Steel Corporation OF
So. 800 900 of its fifty year per cent
bonds formerly owned by the Scottish
Carnegie Foundation Fund showed how
Great Britain is meeting its debts here
in securities. The Midvale Steel con-
vertible 5s offered on Thursday were
heavily oversubscribed, and there
seems no lessening of the market ca
bscity to absorb such offerings.