The sun., 1916-12-08
FINANCIAL NEWS
And COMMENT
Wall st. Refuses to Get Pam
icky Over Reports Of Ten
sion in U-BOat Situation.
IMPORTANT LOSSES FEW
Profit Taking and Professional
Pressure Fail TO Create
Acute Weakness.

Wall Street apparently has become IN
mune to developments in Washington
suggesting the possibility Of a break In
the relations between the United States
and Germany because Of German und r.
sea boat activities. Perhaps 1t would 10
better To say the public refuses TO run
into panic when professional traders
In the stock Exchange endeavor to at
tract liquidation on the basis OF Wash
'ngton advices that there may be n
break with Germany. for II IL the pubic
which Is In actual contro, OF the mar
ket. and a strong public at that.
The street heard yesterday that the
President was dissatisfied with Berlin's
reply In the matter of the sinking Il
the Arabia and that the outlook favored
cessation OF diplomatic intercoutp re
with the Kaiser. but In spite Of attempts
IN drive market values into d, moralIzi-
ton few important losses were re-
corded
The public Is we'll fortified with ba nix
accounts and II merely adds TO its mar
Glns when conditions appear to favor i,
decline. There are not many weak ac-
counts In commission houses which can
not be strengthened. and In consequence
II Is not an easy matter to force liQuida-
tion.
Most OF the liquidation represents
realizing. and on declines buying is SO
excellent in character that the bears
soon reverse their position and anathe-
Matte the public for its persistency and
consistency In its bullish operations. II
was so yesterday and IL doubtless will
continue along these lines until real
overstimulation and imitation develop. or
unttl there has been some radical change
In fundamental conditions.
Pressure from the professional ele-
ment and profit taking gave the genera
market spotty and irregular appear
ance. but at no time was there acute
weakness or any suggestion in the char
acter OF the dealings, which totalled
l.36s.9o0 shares. that the public had
any intention Of being driven out. Ac-
tive public buying was reported through
out the list, particularly IN the coppers.
when reactionary tendency was re.
ported.
Efforts to convince the outsiders that
the position OF the copper market IL not
so promising as Il was few weeks ago
meet with no response Continued op-
timism over the copper metal situation
is justified. as there has been no change
OF an unfaxorable nature In factors af-
fccting the market.
at any other time In the history OF the
industry. with every indication OF a
strong market for months to come both
on account OF domestic and foreign re-
auirements. Incident to the copper mar
kct II Is interesting to note that the
Utah Copper Company yesterday In.
creased its rate from Sc to $40 a year
with an extra 81; Chino Copper Com
pany its rate from IS to Ss. and Ray
Consolidated Copper from So to 81.
In some OF the more active and highly
speculative issues declines from the high
of the day ran to n point or more. bu,
closing prices were above the low levels
while good laying was reported In the
final operations. The low priced rails
such as Southern Railway. Missouri
Kansas and Texas. Erie and Wheeling
and Lake Erie again were in demand
with active buying in some Of the stand
ard rails also. more than 10000 shares
Of Reading. for instance. changing hands
at prices above Wednesdays final figure
The general selling movement that de-
veloped was Of little importance In COM
parison with the character OF the buy
ing.
Further ease In money was reported.
with call money ruling under ! per cent.
as against the Ii per cent top level OF
the week. and with easier rates In time
funds also. Although some OF the local
hanks took advantage Wednesday OF the
rediscoun,ing privilege Of the Federal
Reserve system. there were no opera
tons of the sort In yesterdays market.
the position of money. Reinforced by fur
iher receipts of gold from Canada. maxi
ing such transa actions unnecessary.
Generally a steadier tone prevailed In
| foreign exchange and conditions In the
market excited little comment. although
international bankers were interested In
the withdrawal Of American bankers
balances from London because OF the
better opportunities for their employ
ment here.
International bankers were interested
also In the announcement that the re-
Mobilization OF the Brazil Railways Com
pany was to proceed through French
financing to the extent OF 10000. 900
francs. with the approval OF the French
Government This operation II OF espe-
cial Importance. as II is the first instance
of any country now at war financing
outside projects since hostilities started.
while it must he considered as strong
reflection OF the confidence of France in
the ultimate outcome OF the war.