Evening star., 1916-12-10
HALLIDAY MARKET
SEES PRICES CUT
Trading Is Unsettled and Re-
cessions Are General
Throughout List.
BUSINESS NEWS is GOOD

~ the Associated Press.
NEW YORK, December o-The stock
market was somewhat unsettled today.
mainly in consequence of the latest
ruling Of the British government plac-
ing severe restrictions upon imports OF
copper metal Shares of that particular
group were depressed l to 31s points,
American Smelling. Utah and Anacon-
da being most affected.
Declines equally severe were regis
tered by important industriaas, equip
ments and motors, United States Steel
falling more than 2 points Shipping
shares were highly irregular, Marine
preferred losing a point after an early
substantial advance, while Atlantic
Gulf and West Indies yielded consld-
erabIe part of its advance of the pre-
vious day.
Specialties of various descriptions,
petroleums and leather and paper IS
sues, sugars and a number or unciassl-
ned stocks shaded / to points. with
such seasoned shares as Reaoihs;
Union Pacific, Norfolk and Western and
other dividend-paying rails.
Final Quotations Lower.
Ajax Rubber was the only exception
To the general decline. rising more than
6 points to the new record or "a a.
Final quotations for many stocks were
q point or more above lowest ieVeis'
short covering contributing to the lr-
regular rally Total sales amounted TO
e70.O0O shares.
The most favorable developments OF
the day. the November tennage oi .me
United States Steel Corporation Corpora oasrs snom "
more than i,OOO.O0O0 tons and the
weekly bank statement. which dis-
closed a large cash gain and CORE
spending expansion OF reserves. e,.s
not available until after 'ne '''a'Ae
close.
General news bearing upon the nnan
-cial situation embraced another aorups
decline in exchange on Austria aao
vices were of the usual optimistic
character, though tempered oy moo-
crate apprehension as result OF ths
further advance in raw and 1apricaeeo
bonds were lower with Anglo-French
Se at the new minimum OF 93 Io.ai
sales of bonds (par value) $2,S4o,ooo.
limited States bond issues advanced
s to v Of 1 per cent on can oufihe
the week.
Weeks Market influence.
Quoted values were perceptibly in
auenced during the irregular week In
the stock market by numerous impor-
tant developments. such as the 10 per
cent cali money rate. higher commodity
prices and political and military events
across the water.
Eirnificance also attached to the atti-
tude Of. the British government re,
specting further exports OF copper ana
the possible effect OF this resula.lon
upon the country's general export
trade Metal shares suffered sharp de-
precision in the weeks later dealings,
which witnessed many price read3ust-
ments in other quarters OF the STOCK
Inst
High money proved to be of brief du-
ration, being almost Immediately alle-
Waited by the additional heavy i'm
ports Of British gold from Canada
This same movement also served to
stabilize sterling exchange. but other
foreign remittances, especially the
rates to the Teutonic countries and
Russia and Italy. were heavy to weak
Interest In Cheaper Rails.
In the stock market the most inter-
ssting movements centered around the
cheaper rails, including what are
populariy known as reorganaizsd ads prop prop
trayersing western and southwestern
territories and gains in these issues,
ranging from 2 to over points. were
we'll sustained. "a
Aside from the fresh restrictions i'm
posed by foreigners on this country's
metal products. general industrial con-
ditions lost none of their long con-
tinued buoyancy. The average OF
prices for manufactured steel and iron
Touched a new high level and the pres
sure of demand was strikingly illus
treted in the November statement OF
the United States Steel Corporation.
which disclosed an increase of over
rniIlion tons in untitled orders, bringing
the total up to a new record.
Railroad earnings were again dlsap-
pointing in that increased amounts are
going into operating expenses. out
Sross returns on leading systems at
test unabated tonnage. Executives OF
leading transportation companies are
almost unanimous in their approval OF
the recommendations outlined IN the
Presidents message to Congress.
International financing OF the week
included the purchase of large block