New-York tribune., 1916-01-11
MARKET NEWS
AND COMMENT
Pressure on Speculative
IndustrialS DiSturbS
General List.
STOCKS SHOW LITTLE
RALLYING POWER
Weakness In the Final Dealings
Steel Tonnage Figures
About as Looked For.

Renewed liquidation In the more
speculative industrisls came upon n
market that had gained little in buy
ing power over the weekend Extreme
losses IN the war contract and oil
stocks reached 3 points or SO. and
there was little sustained recovery.
Selling pressure for the short account
was generally concentrated in the is
sues that looked weakest, but the list.
as whole. offered less resistance than
IL had the week before. Dealings were
on no large scale, the total Of less than
100000 shares being smaller than for
any full session OF the week before.
Trading started with a few advances,
principally of fractions. but prices soon
weakened. and before the first hour had
ended losses of considerable extent had
been recorded. There was some re-
covery, but the upturn was without
vigor and selling pressure was renewed
in the afternoon. In some issues low
est prices Of the day were reached tow
ard the close.
The group that had showed such sus-
cep.ibility TO selling pressure last week
fell further yesterday. Studebaker,
Mexican Petroleum and Crucibie steel
and American Car and Foundry were
conspicuous on declines, and American
Can was reactiouary. Anaconda was
also heavily sold at times, and
American Smelling and Refining lost
over 3 points on the day
The railroads were rather quiet and
did better than the industrIsls, but
Southern Pacific was a point down at
its lowest and Canadian Pacific, Chesa-
poake E Ohio and New Haven lost a
point or go on the day. New Haven
was firm around the opening and then
fell back 10 points below Saturdays
close. United States Steel did not take
selling pressure as easily as in the ses-
sions preceding, and ended more than
q point down AZ Sc. after having
changed hands shade lower.
The addition 10 untitled tonnage on
the books Of the Steel Corporation Of
more than 100000 tons was about what
had been predicted, and its announce
ment was practically without market
influence. Such stupendous gains as
had been reported in the two months
preceding were not looked for. The
total of unified orders at the end OF
December Of more than 100000 tons
was the largest in nearly three years
and more than twice that at the end OF
1915, but the present prosperity of the
steel industry needs no proof.
In the foreign exchange market ster
ling held az about the final levels Of
Saturday. Marks continued their re-
covery, while exchange on Rome was
decidedly weak Local monetary con-
ditions were triAe easier. Call loans
were renewed at -. per cent instead
Of the per cent rate Of the latter
days Of last week. Time accommoda-
tion was quiet az about the same levels
as on Friday. Commercial paper was
purchased freely and showed a little
easier tone. Greater business activity
has not yet called upon resources OF
lending institutions so as TO bring
about any greater return on money.
A greatly increased volume Of trade
is looked for this year, and, ordinarily,
bankers would expect this TO mean more
profitable employment for their funds.
We have. however, TO take into account
the tendency toward imitation abroad.
which is driving gold 70 this side, and
the lowered reserve requirements and
additional credit facilities Of our new
banking system. What effect these
contending influences are TO have upon
money rates can better be told at the
end of 1916 than at its beginning.