New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-22
MARKET NEWS
AND COMMENT
Business in Small Volume
Prices FluCtuate in
Narrow Range.
TRADING REDUCED
AFTER FIRST HOUR
Speculative IndustrialS Make a
Few Early Advances and
Some Late Declines.

Business on the Stock Exchange yes
terdav fell to the smallest for nearly
seven months. The session between
Sunday and a holiday found many OF
the professional traders. TO whom so
much Of the business has been due OF
late. absent. and the days turnover was
under 100000 shares. Prices moved for
The most part in narrow range, lew
active industrials falling back and
some improving. Bonds also were
ouiet. though IN comparison more &C
tive than stocks.
News over Sunday OF the complica-
,ion into which our negotiations with
Germany over the submarine question
have become involved was not such as
70 lessen the restrictive influence OF
that dispute on security dealings
Actual war news failed 10 stir the mar
ket. The victory OF Russian forces
last week in Asia Minor, important as
II is deemed by many. has not concur
sivelv decided hostilities IN that par
ticular sphere Of action and has not
affected securities here. Our own 90
nestle affairs have for some time been
disregarded. the argument running
that the present prosperity that ap-
pears in so many lines has been already
discounted. and more dividend IN
crcsses by industrial concerns yes'er-
day passed unnoticed.
With hesitation on the part Of the
outside public and desultory dealings
by traders. yesterdays market did lit
tie save 70 prove that prices held fairly
steady in small dealings. Around the
opening there was some attempt 20 ad-
vance n few special issues. American
Smelling and Refining. Mercantile Ma
rino preferred and common, the zinc
and some of the other metal stocks had
their turn Of speculative attention. The
volume Of dealings, however. fell of
rapidly until in the middle of the af-
ternoOn It was down 10 the scale OF
dull midsummer sessions of before the
WAT.
I'm the late dealings there was rather
more tendency toward reaction. Indus
trial Alcohol. Baldwin Locomotive,
Cruciblc Steel and some of the oils
ended lower The railroads were about
as quiet as on Saturday Steel moved
only half point from its highest TO
its lowest The copper stocks. after
some frmness at the start, turned dull.
Loss of S16,0OO,O0o in reserve by
Clearing House members last week did
not cause even sentimental firmer
tendency in money rates. This uneN-
pected reduction Of cash came princi-
pally from payment through the Fed
eral Reserve Bank for supplies for the
Allies shipped from the interior. Lit
tie gold is coming from abroad. more
munition payments are to be made, and
spring. which ordinarily brings some
increased demand from general bust
ness on the local money market, IS
close at hand.
Nevertheless, in the lending insti-
tutions there is little expectation of q
higher return on funds. In spite of
the growing volume of business, Dor
rowing continues light. SO great is
the faith in continuation Of present
monetary ease that in some instances
3 per cent is being quoted on mer-
camille paper not maturing until No
vember.
Business in foreign exchange was
light, with sterling little easier;
francs frmer and marks working lower.
Over Sunday dispatches told of ex-
pectation that Germany, like England,
would restrict imports TO strengthen her
position in the exchange market, but
more than this will be necessary 20
make German exchange recover from
its great discount here.