New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-01
MARKET NEWS
AND COMMENT
Heavy Liquidation from
Commission Houses
General Break.
PRESIDENTS WORDS
CAUSE UNEASlNESS
Railroads Particularly Weak
Coppere Decline-A Few
War Stocks Firm.

The Pres dents speeches for prepared
ness. warning the nation that we might
be drawn into the European war
through circumstances beyond our con
troll. convinced hitherto obstinate hold
crs of securities that il was wise 20
tighten their speculative burdens. Com
mission house liquidation yesterday
was the heaviest for long time and
losses I'm standard issues were general
and impressive The short interest
added tho weight of its selling. and
stop orders. when reached, brouch. out
considerable stock. Dealings in the
morning were on a very large scale, nut
pressure Of sales lichtened around noon.
and the volume OF business done after
chat was much smaller. so the day
total did not reach 100000 shares.
Opening losses ranged from a frac-
ton TO q point or more. ana before 'he
morning was over railroad stocks were
down from I 20 points. United states
Steel was particularly heavily sold'mo.'
than 10000 shares changing hanus
during the day. In the last hour the
short interest drove Steel below So. on.
brourht out little STOCK. and 10 rallied
q good traction. The late dealings were
marked by a fairly genera recovery as
the short interest repurchased' 'u,
priccs ea-ed g little AZ the close.
Aggressive strength an rev inous-
trial specialties, which yesterday cid
comnaratiyelv we'll in the decline. as
sisted i'm the late uDturn. Oruclnle
steel rallied early and changed hands
IN the afternoon more than 4 points
above SATURDAYS close. Mexican Peiro-
lcum. Baldwin Locomotive. American
Locomotive. Can and Studebaker all
showed considerable frmness. They
we're conspicuous in the recovery IN the
noon hour and closed either higher on
the day or with only small losses
Such issues as New York Central
Union and Southern Pacific. Atchison,
81. Paul. Baltimore & OHIO and Erie
were under particular pressure and the
conner stocks were weak. So far as
any news Of 'he day affecting the rail-
roads went il was favorable. OF ne
December earnings that were made
known practically all showed large
gains in net. and the Nandalia. Penn
svlvania subsidiary. resumed dividend
payments interrupted a year or so ago.
London reported higher price tor
copner and the local market for the
metal continued firm.
How serious actually was the crisis OF
which this country was being warned
the market learned little. The Presi-
dent. az reported in some Sunday pa
pers. announced that it was impossible
10 tell what a single day or hour might
bring forth from the dangers that sur
round us. Naturally this was assocl-
.ted with the report from Germany
that Berlin would make no further con-
cessions and would decline 10 disap-
prove the action of the submarine COM
mander who sank the Lusitauia.
In the money market indefinite fears
Of international complications had no
more influence toward stiffeninG money
rates than had the approach Of the end
Of the month Fixed date funds on
collateral showed an easier tendency.
commercial paper was in better demand
than could be met and call loans re-
ncwed at = per cent. as had been the
case all Of last week. Foreign eX-
change rates were lower. Sterling got
down , Of per cent in the pound TO
4.757s for demand. but made up most
of us loss later Continental OK
changes were weaker. lire falling to a
new low.