The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-18
FINANCIAL NEWS
AND COMMENT
Stocks Reflect Realizing Sales
Dealings Largely Pro-
fessiOnal.
STERLING IS STRONGER

frOnt taxing sales and n fendency
toward rather moro pronounced profess
sfnalfsm In tic dealings were features
Of yesterdays stock market. Stree the
recent slump in the war stocks public
participation I'm the market has been
rather more restrained than It was
earlier in the autumn and a disposition
has developed to absorb standard shares
~ concessions AS compared with the
process OF purchasing the most s~pecula-
tive descriptions at rising pr&cs~ which
was 80 highly favored a while ago.
There Was IN the first hour or 80 yes
tcrday somo suggestion of public buy.
iig IN miscellaneous directions, but
tlIcipaftcr professional aspects were
distinctly manifest.
Tendencies Of this suri have been In
dictated DURING the w,-.k by tho resIonsa
which realizing sales have made to the
quantity of COOL new vouc,Safed. and
tho action OF the copper stocks yester-
day. In reflection of tho strong nrtrkc,
for the metal and the confirmation
of oTio OF tho rumois about a re-
arrangement of copper producing in
AtlNcN1. Il ~ NoE' - va @h'PO ~
was characteristic oY "a professional
market that when United States ~ II
wts nd strongly up around midsession
pressure was put on tho rest VI the list
on the theory that Steel had been iud-
vanced 10 facilitate general distribu-
don. Tile habitual trading element las
been In u mood In the last few days 70
operate for reactionary movements. and
quoted values yesterday pursued y reao-
tionary course after tho forenoon.
There was, however. no sign Of any
change IN the underlying strength OF
seasoned and staple issues Despite the
numerous net declines for the day and
tho all around setback from the best
figures statistical averages OF repre-.
sentative stocks az the close held around
the highest OF the year. transactions
were on I. million share scale, although
activity was concentrated In the carly
trading. With rlackening activity the
market developed a good deal Of thin.
ness for many tpccillti,s. even if SOM
striking gains were made and IN large
part retained by stocks like lackawanna
Stecl. Bsthlehem Steel, General Motors
United Fruit and California Petroleum
International Mercantile Marine pre-
ferred certificates were depressed by
prof, taking. but hcayy buying was az
,ractcd on the decline. The copper meta
group sold on. but the setback was only
in proportion Ia the extent OF It's up
swing in tho last week or 40. Tie an
npuuccm"nt of the kennccott Copper
plan 10 take over the Guggenheim Elk
ploration Company's Utah copper hold
ings and absorb the Bradeu Copper
Co,nbauy. with uuconirmed rumors OF a
liquidation Of the G~uggcnheim ENplora-
ton Company. marked In the trading
view at least a temporary objective
point in the movement of the oupe
shares. The declaration OF a dividend
al the rate Of 10 per cen "a wear ~
cuban American Sugar explained ,hs
,apidity with which the stock had been
rising and was another token of The
way IN which events have brought wind.
fails Of fortune 10 corporate enterprise
There was irregularity in tho railroad
list. but the undertone remained stvong
with some aggressive features OF
strength such "a Erie.
Aside from matters referred 10, the
news which attracted most attention re-
lated TO the broadening Improvement o.
trade and Industrial conditions. The
weekly reviews OF basic industry noted
The continuation of active demand for
iron at rising prices and indicated IN,
steel situation by reports tina, the out
put was very largely sold for the tirs,
Iidll b' H'Nl year. NcruS or CautlOi
Were. however, INDUCED IN respecting
the particular problems which high
prices themselves create.
Altogether the most important finan.
clal feature Of the day was tho further
recovery Of sterling exchange, with ac,
c~ofnianying strength IN French sX-
change, Will" German exchange cor,
tinucd L" decline TO the lowest OF Tho
year. Demand sterling sold up to i.G7ie
IL rally of more than : cents since The
beginning Of the month. and there wcrt
Internal and external indications thai
Il sustained display ~ stability might
now lie reasonably expected Of il fol
u while.
Local information and advices from
abroad both pointed to the concluslo!
of the arrangements for the extension o.
banking credits to London. which car
hardly fail ultimately to aggregate sew
eral hundreds of millions Of dollars
With a supply of credit already .tvaila
Bile for banking uses and with the re
course which has begun to the proceed.
of the Auglo-trcnch loan. the improve.
mcnt which sterling exchange Is Showiul
Is accounted for. II il also a welconl,
| sign hat in "A normal and seasonal man
ner we have begun 10 export gold I,
| Canada in remittance for the DAMN