The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-16
FINANCIAL NEWS
AND COMMENT
Anglo French Bonds Heavily
Bought Below the Under
writing Price.
MORE ACTIVE
STOCKS

Dealings In the stock market were or
his expansion Of trading conceded with
manifestations Of more aggressive
strength than has been seen In some time.
Toward the end Of the day this exhibit
ton was qualified somewhat by the ef-
fort CT heavy reaiising In particular
descriptions. with the result Of giving the
! market an irregular aspect. The close.
| however. was steady to Arm and It would
be more accurate to say Of the session
| that II as two sided rather than lrregu-
lar.
An outstanding feature Of the day was
the fact that II seemed TO confirm
previous indications Of the week point
Ing to a departure Of quoted values from
the more or less apathetic state which
they had occupied for more than a month.
TIL market seemed to have moved out
OF its rut and to he looscning up. There
was more action and motion. with a ten
dency toward greater breadth. Inertia
appeared to ave been overcome and n
market which has given such tokens OF
change Is very apt to be refectiue
processes preliminary to the develop
ment of a definite trend.
There was heavy profit taking In
Studebaker and in Internationa Mcr-
camille Marine preferred. but M Marine
az per cent. bonds were ext -sordiHarily
active and decidedly strong. DISPOSE
tons toward strength and constructive
effort were emphasized by the course OF
thn oil .Nn,la TNA-aa Gsxr~ I'D NGAwt
can Petroleum being conspicuous among
the listed shares. The international list
was more or less heavy. but this was
owing less to foreign selling than &c
speculative sales a~nticipatory OF offer
ings from abroad In consequence OF ths
British Governments scheme to mobilize
the foreign investments Of the United
Kingdom and render them available fol-
national use. At the same time guaran'
tees seem to have been afforded tina
foreign liquidation will have no more
effect on the level Of quoted values tina
II has already had this year.
Caution continued to pervade financial
sentiment on account OF The pending In
ternatioual questions. Hut In the alb
sence Of any fresh news hearing on this
factor there was an inclination to pay
more attention to marketwise influences
Of "a more tangible character. The com,
pletion Of the Anglo-F'rench loan syndi'
cate period left the stock market undis
turbcd by the establishment of a free
market for the loan at a price lcvc
ranging down to two points below thu
underwriting figure.
Probably the cquanimity with which
this event was regarded was wins I,
III extent to which IT had been dis
counted In expectation. Moreover. II Il
recognized that the disposal of NOR,
than 90 per cent. OF the loan for invest
mcnt during the life Of the syndicat,
was an excellent result FOR only tw.
months of subscription. The transaction
is not only OF great size. but a larg'
foreign loan would have been n move
undertaking q n n peace footing. TIL,
prevailing assumption now il that tn,
dealings In the bonds In the open marke
will advertise their merit as one of tn,
] best investment opportunities ever pre-
, scented. The transactions In them yester
day we're in very large proportion 4
the total volume Of business in the bon,
department.
Most OF the news OF the day bearing o'
values encouraged optimism. The fina
crop report proved the accuracy of pre-
vious estimates OF the wonderful abun
dance N the years yields, and their con
tribution to the country's prosperity /
denoted by the Agricultural Depart
ment's estimates Of their record breakini
value. Reports from the iron and stee
trade told of inquiries for iron deliverie
extending into the last half of next yea
and OF too much current business offer
ing for the steel companies to take
Despite the scanty shipping facilities on
foreign trade suffers no diminution. n
Is shown by last weeks figures, whic
III place the export balance at more tina
$50, zoe. 900. In the foreign exchang
market the notable feature was the pei
sistent fall of German bills.