The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-21
FINANCIAL NEWS
AND COMMENT
War Spccialtics Continue
Weak and Make stock
Market Heavy.
TRADERS CHIEF SELLERS

Less effect seemed TO be produced on
the volume of business In the stock mar
ket yesterday by the football distractions
Of the day than on the character of the
dealings. The professional trading ele-
ment seemed to havc the market much
more TO itself and was able to produce
effects on prices more satisfactory to
its present bearish liking. Transactions
were not on "A scale of any active en-
pansion and did not suggest that the
business OF the session owed anything
20 other than professional operations.
The course OF quoted values was down.
ward and while the close was generally
heavy distinct weakness was confined
TO the wal stocks and related specialties.
There was much bearlsh tipping, but the
general list of standard shares offered
underlying resistance to pressure. and
there were some features of aggressive
strength. such as Guggenheim Explora-
ton and Texas Company. but these did
not have any very extensive influence
over the general market.
Altogether the session was a rather
natural consequence of a week in which
the dealings had tended to become in
creasingly professional. with trading
sentiment for "A variety of reasons TAX
Ins "ea''S" aspect i""' III W.
t,on Vi 'ne marke' has ocho'e" more
tnah a continuation OF me process Oh az
1ustment which was ushered In by the
sharp collapse of the war stocks at the
beginning OF the month, and has been
carried along by tho seasonal influences
whicn cus'o'nar'y "orh LOT more OF iess
reaction at inns 'ime OF the year W
dountful Inc pearish views with whl'h
wall street has been hlied IN the last
rev oa!s nave neeh OF " ra'her super
nclal sort uer'Nlns u,e.I eolor Iro" VI.
surface appearance VI '.e NhaIhe' "se''
ana w'.nout resaru lot the eN'erna' rae
.ors winch now cons.it"te . eons.rue-
Tive al ehN'!oniheh, ior "ctua' N"iu'S'
Inc instantly or 'ne war stocks' IN
the eequei 10 ,Ne uls specuIa''oh OF 'ne
year IN THESE descriptions mas iuri'sneo
u leverage LOT a''i'.t'es ae"'hst pi'eS
ana circumstances nave V"oNlued ""
assortment OF piausipie excuse" ior urs-
ing the seliine siue OF the market ON
pecuia'iVe attention. Ihe sooo geher'i
business news mas peen spokeis OF rs
thougn ttcfe were none nut ouiieh sur
rouildinIs Tor wall street 10 consider,
which would De speculative! interpreted
TO mean ma everything on the con-
etructive SIDE mad been discounted. Tn
the other halld, there mas peen n Wlde
advertisement OF the adverse posture OF
anairs Tor the Aiiies IN the baikan t~-
etre or the European war ana p!ehty OF
emphasis mas been laid ON disturbins
matters in our own relation 10 the war
such as the -Ahcona incident ana the
alien plots against our industries. The
tito for an unsettlinG Congressman
session has been adequately dwelt upon
In order TO complete the bearish argu-
Hent.
In the meantime the share list seems
" nave derived support from a qulet
absorption which rejects the invest
ment demand. expressed la the bond
market and from the breadth and
strength which trade and industrial bet
terment has developed. The situation
In the steel market. In copper, oil. sugar
and other great lines Is one of sustained
strensth. with practically all the various
branches OF business endcavor Oh the up
grade. Money conditions. which are