The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-02
FINANCIAL NEWS
and COMMENT
stock Market Weakens Toward
Close With More Selling
Activity.
h. L O. N ADVANCE

HitttouBu ScDteruey WE uOt WlthOu
It's additional budget Of good news hav
ing an important bearing on the intrin
sic values Of securities, the stock marke
continued It's failure to reflect Opt
mistic Developments and the hst weak
med pcrceptibly all around. This un
responsiveness to confidence makini
factors. especially the accommodating
number which have been illustrating tn,
strength OF domestic conditions as q re
suit Of domestic rather than foreiN
influences, has been q Wall Street fea
turs that has attracted increased at
tention in the las. few days. 1t Ia
itself had a depressing effect on scnti
ment and the market gave evidence o
IL yesterday. Tho close was general,
weak at the lowest OF tho dag after 4,
last hour Of trading which was NOR,
active than any other period Of tn,
session.
Total transactions were on only /,
little larger scale than the volumes
which have prevailed IN tho quiete
markets OF the past fortnight, but tn
tendency toward activity was on tn,
selling side. Copiers, the stecl stocks
some of tho war specialties and evef
railroad shares led In the saggins ant
declining movement n there wcr'
some signs of scattered liquidation from
tired margin Spectators for the rise
although In the main professional effort
to lower prices, which, liave been inter
mittertly persistent 6rce the middle
Of last month. did not receive the en-
coura1ement Of much OF this sort o
selling which II has been their ob1ec
TO force.
One Of the newes Of Wall stree
theories to explain the aspect OF tbs
recent stock market vas that Il wa.
clus,on Of the Anglo French bord syn
dscate. On tho other hand distinct,
gratifying information about the invest
inent situation. the none market ant
the general state Of business was con
tanned in tho conspicuous success o.
the Baltimore and Ohio refunding bono
operation.
It Is understood that the $50. 10000
issue was 70 largely oVersubscribcd tina
s%llotnients TO dealers were scaled dow
to one-ffth OF their application. Th'
trading which promptly began in thes,
bonds carried them TO u substantial
premium above the Offering price. Ther,
could be nothing more satisfying thar
tho implications Of this event. with al
tho significance 1t has FOR the expansive
business Influences which may ne gen
Grated as a result OF substantial prog
ress in tho financing OF railroad re
quirements.
1t seems 10 be definitely indicated tina
we'll managed railroads "a finance the,
needs with long time securities yield
ing a 3 per cent. return to investors
Nor is tho level OF the rate -of interest
of quite so much consequence AS th'
fact that the era Of oyerdone financinf
with short term notes may be approach
ing It's end. The cost % capital 70 IN.
railroads may finally oe of less conse
quence IL Government regulation II
guided by a more libe policy, and Their
Is an irtinIatioa In Senator Under
woods project for a sweeping lnquir.
into the effects of Government regula'
ton that processes conductive 70 sltrf
a policy have begun at last to operate
Various rumors syn.ptomaCc OF bear
ish professional operations circulate,
toward tie end OF the Wall Street dag
most OF tiiem dealing with the proepcc
for DIST Ding occurrences In the Con
eressional session. In the degree {,
which the stock market regards sdvers,
matters OF fact or conjecture. whether
originating abroad Or at home, Il ma!
be inferred tha: the technical position
"a CNSSnS Afo ~ NANAh ehs
among commission house customers OF
margin has remained more ~ less I'm
paired since tine drastic check 10 III,
imitation OF var order specialties 9
month ago slowed down the speculative
momentum OF tho market. There wa:
more disposition among observers yes
tcrday 10 argue that this vas the cas-,
in order 10 account for tho sustained
refusal 81 the share list 10 reflect III,
numerous matters of speculative cncour
agcment.
.Advices from the iron and steel indus
try only made more emphatic the OK
,raorlinary betternent which has becI
established the:c.n. Quotations are be
ing asked aud furnished on steel for de
livery in the las; half OF next year ai.C
iro. prices are rising sharply In Tn
West, wherc the market has been beh!nC
tho advance in more eastern centres
AS for tire further reports of railroad
earnings for October IL a only be sale
THAI the days returns were the mos
brilliant yet published.
Following the remarkable statemen
made overnight by the fennsylvani.
Lines came the exhibit for the New Yorl
Central Lines. showing u gross !ncTcas,
Of S4.D42,CV0 for the month and a ne
Increase OF almost 100000 For u,
elapsed ten months OF the fiscal year tn,
| gross gain OF these lines was $l2,434,oV,
and the net gain <22.l22.00O. lrrespec
tive OF the speculative condition OF
| which such good news comes Il Is mani
fest that the evidence OF facts abou