The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-06
FINANCIAL NEWS
AND COMMENT
Further Advance in Prices En-
counters a Supply Of
Stocks.
FOREIGN SALES REPORTED


., -. H.. 49,.
frNes tc'ucu up"",u se",' :" o
curities market yesterday ana oohus were
noticeably nrmer and moro active. Trad
ing I'm stocks was on an Increased scale,
I'M, ,ho io,,c, y, advance reached nv u,oted
-. w. -. -. II, .,,.,at.oa
'"'uo9 was ""' pu''c 81 WI
as on Monday certain INDUSTRIAL ISSUES
like Central Leather and American Cot
ton OIL made and held substantial gains
49,, a.. t.. H., a.. r,hoi. sbovad
,.,-.-,.
"'esu'ai '"a"se' OF '"e N'V'''
fractionally higher prices prevailed IN
comparison with Mondays final figures.
Tho market started tho day in n rather
..,-,,.- ,.,,t,,,,a,i.,, 80 ia. rau, ,,hich
-.
ueNe'opeu On "o"uuE' anu ui'''' We" INV
the afternoon the dealings showed talr
degree OF relative animation After that
the market turned somewhat dull and al
though reactions were only slight the for.
ward impetus seemed to nave slackened
materially. rms was the result OF the
appearance OF speculative profit takins
sales during the earlier part OF the ses-
sion combined with some liquidation OF
"A more important character
Foreign selling came in, although the
amount Of 1t was much less than the
total estimated In rumor but an inter
esting feature OF the trading was the
fresh manifestation or disposition
abroad to return securities TO our mar
ket in periods OF advancing prices. This
Indicated no distress as the cause OF the
foreign selling, but II might be regarded
as all the more convincing proof that
Wall Street must expect TO receive securi-
ties from Europe whenever the market
displays absorptive capacity.
Not much significance for trading pur-
poses attached to the refusal of the re-
opened London Stock Exchange to mark
American shares up to parity with Wall
street quotations. The extreme restric-
tons with which stock exchange busl-
ness Is surrounded In London practically
preclude dealings between the two centres,
but they do not prevent transactions here
for foreign account. What meaning the
American price level In London may have
would seem therefore to consist in its
New York do the buying and in the in
timation which It seems 10 give OF a
cautious foreign selling policy.
The lack of any great foreign selling
pressure In the past month cannot be
safely taken as assurance that rising
prices here Will not attract liquidation
from abroad. Recovery II not p.ecluded
by such prospect and II s a hopeful
sign that European investors are not
anxious to urge their American securit es
on buyers. Furthermore when business
conditions here improve II may be eX-
pected that Europeans will be even less
disposed to let go their American com
mitments except at very material gains
from present price levels.
Technical Influences play "A considerable
mart in such "A stock market as Wall
street now has and IL Is idle to endeaVor
10 relate every DAVIS session IN nnrkst
wise news. At another time wall street
would have been very enthusiastically inn
messed nv the Sunreme Court's latest de-
risin, In +hn cas-. M IN. Dnnhurv hot
tors boIdin, Labor union menhers ,ndi-
yidualIy rssnonsih,a or d,mag.s IN /,
hovcot,ad husiness Tho nron,nt succsas
~ ~. Arsentinc Ioan oo,atIon did s..,n
90 n. ,.eoc,sd 4, "a. ,,ora s,,t,t,,, a.
,,o.,,,,.,, n,,artar -, ~. ,,ar,,, ~, ~.
80. 4. III .t ~ -, Ss,,,,,.,- ~
~ ,bis ,..at,, ,,,,,,,rn T., "a. .hara IL,
10 .'.,s 80 ~ -, ,'o - no
80 90 - o,,n ~. ,a,i,,rn -, 80, a.,
a .',.,. Va ,.Ii .o ~, a"' uIS
tu' ou'tNo y. ''oN SUM
no Nc I.ou'''P1.O't az tVt,u0' $780,
Ih'Htu'o vi raw .u'o anu SuNeI .s ~
inlorIndtiom haue up inc nlAncIal new
ouuse', no t ui."I' I1se "a io',toe ~
a. 'onen nc , r,oI'cI ts w. w
t,lo way Vi I,ipioS eiI,ehI ro'elsh eA-
Snanse sasseu anu e'os.u az ne" IvN
ieNe's' Win ueIldhu estaui.sneu uIueI
100, anu az iUrIns oI FeinittaHSe nloi
OF Tess weak. me tohs OF the uoInes'lt
money marNes was sosier anu ioahs OF
IouI inoH'hs luI'us az 90 per Neht' "eI'
pei Ite ~ noSs'P SoHSerneu 'sseII WIN V'Ie
SS'uou,uuo so'u "ithora"al rum tho az
say OIice' uut tne IdCt tlat wi
apout IL was not erat'neu Ilsnt oe
taheh as S'lutnSe tms, u,o t. naos sr,'