The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-11
FINANCIAL NEWS
AND COMMENT
Stocks Rebound vigorously
After Another Break in
War Issues.
GAIN IN STEEL ORDERS

" NV w bfuA " b"No
indications yesterday Of the probable
Of the reactionary movement
which has been readjusting the iopsided
ami tcnNravy position Of the war stocks
'h's month. There was some news
which was sufficiently adverse to fur
nish a test Of the market situation, and
further proof was afforded BY tho Sue
cess of aggressive bearish operations In
forcing another sharp break In the war
munitlon shares to new low prices. At
the same time the action VI the general
list of standard issues. both rails and
lndustrials, up TO and during the de-
cliniug period OF the day. together with
the general course of quoted values
thereafter, suggested hat necessary
liquidation had been completed. Practi-
cally all of the familiar signs witnessed
on such occasions were noticed. Alb
sorptive capacity developed In excess OF
offerings and the market looked in thu
last hour not only sold out but over
sold.
About one-iinh OF the days dealings
was In tho Uni;od States Steel shares
and this stock WAS one of the pivotal
features Of the trading. II was innuedi.
Jtcly follow ing the publication of the
steel Corporations October statement,
showing the extraordinary increase OF
S4i.S34 tons In forward orders durine
the month, a gain far beyond tho ex.
'rems of optimistic prediction, that the
break OF the session camc. This was
obviously Induced by the raiding tactics
OF operators for the fall, but II was
manifest thai there still remained Gle.
ments OF weakness In the market struc.
ture. for when Baldwin Locomotive
Crucible Steel and other favorites O,
war order speculation began to crum'
BILE away there was q great outburst o,
selling from commission houses which
swept throughout the list.
In the moor hour. whom the acute
weakness occurred. dealings expanded I,
more than 800 600 shares. but this ap.
parently finished the required work OF
reaction. From then on the record OF
the market was one OF progressive and
a~ccelerating recovery. Up to the after.
noon the rails and standard industrtals
had displayed firmness and had yielded
relatively very little to the heaviest sell.
ing pressure. Early In the afternoon
they began to harden under the leader.
ship Of Southern Pacific and United
States Steel. with coppers supporting thu
rise. The advance extended through
the railroad department and finally the
war stocks fell into line. Energeti,
INV I'm vi
descriptions back to and above the lew
from which they had fallen earlier, nnd
the close all round was active anC
strong at the best figures Of the day
with d substantial average OF gain owe
Tuesdays close.
Even In the forenoon there we're to.
ken that the a Of severe stoci
market unsettlement might be drawing
to It's completion. The news of the sink
ing Of the Italian steamship Ancona BY
All Austrian submarine was interesting
not only because II tended to take ths
edge off the controversy which Wash
ington has started with Great Britain
but also AS 4 gauge of the position of tn,
snare list. Had decline not gone far to
ward restoring the market to a state o
structural strength destruction of tn
Ancona could hardly have failed to b'
disturbing. Again, there wac the news O
the costly fire In the Bethlehem Stee
plant and the advices from Washing
ton pointing to a Treasury scheme fol
taxing the war munitions industry. Th'
fact that the fret movement of tn
stock market was upward permitted thu
Inference that the list had very nearly
riRhted itself.
The vigor and extent of the Afternoon
I rebounds we're tho basis for the opinion
, formed 10y observers that the reaction u
stocks had In all likelihood u IL
course. Short covering contributes
largely to the afternoon uptu.n and SOM
outside new buying WAS Induced, but IN
best and most substantial as well a
the most important buying was done il
the weaker period OF the day. followin,
similar purchases in the previous veal
intervals of the last few days. Their
was some disposition last night to him
thai the market came back too swift.
in the afternoon and might sell Off aeai,
somewhat, especially DIS there was
bearish account which would be Iikel,
to maintain a related attitude OF AN
tagonism. At the same line the aspect
Of the market denoted that IL would tax
q great deal to provoke any severe un
settlement of the general list. and Of tn
war stocks 1t was obvious that thes
we're not only selling at Il much sare
level hut were no longer held In r.
many different hands. Moreover. thei
recent impaired position should not b
taken to dctract from tho merits whicl
some Of them possess as participants II
the profitable war contracts which hav'
been placed in this country.
As TO the external conditions OF tn
market it is likely to be clearer af:e
q while that Its action lately resulte
only from technical u~nsoundness Their
was certainly no bearish argument In tn
Steel Corporations tonnage statement
which is a gauge Of great general bust
ness Improvement. The October increas
Is the largest monthly increase save tn
gain In October. 1912. Indeed, in view
of tho present record production of Til
corporation at the higher prices whicI
now obtain, last months business for
bids comparison with any other mont
IN the corporations history.
Commenting on il the Iron Age say
that 1t Is the first definite measure q
the remarkable trade movement which
under way. a movement which III char
acterized by a demand which Is create
to-day than It has ever been. notwitf
standing the steady advances OF price
for steel products, Moreover. the stee
showing IL supported by the very larg
copper sales which arc making. by
record expansion of railroad earning:
by the greatest crop e that the our
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