The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-16
FINANCIAL NEWS
And COMMENT
ReactiOnary Turn in stock
Market. With War
Shares Weak.
COPPER ISSUES
RISE

Arter an carly hHOW or strength yrs
terday the market developed irregular
and more or less reactionary tenden-
cies. which. with certain conspicuous e.
ceptions. became more pronounced dur
ing the afternoon. There were some
features OF strength IN the late dealings.
notably In tho copper metal group and
the International Mercantile Marine pre-
ferred certificates. but for tho mos. part
the close vas mad at very little re-
covery from the low prices of the day,
which were substantially below tho high
forenoon figures.
The main movement Of the market
was Influenced by the weakness of the
war munition shares. Prices through
out the list were affected somewhat 10y
n profit taking disposition. which was
~measurably increased by the fact that
much good news which Wall street has
been anticipating for many weeks past
Ia now receiving more general attention.
The broadening strength OF general busi-
Hess conditions IL. however. calculated
10 promote n extend the investment
absorption OF securities which has been
such a marked characteristic of the re-
cent financial situation. Transactions
showed a contrasting trend. although the
dSEIcSdtV uelpOleu "a very Tcsptttdu ic
degree Of activity. and various observers
were inclined to expect at least al In
terval Of more professional ana less
public trading as a factor In control OF
the surface fluctuations of values.
At the outset there was a fairly
| uniform upward movement of the share
list. but 1t did not hold after the first
hour. II was apparent that public III
terest WAS not following advances witt
49,. 49, ..-.-
prices were attracting realizing sales
On this account professional trading
pressure was applied to tho descriptions
who's position was most doubtful and
toward noon there was "A sharp decline
in the war stocks.
That this owed something to specula'
tive attack was inferential from tn,
hasty circulation OF rumots about IN
torpedoing of another transatlanti
steamship. and some evidence was at
forded OF the underly ing stability of thu
market by the comparative indifference
manifested toward the setback of th'
war stocks and the accompanying
rumors. The depression did not brini
out stocks IN any great supply and thu
selling which caused II was not sus
tanned. Prices rallied rather easily aftei
the removal of pressure. Nevertheless
offerings in light volume continued will
D bltl 'ul@ VI stN' s'liAfAt
shortly before the last hour. Thereafte
the market in most directions sagged o
recovered only very slightly.
The professional trading element In
dulged In much discussion of the ad
verse possibilities of events in the wal
and our own relation to 1t. as ILLUSTRATED
10y the Ancona affair and the Teutoni'
hostilities which are being carried OF
against industrial enterprise in thi:
! .ttn \as Itl ~ omit rsf.van.n Z
the Congressional prospect Of p%olitica
turmoil. but IN" action OF stocks s-eme'
10 br governed largely 10y technical con
s~i,ieratinns. The rail-! in the war stock
last week was chiefly the result of cover
ing by II short Interest Which had over
stayed the break at its lowest level. TIL
International list Of seasoned shares wa
subjected to a continuation Of foreig'
selling. Aggressive strength In tn
copper stocks was a direct espon I
the rising strength Of the metal, whic'
was described as having IA large marke
at 1S3, cents with heavy forward buy
ing by domestic consumers who all Tn
past year have been content with pur
chuscs for Immediate delivery.
There Was no waveriug In the strergt
ct the Investment demand denoted b
the inquiry FOR bonds on the iloVr {
over the counter. The impression mad
by the expanding conditions Of ecner;
business. together with their ~signincanC
for values, is most strlklngly demon
strated by this department of the secur
y ties market.
sterling exchange made a further r.
. C,very and was strong AZ the advarc
II has been helped not only by the pc
= sisteut shipmeu: OF gold from l~ondo
4 come 80. ooO 900 more being received ye
terday. and by the British liquidation
. .A.a