The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-22
Stock Market Reflects Some
Influences Usually Felt at
This Season.
FIRMLY BASED

Of r~eactionary symptoms In
November or December. usually accom-
however. with signs of increas-
investment interest in bonds and
shares. That the Influences Of
he season have beer affecting the Wall
street stock and bond list lately cannot
be questioned. although other matters
must DO taken into the reckoning. and
hat there has been moro appearance Of
a reactionary drift in quoted values for
than actual reaction since the
sharp decline In the war issues does
alter the markets correspondence
seasonable presidents.
All the long catalogue Of shares IN
which there has been most activity and
advance this yea has In tho last few
weeks displayed rather general heav-
mess. n at times a very thin market
has offered for some Of the war special
ties. Technical positions in various
quarters. impaired by the great rise Of
the year and the wide distribution Of
stocks. have not yet been
restored TO stability. Al the sane time
indications Of hrmness have not been
and an excellent feature has
been tho steady absorption Of staple
mediums. including both standard rails
and industrisls. Moreover. In periods o.
the list AZ = whole has given
indications Of underlying strength, which
suggests that counteracting forces are
working against seasonal M unusual
influences for setback.
The autumn stock market and h nor
ma business betterment OF the autumn
incidental to the harvesting Of the crops
are. In a way, h annual goal Of Wall
Street and general business endeavor.
Very naturally, therefore. tho values
which Wall Street quotes are found
toward the years end 20 have antici-
pated a good deal OF the trade and In
dustrial Improvement which has nor
mally taken place. Translated into
Stock Exchange action this means profit
taking sales Of stock with consequent
recession, although reaction IL always
without prejudice to the prospects for
advance later on TO newer and higher
levels II current conditions and the out
look warrant It. The very expectation
Of reaction from autumn heights leads
&c realizing sales in the stock market
and TO a slackening Of absorptive de-
mand except as recessions occur. At
his season. also. there lie a disposition 10
discount the customary slowing down Of
business during the winter. and. es-
p~ecially when important political matters
are pending. to anticipate some unset
tlement on account OF the approaching
Congressional session.
This g II Is to be noted that one
Of the usual factors hearing on the
securities market liz not present In its
usual form. Ordinarily Wall Street has
suffered a money market squeeze 81
more or less severity because Of the
sudden increase of large requirements
resulting from the harvesting and NOV
ing OF the crops n from the autumn
business activity. There is nothing OF
the kind TO be reckoned with this year
Tho Federal Reserve banks have Just
passed their frst anniversary and In the
year which has elapsed since their in
auguration the amount OF actual busi-
ness which they are transacting In ac-
cordance with the purpose Of their crea-
ton Is negligible. Nothing could better
illustrate the extraordinary credit ca
pacity Of the general banking organl-
cation 10 accommodate industrial and
commercial needs. Money rates, instead
Of being of the highest OF the year. are
at their lowest. There is monetary ease
at "A time when we have frequently
been afflicted with ~stringency, although
this ease owes nothing 10 a depressed
state OF the business and financial mar
kets. On the contrary. business and
financial activities are in the aggregate
az the years maximum, and money con-
ditions, instead OF contributing toward
a contraction of these activities. are
helping other factors TO work against
seasonal reaction.
Outside the sphere Of seasonal infu-
| ences there have been matters calculated
to administer soms check to the con
structtve processes. a. reflected in Wall
Street, which have been such a charac.
t~eristic OF the car. A technical position
| OF instability has encouraged two sidet
trading and tho stock market follow
ing has found reasons for uncertainty
in the immediate phase Of the wal
abroad a. we'll as IN the portents Of thu
coming Congressional session. 80 fai
az the war f. concerned there has beer
an inclination 10 establish a degree o.
mental preparedness for the reception 81
adverse news from tho Balkan area. al
though the financial community is fun
damentally convinced that the war vii
60 on TO a conclusion and that II viii
not conclude In a Teutonic victory. l
has not entirely dismissed the possibiit,
that peace efforts may be Instituted
during the winter. but In considering thu
chance Of early peace financial opinion
Is shaping itself along the lines OF prob
ability that the strong economic position
which we have already gained In tn
war will conduce to a protracted period
Of prosperity for us when peace is re
stored in Europe.
Talk about The session of Congress
which begins mex month and It's con
tingent effect on volumes n values hal
only begun to he heard in the last few
DAYS. 1t Is not manifest that men o
affairs are looking forward to the de