The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-28
FINANCIAL NEWS
AND COMMENT
Rails and Standard Industrials
Lead q Strong Stock
Market.
U. s. STEEL THE FEATURE

breadth and moro substantial strength
yesterday IN continuation Of the for
ward movement which was resumed
last week after a prolonged interval
Of inertia. Dealings. although In large
part professional. were less 80 than for
a long time past and the Marks un-
doubtedly owed much OF its advancing
firmness to efforts Of more substan-
tial character than the operations Of
professional traders. For the rest the
explanation of the dealings and course
Of prices was readily afforded by the
fact that In recent weeks a good many
expansive influences had been communal
Gated from tie field Of general busi-
ness without eliciting any marketwise
reflection. Such q pom a. quoted
values have been tending 10 make In
the last few days has been distinctly
overdue.
Th retirement Of short contracts
made a material contribution to the
purchases Of the day. but there wa no
evidence Of any endeavor to force the
pace Of the rise. Indeed tho markets
strength, which was persistent from the
opening to the close, was more convince
ing because of the unexcited breadth
Of the rise than would have been the
case IL signs Of aggressive bidding up
of prices were presented. The market
ALSO derived some satisfactory quality
from the character Of the leadership
which was assumed by standard rail-
road and Industrial shares. what are
called the real stocks, although there
were numerous strong features OF
special description.
Total transactions were in the largest
volume yet attained In the now upturr
and denoted a very respectable scale
of activ1ty. although trading In United
a quarter of the whole market, was
perhaps a triie disproportionate. How
ever, the position w-hich this stock oCcu'
pies at the present time on accOun Of
the state Of basic industry may be
"a sufficient reason for enjoying a pre-
dominating share Of Wall Street atten'
ton. The action Of United States Stee
was one OF the principal factors in tn
promotion OF all around strength. I
sold at the highest price of the year
going rather easily through the forrne
high level eached about two month
ago and coming within strikint distanc
of the maximum figure at which II hai
ever sold.
The Steel Corporations prospect 70
reports OF record breaking earning
from now on. with an early restoratio
of dividends, were widely discussed an
ii was clear that the facts OF prohtabl
activity in trade and industry were in
ducing "A degree OF investment as We
as speculative absorption. Inves.men
buying IL usually looked for at this sea
son and the appearance OF IL was sug
gested by the general bond market, 1
which there was a more active inuuir
and "A frmer tone following the contrac
tlon which set In toward the middle O
Ia .-.l MI I-
disturbed by the sag Of tho Angle
French bonds to %. "A net low price. AN
financial sentiment generally was ia
, from unfavorably impressed by tn
= loans drop In price, the chief CONNER
made upon 1t being that IL proved tn
naturalness of the market for the oar
II there was any other hint of
reflection OF European news or interna
tional affairs il was not obvious in IN
Wall Street day. The stock market wa
!. plainly concerned with theincentives tina
offered Tor a constructive attitude towar
the outlook for corporate equities. and
was equally as plain that condition
abroad were not regarded as offerln
detrimental contingencies. United state
Steel was only one OF several OF the moe
important stocks on the international lis
which made substantial price gain
despite the advertisement given lately q
British intentions TO persist in the LOU.
dalton OF Investments here. New Yor
Central reached the highest level |
three years and Union Pacific was yer
firm.
, There was possibly some traceabl
connection between the movement {
railroad issues and the further state
rpents of railway earnings for Novembe
4 which included brilliant reports by II
Union Pacific. the Atchison and the Fri
Copper shares participated in the di,
. play of advancing strength under II
very evident impulse provided by II
quotation OF copper metal at prices RAM
Ing up to 90 cents a pound. The new
that legal proceedings had been brougl
against the Texas and Pacific Railroa
for failure to meet Interest requlr
ments was considered to he such a d
%velopment as might have been expects
from the difficulties in wNic;. the 81
= called Gould railroads la been II
VOWED.