The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-22
FINANCIAL NEWS
AND COMMENT
Stock Market Shows Stability
in q Dull Professional
Session.
BIG Il. T. q. EARNINGS

All the recent characteristic which
the stock market has displayed In the
WAY Of stubborn underlying frmness and
equally obstinate apathy TO constructive
influences as we'll as obstinate indif-
ference 10 disturbing considerations were
emphasized In yesterdays session.
The week has brought a feeling hat
for holiday reasons, II Tor no other, not
much wa TO be expected OF tho share
list just now and OF course the posture OF
our diplomatic relations with Austria has
continued TO serve as a good excuse for
inaciion. Yesterdays news struck more
or less OF a balance between favorable
and unfavorabie ITEMS. but ir there were no
signs of any inclination as yet to reflect
the encouraging features of the 1nancia
and business situation. there were Also
no indications OF a disposition TO respond
to- advices from the theatre Of war with
their somewhat gloomy tiigs for the
Allies or to the little cloud OF domestic
d inlculty c~ugendered by the preparation
~; railway labor for a strike vote to
enforce Forthcoming demands for new
terms Of employment.
quoted values throughout the day
Hut tIilPl Ibl tIc fi'NN tdlt oNNi ~
| row range. Relieved a little by some
exceptional displays Of strength, as in
American Smelling and Mercantile
Marine preferred. the market was dull
and she dealings were In decreasing
volume after - little burst OF animation
IN the FIRST hour. Under the tests or
dulhess tho list cvinced no symptoms OF
Weakening. and whenever prices we're de-
pressed recovery was subsequently made
..g,i, a.,.,l. A.AA - a. gtnus chat tiNfN xD e
no obvious supply OF stocks for sale.
The transactions were apparently ultra
professional In their nature and n pro
nounced tendency was manifested III
prefer tho Industrial department for
operations. favor extending chiefly TO the
metal and oil stocks and to the motor
group. There was irregular price
changes at the close. but the general I'M
preston conveyed by IN" market was
ono of UNDERLYING stability. The Anglo
French bonds were firm and fairly active
torspicuouS strength was displayed "
the grain market as q result OF th'
broadening out OF heavy export buying
lately. Foreign exchange was relatively
strong. marks hofling their ncw raUi
II Sterling making further fractional
gains The recent change in sterling
however, can only he Nv" rcsuli
of tho financial arrangements wlirl
have been making. for our export trade
movement; Is running W. balances u"
Ms at ;he ~ttc Of more than $4,000. oo'
= week. AMI tho first six months ~
the fiscal yctr will enl with an e>por
balance iu excess "f a billion dollars.
Copper metal continued to he uu"tc'
at prices rising from the 20 cont lev"
and all general business information
was of optimistic import. The Baltimore
and ohio I'D III 'h~ November state
mcn:s of earnings 10y exhibiting n Cros'
gain ~ S2.3ii.Uoo and a net ain "
si.l.G,OOO. both gross and net ievcnue'
being the largest November returns II
the history Of the railroad. 'urroi'
railroad c.irniuEs may not hN p'"v"ra
tive Of speculation In railroad shares
bat they nrc conducive to Inc success q
rew. financing FOR the COMMON carriers
IN view % the excellent inNeetnleu
market which Is now established. !
small issuc of general mortgage 49, pc
cont. bonds has been sold by tho -
i'aul road for rcfuuding purposes.