The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-28
FINANCIAL NEWS
AND COMMENT
Heavy Profit Taking Again
Selling Concentrated-Buy-
ing Scattered.
MICH BEARISH OPINION

In its broad features the stock market
yesterday was a replica of that Of the
previous day and also of the session
Immediately preceding IL. There was
the same heavy profit taking from specu-
lators and groups OF spectators who
have made large profits IN the recent
break, and opposing this influence
there was a continued broadening out
OF the public interest in stocks. In
other words, the selling appeared to lie
! concentrated and the buying scattered.
The result of his conflict OF forces was
a slightly higher N of prices all
along the fine. This was the result
also in the two preceding days. A
comparison with Thursdays session
showed that the net gains were rather
larger and that the trading tended TO
enlarge on the rise.
The news of the day was favorable.
SO far as the German-American ten
sion is concerned early optimistic re-
ports were justified. Washington de-
| spatches stated that assurances had
been received that the German Govern
ment was prepared to offer full repara-
ton in the Arabic case, with the intima-
ton tina this marked an abandonment
of the features of her submarine policy
| Objectionable to the United States. De
| spite this, however. sentiment among
the professional and semi-profess.onal
element was for the most part bearish.
This opinion Ia apparently founded
! solely upon what is thought to he a
weak technical position and upon
knowledge that heavy selling from i'm.
| pnrflnt tnfaraqtQ has faEan nlnpa in thu
past few days. That this selling is a
fact reed not be questioned. The mar.
ket has had an extraordinary advancs
In a remarkably short space OF tine
This in itself would suggest a reason
Tor realizing sales. The technical 20
sition is also weak In the sense that 4
always IL in a bull market. On IN,
other hand. an %undoubted broadening
out Of the publ.c demand has been stimu
lated by the favorable news.
SO far as the past three sessions ar,
concerned the public demand has alb
sorbed the selling and has pushed price
up against 1t. The question is. there
fore, whether public buying will con
tinue strong enough to offset such prof
taking as II has done PRACTICAL.
throughout the great rise. on his poin
all that can be said is that IL the circl
OF outside buyers goes on charging tn
immediate technical position Of the mar
kct or the selling from concentrate
sources is relatively u%nimportant.
Speculative interest in the cope
stocks increased. The copper shares en-
joyed the best market they have ha
In months. suggesting a real revival u
strength in this quarter. Anaconda ros
hriskly n both Chino and 1nspiratio
touched new high marks. The tendenc
OF speculation TO switch from one grou
of stocks to another perhaps account
for this change to some extent. Blu
there is no doubt that the main basi
for the movement Is to be found /
a sensational change for the better /
the market for the metal in the pas
few days. A healthy setback occurre
In Tennessee Copper after its violer
uprusa OF the preceding day. cvidentl
caused by the squeezing Of AZ extremel
rash short interest. Pittsburg Coal an
a few other specialties were strong 70
what appeared to BE- special rea on
The former has. OF course. benchte
from the improvement In the soft COS
trade. There is also ak OF devclo,
Inents in the nance OF the compan
looking toward a disposition Of III
back dividends on the preferred stoc
and thus justifying a higher price lev,
for the COMMON