The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-29
FINANCIAL NEWS
And COMMENT
MunitiOn Shares Break Sharp.
~, but Rally-Steel and
COppers Advance.
MARKET CLOSES STRONG

-,..
''"'" III "a ' ~ o'
extraordinary features than tho one sew
cral weeks ago, when war munition
shares had their first co,,apse as n
-. - --
result OF inc cohgesteu speculative ac-
count for the rise In this quarter OF the
list. Indications were furnished yester-
,,. c..,. .ua ,,,,s,an,,.,
'"' " 'o' 81" ~
readjustinent or positions than TOOK place
on the previous OCCASION. Dealings were
mo, -, . .,,,. -, w,,b iu,reaso NJ no.
-. -
I'Nlly over re.eit NoIui.e1' Y uu,nns
f"uf-nitns OF t'e SESSION. inc 'raisactiohs
represented great pressure ON the large
group OF war stocks Inc ~reacuonafy
movement when mas oeeu gong on IN
TINS department MAGE ralid progress anu
concluded Tor the DAY al least III very
extensive breaks IN many issues.
Tha the contraction OF quo'ed values
which resulted in some OF the lately IN
dated descriptions was wholly for the
advantage OF the general financial stu
alton goes without saying. 1t gave
pointed emphasis 30 the warnings winch
have been so widely ignored by excited
public participants in "a gamble.
and while views were somewhat mixed
last night az to whether or not the
menace OF "A topheavy speculation in the
war order shares had been entirely elm
mated, there could be no doubt that the
market a. n whole was i'm "A state Of
greater safety than 4, has been for some
time.
Tbi. was evinced among other thiNRs
nv tho remarkable resistance 20 the un-
settling inauences OF the fall in 80 many
,ndustrials which was offered by rails,
coppers and some of the Industrial stocks
which had not figured in the frenzied
war cont ract ejaculation. The breaks
,n ,ha rscen, ssynr,ts. NJ
ac,,,,i,v xera extended 10 An eStreme of
tan 10 fortv noints from recent hirh
tiyure. hut despite this the long
c.,,,osu. of stanlc sAasoned stocks. OF
a snacIlatiye "a we'll as investment class.
,ieiied very little I'm 10 the last hour
,mj then adyanced arpressiyely and
ended tho d,y with material gains.
TI,ere were obvious suggestions here that
,he chnica position OF the major por-
| ZION OF the market was utterly sound
and tina. the fundamental conditions
underlying prices generally provided
strong support for constructive commit
man,s.
There was very much and very heavy
real commission house liquidation Of
weakly held commitment which passed
into stronger ands. This was accom-
punied by manifest bearish activity and
| short covering. which accounted for part
| of the moderate rally in the war stocks
I'm the late trading. As for the causes
| OF the downward movement they were
! clearly furnished by the fact that the
momentum OF decline carried the fall
along and was accelerated by the en-
phasis which the French Cabinet crisis
gave TO the arguments for expecting an
early peace in the European wal which
nave abounded so freely in the last rev
! days.
1t may be doubted IL this peace talk
was taken seriously even by the most
interchangeable promulgators or II. Tor
such "A peace as has apparently been con-
t%enplated must involve readjustments
which would not warrant the immediate
optimistic attitude manifested toward
the general list OF stocks. the
! Wall Street community VIII unquestion-
ably watch events closely In the near
! future for indications as to whether or
not II has peace instead OF war factors
TO deal with.
In the strength which characterized
the close of the market there was much
confident new buying for tho n ac-
the purchases being directed TO the
shares which had advertised their sta
bility In all the recent reactionary mani
festations. Rails were particularly con-
spicuous in this regard, particularly the
Eastern rails. Erie was a leading fea-
ture and had a numerous company oi