The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-20
FINANCIAL NEWS
AND COMMENT
Stock Advances Still Fail to
Hold and List Is Heavy
ut Close.
TRADING FALLS OFF TOO

Both business and prices contracted In
yesterdays stock market, although the
s~hrinkage Of dealings represented by .
volume Of less than 100000 shares
seemed to be rather III effect than .
Ii Of the price movement.
The market generally declined and the
net losses for the day we're substan-
TALLY less than the recession from the
best figures made In the forenoon trad
ing. Observers were inclined to think
that the session corroborated other In
dications Of the last few days that the
ness denoting not 30 much an. over
bought condition as a tendency to re-
Taxation from the excited activities Of
the last few months.
Al the outset OF The day there was a
fairly extensive display OF firmnces. with
numerous exhibitions of advancing
strength. Advances did not hold and
they seemed only to attract sales for
both accounts. Trading bearishness was
augmented because quoted values con-
tinued to sag despite the output OF ex-
cellent general business news and pro-
fessional sentiment was especially An
tagonistic because OF the heaviness OF
the copper stocks. with prices for the
metal rising to 1871. cents OF reported
vigorous demand for domestic and ex-
port requirements.
War stocks were again the most un'
settled portion Of the list and h thin
ness OF the market for them was obvi
u A good deal OF brokerage opinion
was 10 the effect that the slowinl
down of the whole market Is to b,
accounted for on the ground that muci
public speculation has been smut u
!, the war stocks ut the declines which
have taken place II connot or Will no
move from its position. Yet there wer'
few exceptions to the react!onary ten
denotes OF the day. rails selling OF
| rather easily despite the encouraging
view OF railroad traffic represented II
Mr.. Hills forecast OF business In tn
Northwest. Some s~pecialties. such .!
Texas Oil. rose aReressively. but TN
| market made no esponse to this or an!
other bullish stimulus.
In the last hour trading was NOR
active, but the dealings were chen!
In small lots. The sag In prices PEI
| sisted and the close was rather heavy
In the main an inertia Of underlying
|, strength which was difficult for specu
lative attack to overcome. Professions
, efforts were Enthusiastically directe'
against prices. but selling was no
stimulated when prices were depressed
\ On the contrary, the effect of lowe
| quotations was most conspicuous In tn
falling of Of trading.
Wall street cast about for explana
t,ons Of the tendency toward dulness AM
heaviness which the market has bee
displaying and the talk OH the fioor o
the Stock Exchange where all facts an
the rack of facts are dealt with In gossi'
and conjecture. was about the postur
OF the European war or about the OUT
look for a disturbing session OF Con
gress. What the door talks aboNt /
+, rarely the reason or cause for the lctio
Of TIE stock market in the absence Q
specific news which obviously influence
the dealings and doubtless further ses
slons will be required to develop tho sig
nincance Of the marfet lately.
The definite financial event OF the da
was the sustained strength and re
covery displayed by sterling exchans'
which was carried above 40. Their
IL a good deal Of opinion that the lew
now reached Is likely To mark for som
time the minimum price for bills on Lot
don. thanks to the tours which has a
last been opened to the surplus OF gu
lending capacity which can be availcd c
to establish adequate credits for ou
best foreign customers.