The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-03
FINANCIAL NEWS
AND COMMENT
RumOrs About Tax Projects
Help Operations TO De-
press Stocks.
FACTS SUPPORT VALUES

Pressure ard decline were two o, -he
OK the STOCK marie: yesterday.
were the fact tina: there va only
4 moderate expansion o: activity. despite
Ittenps 20 stimulate trading OF the
:. Ming side ard tho underlying qualities
os resistance which the inarke; d,s-
Toward the eral OF :hc day TIRE
vnde~-cae ~as frTner than 4 had been
a, any previous period. although fnal
figures showed ell around re; losses
NTH few conspicuous exceprons. among
which was Mercantile Marine preferred.
To assist The operations for "a decline.
which have been more or less per-
s%istently carried Oh for about three
weeks. the professional element was able
to employ very circumstances rurnors
TIA: .hc Administrations revenue raising
r~-ogranIn. contemplated legislation 30
'4N ne ron and steel industry. ute
apart fcorn the ~prov.rbial uncertainty o:
such forecasts Ard the diticu.ty OF
,.ra~ing nlarketu se Iniersnces from
tIen. {. Is not by any means bviou
'tE.. the prnspe rous cond!t.ors which
have been established In the country now
would T.. uiah," 20 Tolerate increased
axes. This would surely appear to &c
the case "a The booming base Industries.
However. .hsre Us enough In the
runor 10 sues.~; NOR" Or loss unsound
departures from the constructive pu--
roses which the Administration is ex-
;,~,;ed to exemplify ard produce some
speculative ureaS!ness N the no>k MAJ
ket community. Sentiment mas lately
been sup. ric!aily yagu. enough 20 be
somewhat readily affected by tNe pro-
jey1ion OF adverse Considerations, al
though Wall stree; II we'll avarc cha;
n. financial and business situation
makes for Fundamental optimism.
Withou: thinking whether or no: tax
alton runors would subsequently prove
10 have been warranted and without
reckoning on the possibilities OF ONE
favorable Offsets in the Administration
programme the professional c~ontingea.
proceeded 20 sell stocks rather more coz
idently nan II the past fortnight The
market moved along and went rather
sluggishly downward under a series OF
urives which became less and less ef-
iectiyc with the progress 81 the session.
War sto. X and the metal shares werc
most depressed. although rails sold OF
also. but there did not appear TO be
much spontaneous selling.
Scattered liquidation from tiulid com
mission house traders swelied the vol
une OF professional sales for the decline,
but II seemed TO b~ much easier 20 make
depressed prices than to bring out A
quantity Of stocks. All the Indications
| pointed 10 excellent buying of u sort
| which was taking ieisuriy advantage Of
| a continuing opportunity that might
readily disappear n much competitive
purchasing developed.
There was som. hardening Of prices
toward the close and there Wa ground
for concluding that the markets posi-
! ton must be fairly strong II no more
| response could be- elected to depressing
efforts prosecuted on expectations II
political disturbance. The results Of
these endeavors in the way OF decline
and liquidation were not nearly up 20 the
recent trading theories based OF as
sumption Of technical weakness, ard n
rather plain contempt Of the strong con-
d.:.ons outside or the narke, which are
working steadily for the enhancement Of
intrinsic values.
WHAT important interests really th:as
~ che situation IL denoted. among other
| things, By The aggressive campaign OF
new corporate financing which ts nov
under Arrangement Various under
writings are being negotiated ard a
! great impulse 20 this movement has beer
provided by The encouraging result o!
the Baltimore and Ohio rounding Oo5u
transaction The premium .. 'hesd
bonds vas further Increased Jester.
day. Another token -. the reAI financial
attitude uas conveyed b. the ve-y st-';-
.ug and optimistic analysis oi our pros
pest o. prosperity given D.. President
varder..p of the National CIty BaI.k.
Spectators so- the d-r!!u. ~ .socis
made a distorted us~ OF -one % Mr.
Vauder.ip's references 20 the t-a~c 81
war murit.ou5 in their a.;e:npts 20
weaken ~. shar. Est. bu: the address
On me whole vas a declaration OF cor
4 adeace ~ the coun;ry's ability 20 carr
IS wartime prcspe-itr forward into ne
era o. peace and make prosperity per
manen. Tra count-y h1 already hegur
To break ava" nom -" inclusive in
rusncN of tho var trade stimulus and
what Mr.. Na9d-rii? ci.ariy advocate
vas the 'a:e.i,sent emplo! meat 81 ou
war augmented r.S ,urcss 70 Dlac. ou'
domestic AMI foreign trade on a stable
and listing ba-i, -. the years which ar,
Immediately ahead,
An interesting dsv,.opnea: 0: TIE day
WIS tee persistent decline n German
ANA Austrian exchange Both forms
0: remittance sold AZ new ,ow levels
re!casrrarns being quoted g. 49, toi
cnecks. There Is a. Increasing d:sposi-
lion 20 relate this movement OF mark.
- the scvc-.ty ~ -ho economic strair
from which the EUROPEAN Contra
Powers mus. re suffering.