The sun., 1915-10-30
FINANCIAL NEWS
And COMMENT
General Display Of Strength in
stocks, With Increased
Activity.
BROAD RANGE OF BUYING

Dealings in stocks expanded yester
day TO the largest volume in the past
two weeks, although the total OF trans
actions was still below tho maximum
aggregate in the frenzied speculation
a month ago. The market was char
ucterlzed h. a more sustained breadth
than In recent sessions, and In some
ing features than when speculative favor
was exclusively devoted to the further
congestion of trading already over
crowded in the war muniton shares
1t was significant that the ordinary sta
tistical averages of quoted values were
at the close left at the highest level so
far reached. These averages include few
OF this years fancy favorites and are
more strictly representative OF the staple
mediums OF speculation and invest.
ment, both rails and industrlals.
There was some news overnight
which bore on the matters uppernNst in
superficial Wall Street considerations in
the previous ia-l;ets OF the week The
Paris advices about the new French
Cabinet were construed as anything
but corroborativc of the notion
that the Allies were preparing
to entertain suggestions for peace
negotiations. Lloyd Georges dec
laration in the British House OF
Commons was explicit on this point.
but the financial community rather ex-
poets the peace / lea to lie kept rroini-
nsn' in the next few weeks by efforts
OF behalf uf Germany TO contr,re an
ending OF the VAR II thinks a,ao tha.
cu occasion ;ao ie1cs cndeJ"ors MAY
look impressive clOlrh 20 affes. Wall
Street calculations. ond. even though
there may DO no sgns that the end OF
he war is coming into sight tnere /,
no disposition TO .grore the in0ucnc,
which peace tax may have.
The subject is important. becaus,
conditions adjusted to state of wal
must undergo rcadjustment when peace
is restored. At the same time the stock
market acted yesterday as though peace
discussions in the last few days nigh,
have been stimulated for "A purpose anl
had somewhat served their purpose
! One result OF it. at all events, seemed
! to show in the indications Of "A stronger
technical position throughout the whole
| market because of the liquidation which
| for the time being, ran its course or
| Thursday in the war order industrals
Albeit. phenomena somewhat similar
| to those attending the first pronounced
| autumn reaction in the war stock specu
| lation which occurred "A few weeks agt
| were duplicated. The continuity o.
| speculative impulses WAS in both in
! stances maintained by the strength dis
| played in rails and standard industrials
| On the encouragement afforded by tn,
apparent lifting of selling pressure from
the war munition shares buying wen
| into them again. In the direction o
| se-th oil a
quarters OF the market were not thi:
| time neglected.
| Strength WAS displayed at the outse
| by rails couspicuously and by Steel anc
| some Of the copper shares. The de
pressed war stocks opened sharply ur
! hut did not hold when further liquida
| ton and more bearish selling came in
From late in the morning until vel
into the afternoon price movements Wer
rather ierlly and more or less irregular
, although with few prominent exceptions
| underly ing frmncss was exhibited. i
| the last hour the dealings. especial.
| toward the close. became excited as In
dustrials moved forward more aggres
| siNely.
| Profit taking recessious did no
| alter much the appearance OF uniforr
strength. The substantial net gains 70
the day we're made by the war stocks
but these were not more than measur
of familiar rebound from sharp eNtcnsiv
decline, and a good deal of the huyin
I'm such descriptions was inanifestly shol
covering. although signs of speculat!v
accumulation were again presented !
the absorption OF rails there was no dis
crim.nat ton between Western and Eas
crn shares, and Canadian Pacific. whic
in the past year has become practicall
a domestic stock. was the leader in thi
department. United States Stce, main
tanned an aggressive advance an
Anaconda rose with buoyancy in III
late dealings.
To the extent that the sess on re
flec,el factors of value it seemed TO cN
press "A growing appreciation OF IN
broadening strength of general bushes
betterment. The further reports OF Ser
tember railroad earnings revealed pan
lticularly impressive gains III let income
among the returns being those OF I'll
Reading, the Northern Pacific, the cana
dian Pacific and the Chicago and Nortl
western Rising prices in the metz
markets influenced much of the buyln
OF copper and kindred shares. and in
rather authoritative manner good de.
of public attention was attracted to ti
copper industry by discussion or II
optimistic prospects after the war.
There were 10 features in the agr
cultural markets, although X Is wort
; noting that neither cotton nor Sra!n ha
at any time moved in a way 10 impl
that peace talk was being taken ser!ousl
by markets which would certainly !
/, among those most sensitive 10 AN ou
: look for peace. Somewhat less tha
So 900 OO0 gold was received from Lol
don. but the gold movement this autum
was hardly Responsible for the railyln
strength displayed by sterling and frai
exchange. Demand sterling closed stron
/ around 465ia, Il circumstance TO whc
tho call for cash on the Anglo-Fren'
! loan may have been related, but II
; more likely that the influence was pr'
, vded by the prospective negotiation
B. considerable amounts OF banking cred
TO supplement the accommodation afcad
: granted by American finance 10 foGele
, customers of our industries.
Y THE STEEL MARKET.