The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-29
FINANCIAL NEWS
AND COMMENT
Stocks Generally ReactiOnary
and Decline to a Heavy
Close.
TRADING LESS ACTIVE

Having advanced for almost a week It
was quite in the order Of such condi-
lions AS at present obtain In Wall Street
that the stock market should retrace
OF lis steps yesterday. The upshot
OF the session was a general reaction
which carried prices down almost as
they had gone up on Monday
in continuation Of the forward move
inent which began a week ago. Various
explanations were furnished in Stock
Exchange conjecture. but the action Of
the share list was not particularly DIM
cult to understand 1t suggested IL
the market a not after all departed
very far from the state in which It fell
early last month.
Dealings contracted somewhat in
volume and II was evident that sellers
rather than buyers had been attracted
by the opportunity which the sudden
access Of strength lately had furnished.
This was enough in itself to act as a
deterrent on an expansion OF purchases
and to stimulate realizing of a miscel-
lancous sort which came from commits
sion houses In the process of Tightening
up. which brokers have encouraged for
many weeks.
Signs that stocks were In fairly
liberal supply In all directions was APP
parent in the forenoon. and while during
the morning there was q fair display
of aggressive frmness with some ad-
vancing strength In particular descr.p-
tons. the list turned rather heavy in
midsession. There were some excep-
tional features to the main movement Of
the day. conspicuously Goodrich. but
most stocks declined simultaneously in
the afternoon. the recession being az
sisted by the operations Of professional
traders. who shifted promptly to the
selling side. The close was heavy and
moderately active.
Short covering had contributed mate
rally to the markets return 10 firmnes
In the last few days and the technical
position Of quoted values had been i'm
paired to that extent. They had been
subjected also to the further impairment
consequent on the abruptness OF the rise
and in this position the market could
hardly absorb realizing sales except at
concessions with no broader public sup
port than has been enlisted of late. In
decd. the public has been somewhat In
clincd toward the year end 10 reduce
constructive commitments instead of in
creasing them. and there can he no
question that there has been an increase
VI lo1tlEu llIuluttl'Us 'lililG roit
abroad has been rather substantial I'm
the last few days. as has been evinced
by the rising strength OF sterling ex-
change. which went yesterday to a new
high level for its recovery since the ex-
IRENE decline in the autumn.
The temper Of the speculative COM
munity was illustrated by the cha .-ac-
t~eristic reflection OF the declaration of
the Anaconda Copper dividend at the
A. fN~ Ella xaAe No 49,. 49,
with the 81 rate which was paid in the
last quarter. 1t canno be pretended
that the profitable condition Of the cop
per metal market has been excessively
discounted by copper shares or that the
earnings ~ copper producers are meas
ured by the larger dividends which are
being distributed. Nevertheless. the
Anaconda increase had been expected
and the stock sold of and led the cop
per group downward.
There was no change In the uniform
satisfactoriness of business advices. The
Southern Railway. for example. reported
AN increase of s963. 900 in gross earnings
for November and a net increase ri
$4,000. a gauge OF the prosperous sit
uation 10 which the South has beer
restored. Wall Street. however. was In
q selling mood. probably on the whole
because of year end considerations, and
it found excuses for a selling attitude In
the prevailing gloomy character Of Eu.
ropean advices bot the political crisis
ia Great Britain and about the status
Of our controversy with Austria. 1t is
doubtful IL these matters were factors
on the stock Exchange. for there was
q very large demand for the Anglo,
French bonds at their low level. hut the
sentiment of the stock market following
was such as to make 1t specifically re.