The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-01
FINANCIAL NEWS
and COMMENT
Features Of Strength in An
other Quiet Stock Market
Session.
MARK EXCHANGE DROPS


stock market aspects yesterday. although
on tho whole the session ha,, an appear
ance OF a stronger trend than at ans
time in the past fortnight. This was the
result largely OF signs OF some buying In
various directions for other than the
covering of short commitments. Bearish
traders. indeed. wero disposed 10 In.
crease their contracts for the decline, a,
least IN the morning. but the eAse with
which prices recovered then after pres.
euro was lifted rather discouraged per.
elstent operations OF tho sort.
, Dealings did not increase ana In thil
respect the market lent itself 20 tho in.
' ference that the course Of quoted
values lacked Significance. Nevertheless
features Of strength predominated
throughout the day and included q mis-
~cellaneous array OF specialt!es as we'll a
rails and standard industriais. Tho rail-,
road department as a whole was fin
and prices In this quarter crept quietly
| upward Nv though responding e
leisurely accumulation inspired by The
satisfactory earnings which tho COM
J moi carrtars have been making FOL
months. Except for traders sales the
market was without pressure. but their
| Wills tIlll ITO SlHI Oh anxiety 10 unake
purchases At rising quotations
Wall Street was RECALLED with stories
about German efforts to make heavy pur.
chases Of copper AT current figures. dc.
liveries to begin shortly after tho end
OF the war. but these werc received with
obvious ~incredulity. for ono reason be
cause ono commodity after another. cot.
ton. oil. sugar and rubber. has been made
the subject OF similar yarnA Another
reason 10 tho Indication Of foreign OK.
change that Germany has about ali I,
can do to nnance lts immediate require.
ments
II Is quite poesfbie that some Of these
runors have been set anoet In connection
with the propaganda OF conjecture rs
To the Inauguration OF peace negotia-
tons at AL early date In some more
serious form than r. denoted by the
fantastic crussides which arc under pro
lection IN this country. The posture OF
the war Is undoubtedly q factor in the
halt which Wall street has called on
| stock market activities. but the balance
OF important opinion Is overwhelmingly
20 the effect that the end of tho war
IS not In sight.
In some financial circles the New Is
expressed that other matters failing the
stock market Is likely to receive a st,inu-
lus to a renewal OF expansive activity
as a result Of the larger distribution OF
profits through dividend disbursement
which must shortly be. the logical con.
sequence OF the developments OF the
past year. An interesting circumstance
OF the day - the report of tho ar.
bitrary closing OF the Toxic Stock Elk.
change because OF the e~xtravagant bull
isi speculation with which Japan has
been rejecting its Increment OF wal
profits from furnishing supplies &c
Russia.
81 FAR as regards tie notion that The
stock market here huS been waiting or
IN, disclosure ~ the Administrations
programme. for the coming Congres.ona
session. II IS worth pointing out tina,
Washington adyices, after the custom o.
the last two years, have now apparently
outlined the programme authoritat!ve,y
and quite fully. With the exception Of
the pcruic!ous Government merchant ma.
rine scheme there - not much IN II
which IS positively disturbing. while some
Of the proposals are definitely ~erArouray-
ing.
News of the day included reports oi
tho conference of Eastern railroad eA
ecutlves, with limitations that splne ar
ranscnents could he contrived 10 re
i.eye Tie freight congestion a. terminal
points and prevent q complete and wide
spread embargo on export traffic, EST
mates from Washington placed the No.
SeWb-r trade balance AT about $500, 600,
900. and despite the inadequate ship
ping facilities the export movement con.
Ii ues large.
In the foreisn exchange market boil
English and French bills continued theil
rcrovery OF strength. Demand sterliui
sold above 81. German exchange. or
the other HAND, fell below I9i,, a new
low figure. and a discount OF 16 per ce!.t
from normal parity. The notion ~ be.
ginning to obtain that the deprecia.
ton OF rclchslrarks Ia an ~intinla,ion %
tho eas which finance Is taking %
tho military position OF Germany IN
III. war ard rs economic condition IL
the future. Til. fail OF German cX
change Is not less but moro s!gniican'
Of the situation in Germany. precisely
hecnuse German external m La;
BEEN 50 curtailed. II also gains signiA
cai'ce because OF the counter move up.
W Vd in the exchanges of tho Allies.