The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-30
FINANCIAL NEWS
AND COMMENT
Foreign Uncertainties Are Re-
Elected in q Dull stock
a
Market.
PRICES HOLD R NJ

Professional traders had the stock
market very much to themselves yes
terday and they we're o able to do
very much will II A modest proportion
of the dealings had the appearance Of
investment buying. but the rest Of the
transactions appeared TO be chiefly the
result Of futile efforts 20 make prices
move up and attract a following or to put
, them down and force commission house
selling.
The market itself seemed to have re-
lapsed into the stoitd and rather con-
ident inertia which has characterised
II most Of the month. 1t war certainly
not e and II CAV 10 indication
of a disposition to borrow trouble on
account Of international affairs. ever
though the diplomatic difficulties with
the European Central Powers and some
uncertainty b the immediate develop
ments in the war furnished satisfactory
excuses for inaction In the matter of
rejecting the highly profitable activity
OF general business.
Under such circumstances considera-
lions associated with the approaching
year end holiday recess operated as fur
ther deterrents of trading in stocks and
the course OF prices was more or less
irregular. but declines were negligible
and the more substantial changes were
OF the side OF gain. Professional specu-
lators attempted In the forenoon to In
duce liquidation, but they lowered quo
tations only moderately and without
bringing out stocks. just al was the
case for weeks before the recent upturn,
The aggregate Of dealings contracted
to about the minimum average for the
month and IL the market had reaction
airy aspects the re~actionary tendency
was continued only in the smaller vol.
ume. not In quoted values, which were
Arm.
The market had a good tone despite
the dulness and 1t was not manifest tina
there was any reason to expect a dis
closure Of underlying conditions any diff
ferent from those which were exhibited
when the Austrian controversy had more
novelty than now. The financial com
munity clearly refused to anticipate thu
outcome of the diplomatic exchanges be
tween Washington and Vienna, althousi
II might be said that there is some In
clination to relate the rather exagger
ated emphasis placed upon them to ef
forts to Jam al i'll considered programme
OF preparedness through Congress Il
the early stages of the present session
Reports from abroad to the effect tina
the Teutonic allies we're contemplating
some PRONUNCIATION Of peace terms wer'
not taken to signify that any basis hat
been established for successful peac'
negotiations. They helped. however, 4
Increase Wall Streets supply of reason!
Pfor inactivity. as did the political crisi
In Great Britain over the past conduc
Of the war and the method OF its prose
clftion in the future.
Nevertheless. the principal features o
the stock market day were features o
strength. Something more than aggres
sive firmness was displayed in moto
and oil descriptions and in the share
Of the St, Paul railroad. St. Pau wa
rather heavily bought at advancing
prices in very evident response tt
the remarkable statement of November
earnings made by the company. Tit
figures were the best ever reported anf
with their gains OF S2.529.0 900 gross ant
$e.076.000 net are the most striking ex
hibit yet made in the series OF brilliant
November returns which are being pub
lished by the leading systems.
An interesting episode of the day
was the inauguration OF a market 10
the new Erie 4 per cent. bonds which
are offered for subscription at s. an,
were dealt In on the cur around 81. clos
ing above that figure. There was a per
sistent large demand for the Anglo
French bonds around %. Sterling ex
change made another demonstration o
its stronger position by a further ris'
TO the highest level for the present up
ward movement. demand bills bein,
quoted at 4.13A.
The state OF trade and industry wa.
denoted by the weekly reviews OF tn,
iron and steel markets In which new
business IL of astonishing quantity 70
the season, While domestic buying Il
unchecked, there are no signs of dimin
ishing purchases OF steel for war pur