The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-05
FINANCIAL NEWS
AND COMMENT
Standard Shares Preferred by
Buyers in a Broad and
Active Market.
RALLY IN WAR STOCKS

Trading in stocks yesterday vas on
the broadcast scala that has been wit
messed this year. This fact emphasized
the more discriminating character Of the
buying movement. which rave to the share
list a gratifying aspect Of substantial
strength. as . result Of the favor eI-
tended to the general list, IN compari-
son with wNr time specialties. Another
Circumstance deserving mention was tina,
tho average Of prices for the Issues
which are most representative Of the
country's permanent business interest
was carried to the highest level 30 far
reached. The total volume Of rams
actions was again In excess of q million
shares.
4, the outse. OF the day further symp-
toms OF a weakening tendency were
displayed in the war munition shares.
1t was not altogether manifest durint
the session that the more seasoned me-
d,ums were In a position TO exhibit
Independent strength In the event OF q
continuation OF unsettling process of
readiusting the speculative long account
"a the fancy stocks. However. the rls-
iis trend of the more substantial stocks
was not checked, a. there was a dim.nu-
ton Of l~iduidatins pressure in the war
stocks. There seemed also to be a
disposition on the part OF bearish trad
ers to cover short commitments In IN.
war spec'altles because OF indication!
that IN the last few days the excessiv,
speculative bullishness in this quarter
Of the market had oeen to q consider.
able extent replaced by . f~ashionabl,
bearishness.
In the afternoon dealings there we're
general rallies In tho war order shares
although the recovery did not proceed
with as much vigor a. on previous &C.
casions after sharp depression. Tn.
preference accorded 70 stocks outside
the war order speculation was NOR,
pronounced than on previous days OF
the week. Particularly gratifying as
made by issues like American Teie.
phone and seasoned dividend payer.
IN the railroad and Industrial depart.
ments to what was apparently an in.
crease OF investment buying. In the
afternoon market one OF the leader,
WAS Anaconda and n good deal Of
strength was displayed by the Who'll.
copper group. The close was rather
strong al around az about the hes
Va Az
A variety OF news came IN for Wal
street consideration. the bulk OF which
yielded constructive conclusions. IL
line with the Crucibie Steel report %
Wednesday statements OF earnine'
were made for the American Stee
Foundr!es Company n eoms OF III.
corporations whose stocks hav bee;
extensively bid up In tho war ordei
speculation which fell materially shor
! 80 .EA stA.a ra..Arsf r-...af -
but Wall street was not altogether In
cl!ned to d~i.parage TOO much the profit.
likely 10 accrue eventually from CON
tracts FOR military supplies. The ag
gresate OF contracts placed makes
+ large total. and tie authoritative state
ment that the Westinghouse Electro
Company and subsidiaries have nov
s?i,oV0.o00 OF gross contracts for wa
munitions. a gain OF one-third this au
tunIn. tempered somewhat the profes
sional proIlivity TO take a confden
bearish attitude toward the whole wal
stock list.
Much influence was exerted over senti
ment by the quantity of news about gooc
business which Is obtaining increasin,
publication. Hopeful anticipations were
entertained hat President Wilson's ad
vertised address on the subject OF III,
COuntry's preparedness for future con,
tlILReNCles WOu4I make an tNtOurHSlIl
appeal TO practical men Of affairs. ;,
FAR az foreign news was concerned III
announcement OF the downfall OF th'
neutrality Cabinet In Greece was inter,
preted as denoting a turn OF European
events in favor Of tho Allies. Amonl
domestic matters which attracted Wal
Street notice were the signs OF bushes:
betterment in certain corporation de-
yelopments, including the declaration Of
a substantial stock dividend on TIL
krvsge shares and h resumption o!
dividends on American Cotton OIL.
Accompanying the further firmness Of
sterling exchange were definite report,
that banking credits for London's use haC
practically been arranged here. II Wa:
said that a present minimum Of at leas'
800. 900, 900 was contemplated. the ac'
commOlat!on to be granted partly in the
form Of acceptances and partly on The
basis of loans secured by collateral.