The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-18
FINANCIAL NEWS
and COMMENT
Stocks Display Greater Firm.
ness Despite Crisis In For.
eign Affairs.
INVESTORS ARE ACTIVE

Professional dealings continued to
mako tho price changes In the stock
market yesterday. There we're the Same
persistent indications. which have been
manifest all though the recent weeks OF
moro or less rcactionary inertia, that
quiet accumulation bordering on invest
ment absorption WAS supporting the
share list as a corollary to the strength
Of the bond market. blu III regular spec
ulAtivc dealers were responsible for the
bulk Of the days transactions In stocks.
Tho Significance of the session did not
therefore depend on price changes any
more than has been the case lately, but
II was an interesting circumstance that
most Of the trading effort Of the day was
on tho buying side.
Business was OIL a scale Of moderate
activity and quoted values showed a
good deal OF frmness. the traders havinR
found that there was no outpourtng OF
stocks in he sequel TO the weakness
which the market displayed In the late
dealings OH Thursday. Prevailing ex-
pectations before the opening were hat
the list would establish itsclf at O fur
llitl uNNNiIto etto tittAt nv ek 80
evidently to the surprise OF Thursdays
late sellers there was very little initial
Offering of stocks n the market gen
orally opened at gains over Thursdays
close.
This stimulated some short covering,
but before midsession there was O re-
newal Of bearish experiments. which was
temporarily effective in depressing
prices. but again ineffective IN bringing
stocks into the market. From then on
prices hardened gradually and generally.
Although profit taking caused recessions
before tho close the last hour was IN
sharp contrast with the similar period
on the previous day. The list displayed
a Arm undertone. even though specula-
tive pressure was applied OH the repeti-
ton of official assurances of the gravity
OF the Austrian question.
II il possible that Wall street MAJ
have been inclined to assume that the
Ancona controversy would be diplomat
.cally adjusted. or II may have thoush'
that a breach OF diplomatic relations
would not after all Change materially
the strain on u official attitude Of
neutrality toward the war. In any cuse
there was no manifestation OF specula-
tive, much less investment apprehension,
and some token Of the prevailing tenn
per. was afforded by the refusal OF the
financial community to pay much at
tention 20 %endeavors to work up concern
over occurrences which might be taking
place behind the lack OF news from
Russia for many days past.
Rails were rather sluggish under for
eign selling or because OF a buying dis
elimination against them on account
Of the notions OF u continuing supply In
cn,acouencc of tho Rritlsh Government
scheme to mobilize foreign securities
Yet Union Pacific. Norfolk and Western,
New York Central and Erie rallied easily
a poin, or more from the days low
figures.
While the speculative aspects OF N.
day we're not particularly conclusive
there were other matters which hec
more important bearing on values. The
! excellent investment inquiry which hal
developed In the free market for thu
!! Anglo French ponds held the n firiGl:
! around 20. Another significant circum'
stanc was the announcement that thu
S25. 100000 Italian o syndicate ina
been closed because all the bonds had
been disposed OF. The constructive at
titude of financial interest was furthel
denoted by the appearance OF new cor
porate promotions and reports tina
| others we're pending.
The Governments figures on winte,
wheat showed that the fall acreage
| planted had been cut more than I,
per cent, from last years ex%traordinar,
area. but the country can still ruis'
enough wheat. in view Of the oppor
tunities for an increased spring acreage
Foreign exchange was steady all around
even marks holding Thursdays la,,
rally.