The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-12
FINANCIAL NEWS
AND COMMENT
Stocks Give Further Signs
That Reaction Has Run
Its Course.
METAL SHARES STRONG

Aftec such a violent ~reactionary move
ment as has affected a large part of the
list lately the stock market Is likely to
show consequent effects in a good deal OF
feverishness and ~irregularity mingled
with fts OF dulness. All OF these fea-
lures were in evidence yesterday. but the
market on the whole gave an account OF
Itself which suggested that 1t had been
restored to a state OF comparatively
stable equilibrium and thai It was In a
position to make n constructive response
TO the favorable factors which are de-
veloping in general business conditions.
Dealings reached a total fairly we'll up
to the averages of recent sessions, but
the aggregate does not convey a fair i'm
preston OF the trading. The most anil
mated period was the first hour and a
half. Before noon the market showed n
tendency to slacken its pace and during
most of the afternoon was almost dull.
On the dulness, however. very little SELL
ing pressure appeared and these aspects
OF the day were In themselves signs ordi-
narily regarded as corroborative OF the
completion Of such a selling movement
a. seemed To reach Il conclusion on
Wednesday.
Conspicuous for the indications OF q
new accumulation were the metal stocks
led by American Smelling and Ana.
7 nv WIN SNibllk stf't' 1 Nv NoE-
per group generally. United States steel
was firm all day a. the level Of recovery
reached on Wednesday afternoon and
there was an adequate demand for al
the stocks which came in on helated
domestic liquidation as well as FOR for.
eign account Bearish efforts did not
persist after tho forenoon. although Il was
doubted II the beirish engagements had
been entirely withdrawn. Rails reced
. atniar s.V.A. s.lf a. n II FnrAfyn g-, ~ "
and II was in the railroad department
that the bulk of the days net losses
showed at the close. These. however
were only fractional. War stocks were
nervous and the course OF prices wa
very irregular. hut they hardened al
around in the afternoon and closed witt
A further recovery.
Accompanying the signs ~ completed
readjustinent furnished by the price
movement was the evidence Of 4 less re-
dictionary temper in the Wall stree
community. There was more DISPOSE
ton to emphasize favorable than un
favorable factors and in this direction
there was much discussion of the RAPID
business expansion denoted by tn
United States Steel Corporations octo
Der tonnage statement and by the re
ports OF heavy copper sales. \ mattel
Of direct Wall Street interest which at
lfdtttu mUtl NOTICE Nt- NlA'
strength OF the investment demand
Dealing in bonds swelled out on th'
floor To- "A large total. while business
over tn. counter was even more active
Investment houses confessed themselves
astoniShed by the range OF the inquiry
which includes speculative as well Al
high grade descriptions. The receipt o
several million dollars more gold iron
London only sci we'd Of course TO demon
strate the remarkable advantage whics
American finance now enjoys.
Nor was it only in the attention pat
20 favorable matters that Wall Stree
indicated its mood. II refused to tax
"A disturbed view ~ the destruction q
the steamship .Ancoua. for one reasoi
because the brutal atrocities which ap
peared To have characterized the ANA
csnnot fail 10 count heavily against tn
efforts o' the hy~phenates to pump u
American anger against the Allies owe
the blockade Interference with neutra
commerce. The Interstate commerce
commissions refusal to open the West
ern freight rate case may have expla!ne'
some Of the selling and slight depression
Of the railroad list. hut the financial dis
trict observed that the commission pro
posed to make an inquiry into on
branch Of the case.
Moreover the growth OF RAILROAD
traffic and the present rate OF gain /
earnings temporarily offset poiitica
difficulties with which the railroad
have to contend. Both the railroad an
the general business situation are Yer
we'll illustrated by the idle freight ca
,.por, as of November /. This Shove
,h. net surplus reduced by more tina
- ooo cars to a total Of only a littl
more than $4,000 ears. on this basi
car shortages and an awkward conges
ton OF freight are becoming probah'
during the winter.