The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-09
FINANCIAL NEWS
And COMMENT
Pressure on Stocks Diminishes
and Market Shows General
Firmness.
SOME R GAIN,

On a volume Of dealings which repre-
sented only moderate activity and sug-
gested that there was still no change
In Wall Street conditions the stock mar
kct yesterday recovered much Of the
decline resulting from Tuesdays set
back. The close revealed irregular net
changes for tho day. but numerous sub
~stantial and even extensive gains were
recorded. Dealings were obviously pro-
fessional for the most part, but quoted
values as a whole gave further evidence
Of the underlying frmness which has
offered so much resistance to profess
sional operations for the decline In re-
cent weeks.
Overnight news. with It's large con.
tent OF disturbing advices bearing on the
posture Of the war or the state of oui
own relations to II. was calculated q
furnish an incentive for stock marke,
sales. Yet, except for some early heav
mess. II was apparent that Wall Stree,
was no more disposed TO engage in a
stampede Of apprehension than II had
been at any time Of late. and was. on the
contrary. quite tenaciously inclined &c
maintain the fundamental confidence In
the prospect for values which has beer
inspired by the years events and by the
present situation Of all around p~rofitabl,
activity In general business. fortified h,
a money market Of ex~traordinar,
strength.
When Il became obvious that there
was no tendency TO borrow trouble or
account of diplomatic or other p~olitica
conjecture the share list displayed signs
OF hardening inc general recover,
started on the news that the oil shit
~Communipaw was safe instead OF hav
ing been sunk by submarine attack
The railroad department seemed to h,
held In check by the continuation o.
foreign liquidation. which has extended
to standard industrtals on the interna'
tional list. hut various industrial descrtp
lions provided features OF aggressive
advance. The motor group was mos
conspicuous under the leadership o
Studebaker. In the last hour the earle
gains were we'll maintained ~throuehou
the list and in some cases increased.
Sales OF the Anglo-French bonds tol
distant delivery at a price III per cent
below the public subscription rate haC
no t%raceable effect OF stock market senti
ment OF action. "A circumstance which wa!
some commentary on the current opinion
that a reflection Of disappointment
the outcome OF the syndicate operation
was to be anticipated. So far as thu
Anglo-French bonds themselves are con
ccrned. IL Is probable that when the syn
dictate IL dissolved a demand now latent
will make Its appearance and absorb thu
unplaced portion Of the loan In a ven
satisfactory fashion. Meanwhile II is e
be noted that sterling exchange los
none of it's strength yesterday. and ir
this quarter Of finance there II no evil
dence Of an unfavorable Interpretation
of the historical occurrences which arr
now taking place.
Most of the news which the financial
community received related to the sub
jec,s OF politics. foreign and domestic
which have attracted 40 much attention
lately. Prevailing comment on the Ad
ninistration's programme ae outlined I
Congress on Tuesday WAS not advers
to optimistic attitudes. Business condi
tons were strikingly illustrated by re
ports from the iron and steel trade show
ing production sustained at a recor'
breaking maximum Wit add!tiona
strencth In prices.
Other significant facts were the nu
merous dividend declarations OF tn
day, some of them being initial dis
~bursements and others making IN
creased regular or extra distribution
Among the more important changes c
the sort were the advance In the tta
Copper rate from 81 TO IS "A year. Ra
Consolidated from $50 TO 81 and Chin
from SO to 81. The Butte Superior con
paIy declared n regular quarterly div
dend OF IS cents and an extra dividen
OF $3.50, compared with the last extr
disbursement OF IS.