The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-15
FINANCIAL NEWS
AND COMMENT
Specialties Rise and Lead a Dis
play Of General Strength
in Stocks.
BUYERS FIND SCARCITY

An explanation for the strength which
yesterdays stock market displayed IL
furnished primarily by the further evil
dence afforded In the early dealings that
there vas still no selling pressure OF
any consequence. Indeed the principal
pressure to which tho list has been sub
jected for several weeks pas had Its or
gin In bearish operations for the decline,
which were very modsSAtely successful
In forcing temporary price reductions
and conspicuousiy unsuccessfui In dis
lodging stocks.
The streaD which has been laid on the
theory of an impaired technical position
because OF an extended long account
has been materially qualified BY the two
stubborn facts Of widespread business
improvement which Ii enhancing intrin-
sic values and Of a monetary situation
which offers no sign OF strinsency. even
In the most remote distance. Proof
had been supplied that the holders of
stocks were not disposed TO take alarm
over the various adverse consideration
connected with international and domes-
tic politics. n when buying compe-
tition developed yesterday afternoon II
was indicated how extensively the mar
ket had been oversold.
In many quarters prices rose with NJ.
most grotesquc ease and rapidlty. and
the conclusion was inevitable that the
market was In a condition to respond
with an aggressive exhibition Of sus-
tanned strength In the event OF definite
encouragement for the resumption oi
constructive operations. This might
come through a release Of the financial
community from the restraints which
have been imposed upon 1t by the pos.
ture of international affairs lately. al.
though II was not manifest yesterday
that Wall Street was inclined TO antici-
pate a disturbing outcome OF the present
international strain.
one session does not tell very mccf
about market tendencies or position. bu'
the dealings and the course OF prices yes
terday provided something In the way Of
significant surprise. The weather mill
tatcd against activity. but trading wa.
on an expanding scale in the afternoon
Nor rad there been any change In TN
tenor Of news bearing on the Austria.
embroglio.
A circumstance. however. which FL
tered into the days reckoning was tn,
completion of the Anglo-French loai
syndicate period. Sales OF the loan wer,
made in considerable volume at the quo
tations which have come to rule lately
| but IL WAS appareut that the s>uljcu,,
! uus going out ~ .xis,epce withou, an,
| untoward STOCK marke, r, oec,ion of t.,
| ope-stions For several weeks this even,
| bad h.cn an ohi.c,iva an, nrn,.ssion,
selling NJ, .tocks IN a nroces. or lie
,,oun,i,g s,ock marks, denre.s,on f,rr
,hn t.iivro ~ ,ha .yndina,. 90 ..r, al
H. Sna',- E..roh 80 " :"
p.,spnoh, -. os -. ., ..
.,,,on Ala ~. "o' - 80
80 m's" -
49, n'a -, ', "s =" nn'''e
=. '""' >.sIo-r,e".n 'oai' ope'at'o'
roc zen s.eat.I success e Y ~
..S"uu "'.e o.e" pleu'.eu U u "te'
u ".So''a,'ons ,"I ."e io"" "ete 'e
sun, nv Prooap,itIes arr no" 'ha' 'H'
aosorptioh OF Tue PONDS VIII proceed yer!
sa'islactor.l! anu moreover the tFi'is!
roNerhment ne" programme OK mo
oiiiH'ns BRUSH investments IN American
securities suggests that fu'ure credit III
rangemenls VIII take a form more suite
10 our nnanciaI traditions u capacities
The securities so nobiiized can serv'
very well as collateral for loans from
w enormous banking resources.
lnere was obviously a good deal o
has,y short covering in the last houI