The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-13
FINANCIAL NEWS
AND COMMENT
Stocks Display Sustained Alb
sorbtive Capacity in an
Active Session.
WAR SHARES UP MORE

Stock market suggestions yesterday
we're more or less uniformly in the direc-
ton Of price advances checked by liberal
realizing sales. Sentiment was rather
varied. sufficiently SO In fact to cause
some experimental bearish trading In
the afternoon despite the punishment
visited on the belated short interest in
the a stock aroun mid session.
The market on the whole acted more
normslly and naturally than OF almost
any day in the last three or four weeks.
Its aspects In the afternoon were espe-
cially gratifying on this account. and
for the first time in a long while there
was no effort to create an appearance
the late dealings.
Transactions were sustained on a
fairly even scale of activity asgregatine
about a million shares. With moderate
recess!ons ron the best prices In the
general list the close was at a substan-
tial average OF gain and at all times
during the day quoted values displayed
"A good deal Of underlying steadiness.
Bonds continued their striking exhibit
ton OF strength. and IL IL the invest
ment demand which more than anything
else at the moment testifes to the
state OF. public confidence inspired by
the record o. tho past year and by the
developments this autumn which have
denoted the operation of strong forCe-
working for Il broad and active better
ment OF general business. already carried
so far that ventures In the direction Of
now nntarnriSY mr., leinv pnlsrflEpp
Profit taking sales in the share list
were naturally attracted by the extent
Of the recoveries of the week. as well
as by the persistence OF absorptive
strength. There was obvious heavy real
izing all day. but sales were well taken.
Foreign liquidation kept up In bonds ss
well as in the international list 81 stocks.
but although Wall Street was disposed
TO look for a setback from the upturn
since Wednesday, reactionary symptoms
were not manifest. Advice and inclina-
ton were against the purchase Of stocks
Oh advances. although ~favuring their ac-
emulation ON substantial recessions,
and the absorptive capacity which was
displayed was all the more interesting
on this account.
There were no indications that the
sharp further rally In the war stocks
represented much more than the tardy
covering of short commitments IL was
In these descriptions that the most en-
tenstve gains Of the day occurred and
! there is no doubt that there Is eioug
speculative restlessness available TO q
cite "A resumption Of e~xtrsvagant oper-
, ations in this quarter OF the market
! ON the other hand. there Is no reason 70
think hat the banking interests. which
have been able 10 put SO much Of q
,,.k I.t.lx. -. tha fltn,a al Oh.
war munition shares by "A drastic reduc-
ton OF the arbitrary values established
/ for collateral, loan purposes, will imme'
diately relax lending regulations sum-
ciently to encourage the plungers 10 rur
away with the market again.
As might nave been expected, rails ant
standard industrials showed ON efec'
OF their resistance to the unse'tling In
fiuences OF the recent violent decline In
the war specialties. But II their advanc-
ing trend was restrained their undcrtont
was strong Union Pacific, United State
Steel. American smelling. Anaconda ant
American can were features in this de
partment.
News did not translate itself into any
very deiu.,. stimulus 10 trading. Con
seryatism was induced by ,Ae uncertain
possibilities OF the Ancona affair. will
!ts sickening addition TO the catalogu,
OF Teutonic atrocities. as well as by the
lengthening roll of Industrial crimes
which are being committed in this coun
try In furtnerance of a Teutonic con
spiracy. Nevertheless the feeling in tl'
financial district Was one of quiet con
hdence in the assured prospect Of bust
ness and financial improvement, a tokei
OF which is clearly Furnished by th'
United States Steel Corporations plai
to spend 500 100. 600 in the enlargement
OF its facilities.
Sterling exchange remained steady
but francs showed further weakness. II
some extent the relative frmness y
sterling was "A sentimental reflection o
the negotiations 10 arrange "A hankin;
credit for London. hut II Was also a re
sponse to the uninterrupted return OF gu
securities from Great Britain and 10 IN
continuous export OF gold from Lonho'
TO New York.