The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-23
FINANCIAL NEWS
AND COMMENT
Copper Shares Make an Active
Display Of Advancing
Strength.
LARGE SALES OF METAL

mark a change in the stock market, the
suggested that the list might at last be
In the way Of departing from It's pro-
longed state OF apathy and proceeding
to make some response TO the forces
which have been working for an expan-
sion Of values. Trading did not increase
in the aggregate over the volumes which
have averaged lately. but there was q
good deal more activity In special direc-
tons. accompanied by rising strength.
The chief feature Of the day was the
vigorous advance in the copper group
In reflection Of the emphasis laid by
events on the strength of the copper
metal market. Quoted values as a whole
displayed hrmness IN profit taking
sales toward tho end OF the day did not
prevent a generally strong closing tone.
Holiday considerations seemed to be
less influential. although the Christmas
recess Ia o apt to be preceded by any
great change IN speculative or invest
mcnt commitments. Overnight advices
from Washington about the character
Of the second Washington note TO Aus
tria appeared. however. to have lessened
restraints or aggressive action express
sive OF optimism, for the market started
, upward In the forenoon before the pub
~lication of the tex Of the note. It
would perhaps be a little difficult TO
explain why Wall Street construed the
note In less apprehensive terms. for the
communication reiterated the previous
demands. Nevertheless their more
presentation VA taken to mean a pos
sibllty Of diplomatic adjustment Of the
AnconA controversy.
In any. case the stock market pro-
ceeded to pay some attention to the
constructive business facts In the inan-
cial situation and distinct Significance
seemed 10 attach to the impetus for pur-
chases for the rise In stocks afforded by
the announcements OF record breaking
copper salcs. II was authoritatively
stated tina, purchases for Great Britain
! and her allies had been closed this week.
which had taken 10. 600, 900 pounds or
more of the metal ut prices ranging from
20 to 81 cents and had practically
cleaned up supplies. The highest price
named was quoted for copper at the
close OF the day. the most advanced
level reached since 1907.
when the shares In the copper group
started upward In the morning and con-
tlnued their advance during the day the
| market seemed TO be at las making a
rcsponse 10 good new should Il prove
that the list has begun to swing out OF
It's rut the initiative of the movement
would have a rather convincing charac-
ter because tho exercise OF leadership BY
.he copper and other metal shares would
be justified by valid arguments . that
trade DEVELOPMENTS were working for en-
HANGED value. Realizing sales were less
in all directions than might have been
expected. There was some evident short
covering and a good deal of profession
alism IN the purchases which sent va
rious stocks to high levels, but there
Mere signs of new buying. Anaconda
led the copper group. and other feature
Of strength We're provided 10y American
Smelling aud Mexican Petroleum,
In diTcrcu; directions ,He news ~
the oa, added =" the supports for ar
optimistic financial attitude. The res
! tnrstipn of dividends by important
| ennsylvanla Railroad subsidiaries ties.
tilted To the share OF prosperity whicf
tia. cnmnun carriers have begun e
receive. Reports from the steel trade
were IT, tho effect that despite increased
prices for steel products there was ne
letur IN the buying demand. and tina
manufacturers. although operating a.
capacity. were failing behind their or
dcrs. The November foreign trade
statement, carried along the br.lliani
showing which the year has made. tn
countrN's aggregate external commerce
for the month anproNinated the un'
precedented total " a half billion dol
lars, of which more than two-third'
Was the contribution ~ the export
trade. November exports exceeding hS
more thar $4,000, 600 the prevloU!
monthly record made IN October. Tht
EXPORT balance for the month WAS 1885,.
ooo. o0", bringing the export excess foi
twelve months to s,107. 900, 600.
In rather striking contrast with thu
implications of the trade Statement
there was a continuation OF the recover,
IN sterling exchange. Demand bills sole
above i,3. the highest price since
august. All Of the new factors whicl
have been discussed OF late, the cred'ts
which have been arranged here To-
british use. the large return Of GU
securities and the like have entered
into the strength which the ~sterlinl
market is displaying. Also seasonal ten
denotes to an upturn are evinced, bu
there can he no doubt that American
finance has realized since the visit q
the Anglo-French loan commission how
much tn our interest IL IL to assist Ii
maintaining a stable market for ster
ling. A ,orollary ~ this proposition
is that sterling was excessively an
uuuarrautably depreciated two month