The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-25
FINANCIAL NEWS
AND COMMENT
Stocks Stronger as Trading
Tends to Break Out Of
Dulness.
SOME SHARP GAINS MADE

terday seemed to have a Significance
corroborative of conclusions from recent
sessions that the share list was merely
completing its recent reimbursement, In
volved In a reduction Of the inflated war
stock position. with an interval Of rest.
dulness prices ehowed strength, and
with allowance for certain dubious spe.
cialties in the war order category the
market gave signs Of a sold out condi-
ton. An upward trend was implied by
the aggressive advances which were
made by Industrial shares Of varied
classification, while the general run Of
shares displayed n good deal Of hrm-
ness.
Utah Copper rose readily in the morn
ing. although the copper group as a
whole was rather i~rresponsive. In the
afternoon there was a sharp advance In
American Smelling. connected, perhaps,
with the display of rapidly rising
strength in silver. The action Of the
white metal Is coming to be observed
with a good deal OF interest because OF
opinions which are held In marty In
telligent quarters hat silver will have
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take the place of gold. which. instead OF
going into han to hand circulation. Will
be kept im%pounded In bank reserves as
a basis for expanded credits and cover
for note issues.
Irrespectip OF the specific causes
which may have Influenced the rise oi
any stocks yesterday II was noted thai
gains were made rather easily in thai
they did not attract prompt offerings
Lackawanna Steel. Westinghouse ant
General Electric moved upward on mod
crate volumes. while there were very OK
tensive upturns In Texas Company ant
Cuban-American Sugar. which carried
. them TO high record prices. The greater
animation Of the market was commented
4 upon because of the holiday absences
and the holiday considerations which
might have affected the trading. Ais
the general display OF strength through
out the list was accomplished gains
the discovery Of a lack Of resistance 4
pressure in issues like New Haven, Mer
camille Marine preferred and Baldwin
Locomotive. At the same time sellini
Of the last named stock on the failur
Of the directors to take any action on tn
dividend did not carry the quotation "a
low as in the early part Of the week.
suggestions Of a somewhat more op
timistic mood were conveyed by tn
lack OF any effort to derive bearish ar
guments from overnight news which
few days ago would have furnished a,
incentive for professional selling. I
WAS manifest that undertakings to insti
tute peace proceedings in the Europea'
war we're going to attract much atten
ton the next few weeks. There is rea
son for regarding these as an inciden
Of the entrance of the war into a prob
able state of deadlock for the winter
but the financial feeling is that sue
conditions have now been ~establishe
that peace will find our banking an
business interests prepared to supply
great recons,ructive demand froi
abroad for the credit and commoditis
which we can furnish to customers on
peace footing better than or a war foo
ing. At any rate the stock market
neither so sensitive nor so rulnerah
to the possibilities Of peace readjus
ments as II was before the excessi'
. speculation in the war stocks W.
y curbed.
Foreign reports OF a programu
among the belligerents to cut down mi
terially the purchase of war munitioi
y in this country were received with son
scepticism. They did not square wi
recent preparations of the Allies to o
ganiza their forces for more determine
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chiefly as an attempt TO induce mo
. favorable terms % contract. Howev'
a diminished pressure OF foreign buyil
would be welcome In various lines
industry now confronted by a domes'
buying movement which Is making I
pace Of Industrial expansion almost I
apid. The weekly reviews OF steel co
di,ions even go So far as TO gay that I
rise in quotations for steel products
dangerously swift. Tho PennsylvaI
Railroads. withdrawal OF inquiries
1000 cars because bids represented
great an advance Is the first striki
"A token that a slowing up In the steel rs
ket would be desirable.
Further reports Of railroad earnir
n. for the month Of October advertised
widespread extent of general bus!n'
betterment. Tho Southern Pacific sta
ment for October showed that West'
territory was participating In the
= provement of the Cast. Gross earnir
- for the month were the largest @
made and net was close TO the large
. The gross gain was s2.12s,000, of VIII
Sl,l9o,O0O was increased freight reven
: An increase of 81, 200. goo in net earnii
resulted. making a gain OF $4,000 600
net for the first four months Of the fs
year. Such reports as the railroads
now making, especially in view OF
fact that improvement is being ma
tanned this month. might very well m;
railroad shares figure in the investm
purchases which are customary tow
and over the end of the year.