The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-01
FINANCIAL NEWS
AND COMMENT
Last stock Market Of 1915 a
Session Of Very Active
Strength.
STANDARD ISSUES LEAD

A million share day in the stock mar
ket, with the trading on a scale OF
broadening buoyancy In the rise Of prices
to a new high average for representative
issues II with standard rails and in
dustrials leading h upward movement,
was the emphatic fashion in which wall
Street voted confidence In the 1916 pros
pect for values as finance was closing its
books for the marvellous year of 1915.
The market. stimulated by the pub
lishcd outlines of Austria's satisfactory
concession to Washington's demands, ad-
vanCei strongly over night and closed
strong at substantial gains, with prac-
tirally no hesitation In the upswii,g of
prices and with every indication that
the cumulative effect OF the many recent
developments denoting the highly profit
able expansion of trade and industry in
ALI lines was az last in the way OF COM
pelling adequate reflection In securities,
The general business situation. reen-
forced as 1t is by the soundes and
strongest banking position which tho
country has ever known. happened to he
lmpressively illustrated in one of the
important items Of the days news. the
statement of the New York Central sys-
tenn for November. The, New York Gem
trail alone reported an increase OF almost
~, 900, 600 gross and "A net Increase OF
about $1,000 900. while the gross and
net gains for all the Central lines were
$1,S9S,0O0 ard s6.546,000
Bonds were active and strong with
stocks. and all the aspects Of the session
suggested a more confident expansion of
investment as well as OF speculative pur-
chases. Meanwhile cali money closed
tho war NJ Ia NOR cont Natb4,r M
this indication of the money market has
ever been seen at this season In any
period OF profitable activity. much less
such tremendous activity as general bust
ness now enjoys.
After the more or less disturbing COM
mentaries which Washington aud l:i-
ropean advicts had furnished for the
past fortnight on the controversy with
Austria the news OF Austria's concession
in the Ancona matter came with all the
force of gratifying surprise and pro-
'7ded II powerful impulse TO construc-
tive operations in stocks. The market
opened sharply upward. SO sharply, in
deed. that traders proceeded to sell the
list freely on the theory that the ad-
vance could not hold. There was little
setbaCk, however, for stocks had been
proved clearly to be in "A very strong
position II for the rest of the day the
chronicle OF the market was one OF steady
gain. only checked at times by realizing
sales. which obviously encountered in
~cfeasing absorptive capacity.
Leadership was inpressively fur
nished by the old line stocks. the whole
railroad list displaying strength. with
even more aggressive vigor in the in
dustrial department. under the leadership
or the copper metal group. OIL stocks
ana an extensive array OF specialt!es
participated in the rise and many issues
closed at new high prices for the year.
The laggard were few and not con-
spicuous. II was manifest that the pro-
fessionalism of the recent market had
been overcome by new buying. and the
session as a whole showed that there
had been a large release of the pent up
accumulation Of buying power which had
long been held in allegiance and was
responding to the encouraging Influence
or strength in standard descriptions.
The weekly IN statement disclosed
a loan Increase of si5.S5U.UOO which
was a further token Of the Persistent
spread OF financial and business enter,
prise, In the foreign exchange mar
ket sterling and francs were Of a little
from the recent high levels If recovery,
hut German. Austrian and Italian bills
sold down TO about the lowest levels
TO which they have fallen.