The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-25
FINANCIAL NEWS
AND COMMENT
Stocks Broaden and Rise Tn
der the Sustaining Adj
vance i'm Rails.
BONDS ACTIVELY STRONG

Trading IN stocks was maintained
yesterday on the million share scale
reached anew this week, but tho mar
kot developed. in connection with tn"
maintenance Of volume. n hrmncss Of
breadth and strength which was ~
more than speculative significance.
Dealings IN the last hour exceeded a
quarter Of the total and II was in this
period that the share list displayed its
maximum Of buoyancy under the leader
ship of rails. The market gained in
an aspect ~ wholesome
ness which was gratifying to observers
who had been more or less disturbed
lately 10y the exclusive favor extended
to industrial shares.
In regard to the action ~ railroad
stocks expectation will be tempered by
the recollection 81 numerous abortive
upturns since the beginning Of the year,
gave a gratifying exhibition Of sus-
tanned strength IN continuation ~ the
advance which took place on Thursday.
ON several occasions the railroad list
has hid a rise which lasted no longer
than the afternoon OF its origin, but
there were signs yesterday of "A long
DELAYED response to the effect Of "A
prutractod period Of accumulation.
There were Indications also that foreign
l]ipu,dation need not Toe considered a
deterrent to further improvement IN
this quarter.
The catalogue OF railroad issues which
went M was too long TO permit a desig-
nation ~ any of them as particular lead
ers. The whole group provided leader
ship and closed at the top Of the day
on . To- 4 point Gap's. lndustr.als were
less prominent. hut they We're characters
lied by a good deal Of strength
despite some reccssions induced by
liberal profit taking sales and an app
parent process OF switching trading
commitments into the railroads. Some
Of the standard industrials. such az
American Smelling and United states
Steel. supported the rails, hut wal stocks
wcrr sti'l a feature. co~nspicuously Bald
win Locomotive. Westiughouse Electric
and Crucihlo steel.
OF tho rise IN the railroad department
Il may he said it would soam tu b,
a logical outcome Of the uumistakahIy
" Wv NNNN" w ~ 90 INV %
Investment, houses dcscrih" IL rs a roa.
bond market a, last. Demand. as wei
as inquiry. rs active and prices have
risen sharply this month. and although
there has been "A greatly increased sup
ply OF bonds becaus, of foreign liquida'
ton material progress has been mad'
in cleaning them W. Accordingly, the
whole securities market IL now base,
in tho broadesi upward movement oI
the year. If slrcngth u maintained 4
VIII undoubtedly ,onducc TO new cor
poratg financing and an expansion 81
enterprise. although Of course every
thiuG of that Kind is now waiting or
the OUTCOME of :hc foreign loan acro
;ia'tors.
such Information rs Was available 70
spcctiuE the proposed loan was prevail
ingly optimistic. Sterling eNchInC.
furnished corruborativo evidence ~ tn
continued frmness which was cNh.hite,
with demand bills around 81. Thu
loan proposals seem from all accounts {,
have been reduced to the point az fd.r,,
definite outline and detail With the mat
ter % rrj'" practically the only poln
under discussion.
Reports ,f some Russian succcssns
which varied the mouotprous chronicle
W German Victories IN the war In IA,
East. attracted attention h"caus" of tn,
extending activity OF mohl cation N III
Balkan area. TIE fast following event
p in that region AZ" making the situation
I'm the D~ardaucl'cs an object uf iUCrcis
.ngly acute interest, for something ma,
come out Of il which will rrodur" a Dis
tiuct effect here. WA, Street, howe vcr
was In general moro engaged with TN
phenomena Of tho stock market tina
with happenings abroad
Among other things ~ took no
altogether IuorcdulouS notice Of IN
further circulation Of rumors, inspire,
hy changes OF control in tho field OF m
minor steel companies, that new s'eC
combinations We're contemplated, In tn
Kind of stock market which has bee
developing such schemes are not so in
hcreu'ly improbable as i'm the rccen
years in which they have been mootcd,