The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-01
FINANCIAL NEWS
AND COMMENT
Sharp Break in the Stocks Fol-
lowed by . Vigorous
Recovery.
COPPERS ARE A FEATURE

There was no setup yesterday IN the
ACTIVITY which the stock market has
developed this week.. Strength was per-
haps an even more pronounced feature
from q speculative point Of Wow. The
dealings ran to practically the same
total as on the previous sessions
of the week. but they represented
much less confused trading than on
Wednesday. when the market wa
apparently laboring heavily with the
quantity Of stocks that had been
supplied TO II. h sequel yester-
day was a more or less familiar exh.bi-
ton az certain stages Of an excited rise
for tho market was tested by a very
sudden all around break In the fore
noon, such as only comes when a process
of pyramiding profits has added shaky
stories TO the price structure.
Obser vers, who had almost forgotten
about such incidents because II a been
80 many years since the Wall Street
situation permitted them. were inclined
to think that the swift drop In the morn
ing represented a raid by bucket shop
interests In order to clean their sheets,
assisted spontaneously by professional
traders, who were aware that the mar
kct wan Auh VI Soop SSo oANSAS AhS
decline was severe while It lasted and
induced a large amour Of scattered
commission hous liquidation. but the
period OF weakness was not protracted.
The character OF the decline was fairly
well illustrated by the fact that the
burning Of an American ship rear Arch
angel, which q been obscurely reported
In The morning newspapers. was mad
TO serve, on the news bureau publica-
ton Of II, as An argument for tho un-
loading Of long contract commitment
in stocks.
The episode had its plain warning. but
tho break in prices. however precipi-
tated, was OF less speculative signih-
cameo than the subsequent aggressive
ness OF recovery. Accordingly the
warning aspects OF the forenoon deal
ings were materially qualified for the
stock market following by the afternoon
exhibition of resiliency. From a more
conservative point of view the early
slump had at least the beneficial result
OF eliminating some elements OF weak
ness in the markets position n the
afternoon session had moro wholesome
aspects in the increased attention paid
to other descriptions than those IN the
wal munition category.
Despite some pressure from traders
oAC oitA eotho e'S O
taking from the commission houses be-
cause of the morning disturbance the
market gained In strength in the
last hour and was both strong
and active at the close. Influential
leadership In the later trading was
exercised by United States Steel
and by the vigorous upward movement
Of stocks In tho copper group through
out the afternoon. The course Of cop
pers showed that Issues long neglected
rs unattractive to a taste accustomed to
were not altogether lacking In appeal.
1t may yet be found that the railroad
stocks are not wholly to be despised In
comparison with the war munition
shares. although these still persisted In
speculative favor yesterday.
Foreign exchange was Arm for ster-
ling and very strong for French remit
lance. Rapid progress was Ia by
banking interests In completing the un-
derwriting arrangements and elaborate
ing the details of the Anglo-French loan
for public offering. National bank par
ticipation in the loan will undoubtedly
be enlarged by the ruling Of the Comp
troller OF the Currency that the 10 per
cent. Limitation on loans to any one Dor
rover does not apply to loans OF q gov
crnmental character. Tho loan con-
tinues to b. In all it's bearings the most
important constructive factor In the i'm
mediate situation.
announcement by the Lackawanna
Steel Company OF an s to 10 per cent.
Increase In wages illustrated the effects
which war munition contracts are hav-
ing on Industrial activities and Wall
street teemed with rumor of various
new contracts under consideration by
different corporations.