The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-26
FINANCIAL NEWS
AND COMMENT
Irrcgularity Continues in IN
Active Market With Under
lying Strength.
STERLING GOES LOWER

tinued under the influence OF the con-
nicting views about the immediate
position and prospect Of quoted values
which gave last weeks market It's re-
dictionary appearance on the surface
The price movement for the first see-
sion of the new week was irregular
and confused, a conspicuous feature Of
jority OF tho issues which displayed
| aggressive strength were not OF an i'm.
! pressive sort. In fact their prominence
induced no little selling Of more I'm
portant issues, but on previous occa-
sions his year there have been similar
manifestations which have not a their
familiar sequel. The effect of such
| episodes has been only to demonstrate
the extent to which tradition and prec-
| edent have been qualified by the factors
operating on values under tho oondl-
| tons treated by the European a
Transactions were maintained OH the
average of recent volumes n still
represented a scale of contraction from
the more reckless activity OF the market
| dealt in was again long. but trading
In most OF hen WAS limited 30 that
the session was not altogether broad.
There was little o. no news over
the week end calculated to impart q
| fresh stimulus to trading In either direc-
| ton. Practically all the information
bearing on this market merely empha-
sized considerations uppermost In the
last few days. Accommodating evidence
! OF the growing volume Of railroad traf-
fc was reflected In somewhat more
| confident purchases Of the railroad
' shares and moro staple industrial de-
. scr!ptions, although advance In these
quarters a checked BY further Euro.
pean liquidation and BY domestic real
izing.
Conjecture about tho outcome Of this
afternoons meeting of the United States
Steel Corporations directors seemed tc
play a large part in the Stock Exchangs
r~eckonings. n the ranks OF the re
actionists were recruited by traders who
concluded tina the Steel meeting mus
have been discounted and that It was
therefore inadvisable TO retain long com'
mitments IN Steel n other shares fol
the time being. There was a hopeleasdy
contradictory mass OF rumor about IT,
possibilities Of restoring q dividend OF
Steel stock as well as about the dimen
sions OF earnings for the Septembe,
quarter. and operators OF bearish pro
iclivities took advantage of the super
fetal uncertainty Of Wall Street to en-
courage reactionary selling.
Additional contributions to the bod!
Of rcactionary opinion were made b.
apprehensionists of different sorts whit
professed unezasiness over the trend o
events in the European war. Tho recon
decline in sterling exchange was ais
dweit upon In comment adverse 20 tn
stock market, but the most that careful
observers could make Of tho situation
was that the technical position Of stoch
was still called into question and hat
yet to be proved by the lapse of NOR
time.
born resistance to the bviou sellinI
pressure in all directions and on th
average Of prices the level of the maxi
mum rise so far WAS firmly held. Ir
regular changes were revealed At tn
close. but neither then, nor at an,
other time during the day was the ton
Of the market weak. The increasing &C
tivity and strength OF bank and trus
company stocks attracted attention. a
did the excellent capacity OF the bon
market for absorbing foreign Offering:
The steady drop OF sterling exchange
with allied weakness In other forms @
remittance. was OF course the strikin
financial feature Of the day. Deman
| sitTldi6 was i clo 1so- y "
OF about so per cent. Of the rally whic
took place in the approach to the ne
rotiations for the Anglo-French LOAF
Nevertheless Wall Street adhered
its conviction that the renewed weak
ness in foreign exchange was not
disturbing portent. because II denote
"A necessity which would compel bank
ing interests abroad to cooperate wit
our own banking community In tn
establishment of the ample supply q
credits which are within the powe
Of American finance to furnish.
The time would seem now to be rip
for the arrangement Of those grants
accommodation. both in collateral loan
and through bankers acceptance
which were talked OF before the Angie
French commission came hero and ir
! sisted that lending in tho original In
stance should take the shape Of q
unsecured Government loan.