The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-02
FINANCIAL NEWS
And COMMENT
War Stocks React Again Under
Persistent Liquidating
Pressure.
RAILS LEAD IN STRENGTH

Inspired by the very encouraging
statements Of railroad earnings and in
cressing traffic which are now coming
ont and measuring not only better rail-
road conditions but the progressive cx-
pansion Of general business. there was a
good deal OF confident buying of the
staple stocks In yesterdays market. This
absorption was stimulated also by the
further Indications OF a more prosrer, nus
development OF trade m industr, fur
nished by the situation in metal lines.
particularly in iron. steel and copper. In
the main the stock market seemed 10
emphasize the newly acquired preference
OF speculation for the seasoned mediums
which have not participated much in the
stock market advance OF the year rom
Quoted largely in the war munition
shares and related groups The
preference was moreover accentuated by
an apparent discrimination against the
war stocks. which were obviously under
selling pressure all day.
Trading was on such an active scale,
the total exceeding "A million shares, that
the interpretation OF the session between
two recesses presumably did not have
much effect on the dealings. Al the
diI NlIHt uoiluds CONGRATULATIONS may
have to some extent entered into the
Wall Street reckoning. especially as
Wall street Ia frequently in the habit
OF putting itself In some shape to make a
gratined or disappointed reflection OF
election results. The market contracted
somewhat with the session before Colum.
bus Day, when all around strength ac-
companied activity. II was after tina;
session. however. that he share list be-
n a, ipsr.. q na1, frsA.. asl a.
veloped a reactionaiy trend which had q
sequel In last weeks extensive setbaci;
in the congested portion Of the industrial
department.
There VAS a good deal Of strength ~
the early trading yesterday. with tn,
standard shares leading. These issues
displayed either aggressive or underly-
ing firmness at all periods thereafter. bu,
the long list of war stocks became un.
settled In the forenoon and was heavily
r~eaottonary up to the close. In the la'f
dealings the irregularity OF the price
movement became more pronounced, but
heavine>s was still manifested only In
the recent favorites of speculation in
war contracts. The general u o;
standard stocks acted e~ncouragingly
The dealings in the numerous war spc.
c~ialties. however. suggested that specu'
lation In them was still laboring with a.
excessive accumulation of long commit
ments In the hands OF the public fol.
lowers of the market who were seeking
10 close them out as opportunity OF
fered. the principal buying seeming ID
| come from the short interest. Rethle.
hem Steel pointed the way downward
for the war order descriptions. witt
Studebaker and Baldwin Locomotive
falling sharply enough 70 induce pres.
sure on the rest Of the war stock assert
ment
A bullish diversion was effected in low
priced railroad shares. Missouri Pacific
responding 20 the analysis OF the securi.
ttes In reorganization published by tho
adjustment managers. and the declara.
ton OF a dividend on Chicago Grea'
Western preferred seemed TO advertis.
the possibilities OF the moro depressed
railroad shares. on the whole. though
the substantial interest displayed in tho
market was noted in the rails. coppers
steel issues n some OF the industrla
specialties outside the war order class
~ication.
Foreign new, did not loom large In
Wall Street considerations. Neither in
the grain nor the cotton market was
there any token OF attention to peace
talk. although II should he observed that
the financial community expects peace
discussions 20 he more or less of a senti-
mental factor In me next few weeks,
The sdviCes which came from Paris
about n British and French discrimina
ton against our steel makers on account
OF their high prices was IN some quar-
tcrs interpreted az possibly confrms :
tory Of reports heard lately about a Brit
ish embargo on steel exports. There Is
NJ visible source or steel supply on
which Great Britain coulh draw at
home except hat which may have been
engaged In such foreign trade as British
manufacturers have kept UP. Accord
ingly the Paris rumors might 10 taken
as denoting a possible increase OF gen
cral foreign demand for our steel out
put.
The brilliant reports Of the Eastern
railroad lines for September entered
very largely INTO Wall Street calcula
tons. The returns of the Pennsyl-
vania. New York Central and Erie were
record breaking and It Is TO be noted
moreover that the October results, when
published. will unquestionably surpass
the September exhibit.
Sterling exchange displayed rallyins
strength after early heaviness. Gold
importation was Increased by the re-
ceipt Of about 100000. bringing the
total inflow Of the year up to more thar
$500. O0O ,000.