The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-28
FINANCIAL NEWS
AND COMMENT
Excited Rise in Stocks, With
About 1.5OO.OOO Shares
Traded In.
Is LED BY INDUSTRIALS

Not since last spring has there been
such n session of excited activity at ris-
ing prices on the Stock Exchange as was
the case yesterday. Indeed the market
surpassed in violence and in the range
and scale of dealings the maximum OF
the trading movement reached before
the so-called Lusitania break In May
Transactions aggregated roundly about
a million and a half shares. and even
though rails again fell into more or less
neglect. business was characterized by
great breadth. 1t goes without saying
that such n market does not advertise
its safety. but II does evinc the spread.
ing Increase of public participation In
the speculation which discerning OBJ
servers long < anticipated.
Interest in the railroad department
was not sustained over the recess, but
this vas apparently not so much on ac-
count of a loss OF attraction as because
OF the superior appeal which the Indus
trial list promptly made to the specula-
tive appetite. Rails receded only mod
erately. despite "A liberal amount OF
profit taking. and exhibited In the main
a firm tone, which might be taken TO In
dlcate possibilities of "A further response
to the factors which have contributed 10
general trade and industrial improve
ment.
Ecalizit@ was facilitated in the rail.
road quarter by the extraordinary alb
sorptive capacity which the market dis
played all around, for there could be nc
question that except In the case OF @
few issues there was n very free supply
Of Industrial shares. TIL fact that
,tf,Vf,uy trara tnERp nj an extensive 0u-
vance of quotations in so many direc'
lions h~etokened a large expansion o.
public support. No great amount or un'
steadiness developed in the last hour
and although quoted values generally
declined from the best figures before the
close the strength In the final dealings
was as pronounced as at any other period
Bonds continued last weeks display o.
substantial betterment.
Baldwin Locomotive was the LEADING
feature of the session. Other railroad
eouipment stocks fell into line with |
and large and rapid gains. even II they
were not fully maintained. were
recorded throughout a long catalogue o.
industrial shares, although the stocks
which moved most belonged in the wal
munition group, showing what was up
permost i'm the calculations OF the specu
lative community.
There was no confirmation or the re
ports in circulation respecting the en-
trance OF new interests Into the Baldwin
Locomotive Company. but the conditions
| which have been established lend a Ger
| tain credibility to the rumors OF new
| corporate combinations which have he
gun TO pervade the financial district
Furthermore the actual change OF con
| troll OF the Midvale Steel Company ha'
been taken a. a circumstance
| tive OF these rumors, and whether or no
! DEVELOPMENTS will Justify speculative ex
| notation there is no question that pros
| poets of deals" are the kline OF food oil
which speculation likes TO feed.
A marked stimulus to the tradine wa
given by the action OF Baldwin Loco
motive and this augmented the effect o
| the momentum generated In the stool
ma rket last week and accelerated owe
the week end by the adv!ces from IN
scene OF war abroad and by the ap
parenilv satisfactory indications or IN
status OF the foreign loan negotiations
Cotton made further gains in price. al
though grain was obviously not helpe'
by the war news. -
Sterling exchange stlll held above ~
and the departure OF some OF the LOAF
negotiators for Chicago TO confer VIII
Western bankers was regarded as al
evidence of the completion OF an under
standing here. One OF the influences II
the Wall Street day was the conjecture
possibility that events in the war nigh
contribute materially to success OF tn
loan operation which has been unde
discussion for the past fortnight.
That the Missouri, Kansas and Texai
Railroad should be thrown into receiver
ship was no surprise. II had been NOR
or less expected since the lapse OF tint
had complicated the difficulty OF adjust
ing the fixed charge maturitics which
were the original cause Of trouble. Tn
present facts Of the railroad situation
were more adequately illustrated by tn
reported order Of the New York Contra
Lines for 100, 900 tons Of steel rails 70
delivery next year compared with 500
tons this year.