The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-15
FINANCIAL NEWS
AND COMMENT
Stocks Show Some Irregular
ity in Another Active
Session. p
WAR ISSUES II FEATURE

Trading in stocks continued on an
active scale yesterday. the dealings for
the session raising the aggregate for tho
first half OF the week to more thar
800. 900 shares. As his expansion of
business was enough to suggest that a
fair amount OF long contracts had been
returned TO the market on the recovery
the bearish disposition OF traders In the
afternoon prompted many Of them 70
renew short commitments The course
Of prices In the late dealings was irreg-
where II had been more uniformly
upward In the earlier part OF the ses-
sion. when also there was. more pro-
nounced activity. In the afternoon the
market was materially q%uieter, but Il
did not lack underlying steadiness as
the pace ~slackened. Closing prices
showed irregular changes with a balance
Of gain.
Throughout the session the so-called
standard shares. especially rails and
some of the Industrial stocks on the
International list. were rather neglected.
Business continued to favor the indus
trials. particularly the large class OF
war stocks. and rumors OF the increas-
ing scale OF buying Of war supplies
abounded. Apropos OF the speculation
In war stocks 4, is probably an incom-
plc,e description Of the facts to at
tribute the operations In the market 80
exclusively TO professional effort as Is
the fashion. A new kind of public has
been coming into the market, the public
which represents the modest or larger
fortunes that have been and are In
process OF rapid creation as a result OF
the opportunities which the war has
afforded in many avenues OF endeavor.
bonds were distinctly stronger. reflect
Ing doubtless a tightening of l%iquidating
pressure from abroad. Whether or not
the approach of successive periods Tor
instalment payments on British war loan
subscriptions will be heralded by fresh
offerings of our securities from London,
II mas been again demonstrated that
liquidation does not come in volume
enough TO overtaN capacity 10 absorb ~
here.
Meanwhile II is a question II Wall
Street fully appreciates as yet the mili-
tary AMI financial significance OF the
extraordinary success Of the British war
loan. Fol one thing the tender Of new
money far beyond expectations should
enable the Government 10 put on any
further issue Of new bonds until toward
the end OF the year at least. This should
clear the way for undertakings to
strengthen the sterling exchange market,
a development which would be of advan-
tage 10 our commerce. There were no
very important features In exchange yes
terday, although the further strengthen
ing of francs was noticeable. Advices
from London reported a rise In open
market discounts 10 about the level OF
the bank rate. but ii is doubtful II dear
er money in London will last much be-
yond the initial payment or the new war
loan subscriptions.
For the time being there was a lapse
OF attention to the country's controversy
with Germany, although there seemed to
be an increasing financial disposition to
lay stress on Germany's apparent effort
to conduct her submarine warfare In
accordance with established international
law. Wall Street Interest was far more
engaged in matters of domestic conse-
quence. There was some selling OF
stocks on the strength of wi eat, which
rose : cents a bushel to the accom-
paniment Of damage reports from rust
and the like. hut the chances are very
much in favor of the theory that grain
is responding just now to speculative at
tempts to anticipate a heavy export de-
mand later on.
The Governments weather report for
the week again told OF too must mols-
ture, but this is better than drought. and
Furthermore the report describes the
weather as the most favorable OF the
season so far for spring wheat.
Weekly reviews OF the iron and steel
trade gained further In optimism. II
was stated that the steel mills were be-
ing obliged to Increase production in
order to keep up with the expansion OF
forward buying. a significant circum-
stance being the purchase of outside
steel by the United States Steel Corpora
ton. Price advances were noted and II
was said that increasing confidence was
felt that activities would be sustained in