The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-23
FINANCIAL NEWS
AND COMMENT
Another Million Share Day i'm
stocks. With Industrial
List Strong.
T.. s. STEEL Is A LEADER

Without any new factors of acoeiera-
ton in sight the stock market gathered
increased momentum yesterday In its
advance. The prospect for arranging
the vast commercial credit under nego-
tiation for foreign employment In the
purchase OF our goods and commodities
continued, however. to provide a salts
factory argument for constructive
operations in tho share list. especially
as Wall street has had vouchsafed to II
matters OF ment like the APP
preaching completion Of a brilliant agrl-
cultural season and the indications that
our diplomatic relations have become at
least temporarily less critical.
n In his situation anything SHOULD
occur which Wall street could construc
as of large and favorable importance II
is hardly open TO question that n sus-
tairsd expansion Of optimistic financial
activities would be promoted. II Is
equally true of course that conditions
must prove very sensitive TO signallv
adverse developments. For this reason
n good deal OF Intelligent attention Is
being directed toward the foreign loan
negotiations in their concluding stages
ard to the signs OF desperate political
and military cndeavor in the Balkan
area upon which the immediate fate OF
the allied campaign along the Oar
danelles may depend. The reported
mobilization of armies by states so far
neutral may indicate that affairs In that
quarter OF Europe which provided the
original causes OF the war are rapidly
dra wins toward an acute crisis.
However these things may be, the fact
remains that trading In stocks pro-
ceedcd yesterday on a rising scale. both
In volume and prices. rail-
road shares remained more or less dead
locked. the market gave tokens that
the movement was broadening out In its
inclusion of standard issues OF the IN
dustrial description. especially when
United States Steel assumed the lead
crship. No stock could be more IN
fiuential over the general list and wide
spread strength was induced by its
action in advancing throughout the af-
ternoon TO the highest figure OF the
wear. more than double the low price
10 which IL fell early in the ye;lr after
the suspension Of dividends.
war order stocks were still at the
forefront Of activity. and Baldwin To-
connective. American Car and Foundry.
American Woolen and Westinghouse
were carried up to new high levels.
Profit taking sales in a variety OF shares
which had advanced extensively of late
were wei hDNpIUNus tli'A Ail''' WV ~
no time any symptom Of market weak
oning because of the tax which the
trading recently has imposed on its
strength.
Foreign selling seemed to hold the in
ternational list in check. but liquida-
lion from abroad can hardly be regarded
as an insuperable obstacle to advance
in view of the way in which Steel went
through II. The increase In the West
'nghouse ElectriS sdividend from the rate
Of 4 per rent. a year to s per cent. n
year merely on the earnings or the
from normal business, accom-
rari.d nv the announcement that the
compsy had on hand $50. 900. 900 OF Arm
contracts for war munitions. further
stimulated speculative confidence In the
Profits to accrue from the production
of war supplies. Total dealings aggre'
gated we'll In excess OF a million shares,
Foreign exchange was firm for ster-
ling. but extremely dull. There was
less rumor in circulation about the
status OF foreign loan discussions than
on any day since the negotiations ne
gar, but the absence OF report was
interpreted az satisfactory. Meanwhile
trade news added to the argument or
necessity which has been the most pet
suaslve reason for expecting the estap-
lishment OF the requisite credit TO keep
our outward moving.
August liz commonly the sllckest
foreign trade month OF the year. bur
IL yielded this year an export balance
of more than $40. 900. 900. In the
twelve months ended August 81 exports
exceeded $4,000. 600. 900 for the mrs,
time in any corresponding twelve
month period. reaching a total o,
s3,o85, o00, 900. 1t is an old story that