The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-16
FINANCIAL NEWS
AND COMMENT
War Issues Continue to Pro-
vide Features Of Strength
y in Market.
FOREIGN LOAN FACTORS

Although the large uncertainties In
volved in the negotiations for a huge
foreign loan continued TO hold the stock
market in check the session yesterday
exhibited the same characteristics Of
underlying firmness which have been
manifested for several days, accompanied
by indications of aggressive rising ten
denotes. The dealings were on nj un-
changed scale OF moderate activity, and
although ~palpably professional for the
most part seemed to include something
more than mere trading operations. War
stocks still provided the advancing fea-
| lures, but none of the tokens OF the
| market recently are ~preJudicial to the
theory that railroad shares and other
moro or less standard issues have been
undergoing a process OF accumulation.
The list was at no time leavy. and as
poets of strength prcdominated ut the
close.
Routine news was al, Of a favorable
character. The Governments weekly re-
port showed that the prolonged and
widespread period of excessively warm
weather had been helpful to the crops.
A pronounced note Of optimism was
struck IN the weekly reports OF condi-
tions in the steel industry. The trade
was described as busy with calculations
for the early months OF next year, and
signs we're afforded that n rush OF rail-
road buying might he expected soon. IL
was said that there were more locomo-
tive orders and inquiries In the market
thar for months past, and the equipment
business generally was more brisk. This
information fits in with the known facts
about the substantial improvement
which has taken place in railroad
ings.
Matters relating 20 the diplomatic
controversies In which Washington MI
been engaged attracted relatively little
attention. The more hopeful character
of Washington n Berlin advices was
interpreted to mean that ut least an
ether interval of diminished tension had
begun. although the financial community
Is not altogether sure that foreign po-
litical affairs can be kept out of the all
important international fpln negUtia-
ions with which the banking and bust
ness community is now most concerned.
No surprise has been felt over the di-
rectiOn OF the h~yrhenated propaganda
toward efforts to obstruct the success
ful arrangement OF a vast grant OF
credits, primarily designed from the
point Of view OF American interests. to
maintain the country's export trade with
its beneficial influence OF domestic con-
dit!ons. but II does not appear at all
clearly that obstructive enterprise Of
this sort can accomplish anything more
han has beer lone in the way OF check
ing business IN war munitions. Neither
does IL appear that the ob~strictionists
have any valid ground for trying to
make trouble at Washington over the
loan negotiations.
Nevertheless business banking IN
terests would like the situation better
II Washington. instead of INDUCING in
roundabout expressions OF ~subjunctive
opinion. would take the first occasion
offered TO bluntly through the
state Department. the Treasury pepart-
ment or tie Department of Justice that
there was manifestly no conceivable
warrant for Government Interference
with an undertaking designed to
keep American trade going. In
cidentally IL might be remarked that
there is an increasing feeling in Wall
Street that there should be no assump-
ton that any banking house or institu-
ton controlled by American citizens
would want TO be left out Of negotiations
intended to effect arrangements for the
advantage of American trade and in
dustry.
With respect TO the details OF methods
or terms for establishing the credits
required by our foreign trade opportu-
nifty Wall Street is less concerned thar
with assurance that the requisite ac-
commodation will be provided to foreign
borrowers, The need OF ample grant OF
credit, II Great Britain and her allies
are to trade with us as much AZ they
would like. is clearly shown by Mr..
Asquith's statement in the British
Parliament that the cost OF the war to
Great Britain has risen to s2l. o00, 900
day n ia rapidly rising toward $685.
600, 000. Comment might be made. how
ever. that this demonstration hardly
strengthens the contention of the visit
ing finance commission that our grant OF
credit should be wholly in the nature of
an unsecured loan.