The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-17
FINANCIAL NEWS
AND COMMENT
Advance in Stock Market
Again in Face Of Violent
Break in Exchange.
NO MENACE SEEN IN DROP

The financial district was treated to
the remarkable spectacle yesterday Of
another sensational advance in the stock
market. or at least in the industrial list,
in the face Of q violent smash in foreign
exchange. II there were not other per-
fectiy obvious reasons for the back
wardness Of the railroad stocks, and e.
rscialfy the chief International shares,
this feature might be attributed sofely
to deliberate neglect on account Of fear
Of foreign liquidation being stimulated
by the extraordinary situation in az
ket as a whole It seems fairly plain that
the decline in exchange Is not considered
a serious menace to the market. On the
contrary. II is accepted as proof Of the
enormou strength OF our economic post
ton.
In other words, the Indifference of the
stock market to the Generalization In
exchange is caused by the belief that i'm
portant developments are pending which
will change the whole complexion of af-
fairs overnight. or definite news regard
ing this matter there was none. 1t Is
known that negotiations are being car
ried on constantly between bankers here
and on the other side with the restora-
ton of the exchanges in view and the
very weakness of the market is taken ~
insuring a quick solution.
The days trading In stocks resulted in
a quick rebound. which practically Wiped
out the reaction Of last week in the case
of the majority of stocks and sent a
large number of new favorites TO new
high marks. Among these were West
i~nghouse studebaker. Goodrich, Amer
lean Can. Tennessee Copper, Pressed
Steel Car and American Car N Foun-
dry.
On the other hand. some Of the
lar speculative mediums of last week
wero heavy in comparison. but they held
their ground fairly well considering tho
severity of the setback. Pool activities
undoubtedly played their part In the
rise. but there was no doubling that
underlying the renewed advance was a
substantial increase In public participa-
ton. The most impressive feature Of
the rise was another uplift in the price
of Steel common to within the smallest
fraction OF the high mark of las week.
The advance here was evidently in re-
sponse to week end advices from the
trade centres telling of another Jump in
prices and also of an increase in rail-
road buying.
The really important advances Of the
day were confined to the industrials
and the great bulk of the trading was
in this quarter. Nevertheless. there
was no sign Of weakness in the rails.
Indeed, fractional net gains were tho
rule. The market here was simply dull.
The buying In the industrial list was Of
the same aggressive character that has
been witnessed all along. This was
particularly HI case In the last half
hour, when something of a stampede &C.
Cured in the market for S~tudebaker and
Westinghouse. In considering move
ments like that In Studebaker 1t should
be remembered that the capitalization
of many Of these companies Is so small
that the price Is advanced with great
ease. Such movements do not neces-
sarily mean that the main speculative
position has been endangered. So far
as the immediate future OF the market
IL concerned there was nothing in the
days dealings to show that the specula-
tive movement in the industrials was
near it's elimination.