The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-22
FINANCIAL NEWS
AND COMMENT
Stock Market Strength Tested
by Excited Speculation
in Motor Group.
FOREIGN LOAN MATTERS

Speculation was rather Wild again in
a portion OF the stcrk market yesterday.
continuing to centre itself in tho 80
called motor group Of shares There
were indications OF an excited public
participation in these dealings, hun the
market "a a whole stood the one sided
and somewhat reprehensible demonstra-
ton quite sturdily. as though It's under
lying position we're too sound TO be
detrimentauy affected by. such eNcesses.
Orher issues, more obviously uf the
war munitions order, Ike Westinghouse.
Bethlehem Steel and New York Air
Brake, roso TO new high levels, but in
these as in other descriptions subsequent
recessions on heavy profit taking sales
were not out II proportion to the ad-
varccs. Further foreign selling WAS
reported In the international list. but the
general market WAS steady. and while
irregular changes were shown at tho
close the predominant aspect Of quoted
values was ono of strength. II takes a
strong market to endure the test Of AL
exhibition OF speculative excitement, and
tho Indications Of the trading were
therefore, not unfavorahle. TNtal trans
ei'fNA'lHN WIZ va NV NHfN SAINT Va
/ expansion as on Monday.
Bonds persisted in the display NJ all
around Improvement which began 10 he
noticed last week. a circumstance which
Is not without significance in view OF
tho negotiations for a huge foreign
loan here. The foreign LOAF prospects
were Enthusiastically uppermost in Wall
Street considerations, although the
speculative movement in stocks was not
-. AN- -
factor in the outlook.
Speculative buying was responsible
Tor an advance of So a bale IN cotton,
making the rise since the beginning
! ~ August about SO, and the rather un-
trustworthy notion was promulgated
that cotton was moving in reflection OF
the direct results which would follow
from the establishment OF the proposed
foreign credit. There WIS again "a good
deal Of selling pressure In the grain
market. which attracted attention be-
cause Of the signs that military ana
political developments involving the
Balkans ana Turkey might be approach
IuE some sort Of a elm ~. II goes with
out saying that any occurrences OF
material consequence ir this uuar-er
would have a momentous influence over
tho various International markets and
would not he devoid OF bearing on the
| completion Of a foreign loan agreement
or the fuln,mect u the undertaking.
Fore en- exchange fiuctuatod more or
less erratically, but on n level OF strength
for sterling and francs. The rise which
has been going on in German exchange
would seem to he Gun for by the
process OF obtaining subscriptions here
I for the latest German war loan.
Figures OF the country's export trade
balance OF last week, which was placed
At S35,50O,OO0. emphasized the argu-
mcrts which have been put forward as
TO our Interest in extending the credits
for which Great Britain and France
have applied. Al even more fo-cfble
emphasis was furnished by the British
budget estimate reported to the House
u Commons. The calculation II a total
British debt OF s1l 900, 900. 600 by IN.
end uf the year. ard an increase IN the
income tax to 10 per cent. together with
s'uvy additions 20 customs and other
taxes, strengthened tho contention tina,
We must do more OF our com
merCe on CredF unless We are willing 70
have our export trade needlcssly re-
duCed.
Rumors o, dubious origin continued "a
p-rv1de the nanc! district setting
forth Il variety OF ALLEGED bitches in the
loan negotiations and eNagEerat.ug the
Importance OF the propaganda OF OPPOSE
ton TO The loan SO far as the financial
community Is concerned, while II Is quite
possible that some pa~rticipttiuns in the
.pnn may b. prevented by certain for
q IN affiliations, Il can be asserted with
confidence that no financial influence Of
any VIII DE eNer'ed here
either to hamper tho luan negotiations
or tine establ shTneut OF tn" foreign
credits in question. AS for the me
OF l.l,cl.-s II Su'ic-s 10 say that bankers
engaged In the discussion OF the loan
authorized tho statement that affairs
ver. progressing rapidly to a conclu-
son.
incidentally Il Is wal worth observing
that me Investment Rlrkers AsSoCia-
/ lion adopted emphatic resolutions ves.cr-
day approving the loan as a business
necessity. This association Is very
largely representative Of the so-ca.lcl
distributing houses in the Investment