The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-12
FINANCIAL NEWS
and COMMENT
Broadcast stock Market Of Year
Prices React Under
Realizing.
WAR SHARES UP AGAIN

There was more than a little OF every
thing in yesterdays stock market. Ow-
ing to a rather abrupt slackening Of ac-
tivity by way OF reaction from a vio-
lently busy FIRST hour. the slower pace
lasting until we'll into the afternoon, to-
tai transactions were on a scale of mod
crate contraction from the average Of
recent volumes. but the session made up
In range Of interest for any letdown In
the trading. The market was on all &C.
counts the broadest of the year. although
there was "A striking lack OF uniformity
in its development OF breadth. The
forenoon vas largely given over to rails
and standard industrlals. In the after
noon the war stocks again bulged into
prominence and attracted most specula-
tive attention.
To some extent the holiday to-day in
1uenced the dealings. apparently en-
phasizing profit taking dispositions and
operating in a familiar fashion to re-
strain the increase Of commitments. No
doubt the extra recess was otherwise an
influence in giving tho market a more
or less confused aspect at times. but II
could not be said that the share list re.
vealed indications OF any change in the
constructive trend OF quoted values. al
though some close observers thought the
price movement lacked s~pontanelty and
betrayed rather clumsy efforts 70 force
Its continuation.
Impulses over the week end for the
buoyant strength and activity OF the
early dealings were derived in the nrs;
t,cIanNA frnt,, thu ,,A,,.n. ~ Vt>
market last week when the rails and the
industrials outside the war order group
gathered vigorous Roadway. The United
states Steel Corporations Unexpectedly
optimistic tonnage statement and the
definite indications OF domestic cXpan-
sion in basic industry were also reflected.
Another factor was the announcement
that recognition was awaiting the Car
RAMA Government in Mexico and a
superficial view OF the new departure Of
Washington policy eyoked n response in
stocks affected by a Mexican interest.
such as American Smelling. Mexican
Petroleum and Southern Pacific.
The fact hat buyers OF rails and
standard industrisls encountered heavy
realizing sales was quite to be cX-
pected. The selling. however. was so
heavy that II brought the market 10
more or less of a %standstill, and the
period Of slackcning lasted until a
process Of bidding up the war stocks was
started during the midscssion. Baldwin
! Locomotive ~ Westinghouse Electric
were leaders in the upturn in this group
and their rise not only attracted n fol-
lowing but induced sympathetic upturns
in other war munition shares. There
were indications that a scattered short
interest had formed in such stocks and
furnished IA leverage FOR operations TO
carry further the rallies made last week
from the eytreiuc Of decline.
No very manifest amount OF en-
thusiasm was generated by the demon
movement was very well sustained
despite expressions of disappointment,
in circles which had looked with favor
OH the markets trend TOWARD rising
strength in rails and other sea one
descriptions. Yet while rails did no,
recoyer much from the earlier recess
sions caused by heavy profit taking.
there was no considerable reaction IN
them and they displayed underlying
firmness at the close. The final tone
generally was one Of frmness OF
strength. the best features being the
confident buying Of United states Steel
at the high level Of the ear and the
forward impetus displayed by leading
copper issues. Both the grain and the
cotton market were strong.
War iIewa was talked of. particularly
the disturbing situation produced by th'
rapid march Of events in the Balkans
and while military advances were not al
apparent factor in the Wall Street deal
iu;s there We're signs OF AN inclination
to th.nk hat Wall Street may be re
sponaivc to the shifting fortunes Of war
The weakness Of sterling exchange was
| ,sl r,sipi further 1plnafI1 selling down &c
4.6.i,. the lowest in almost q month
and rallying only slightly before Thu
close. 1t was not obvious that th'
weakening Of sterling was In any wa,
connected with the war news. but IL Ger
tainly did not indicate that the Anglo
French loan VAS having, ~ anticipa
ton at least. any Of the stabilizing cffec
which had been predicted for 1t. Thu
loan itself was held at a firm quotation