The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-05
FINANCIAL NEWS
AND COMMENT
Stock Market Shows Strength,
With Railroad Issues Gen.
orally Higher.
EXCHANGE rs STEADY

Despite week end tendencies toward
slackness and the additional reasons
for inaction provided by the holiday re-
cess yesterdays stock market was not
without feature. This was provided by
the general strength displayed. strength
Of a character attributable to something
more than the retirement of bearish con-
tracts for trading account Dealings also
were on the increase in the last hour.
when the trend OF the list under the
leadership Of influential issues was In
the direction Of a display Of aggressive
frnncss.
There was extreme dulness IN me
early transactions, and this sign OF a
lack OF pressure started short covering
by tho professional element. which has
been more or less disposed toward re-
dictionary efforts on the theory that the
summer upswing IN quoted values mad
eliminated n no new Impulses nao
been furnished for a renewal OF the ad-
van ce, while certain important matters
in the situation and prospect might de-
valop at least temporarily adverse fac
tors. There were tokens OF something
IKE further accumulation OF railroad
stocks and some Industrial speciaities
were persistently bid ~, and the mar
ket at the close was strong, with SUD
stantial all around gains. tho COM
uaratiye uniformity OF III rising move
ment IN the rails, most pronounced per.
hape in the shares OF the SOFT Goa
carriers, lent a certain emphasis 10 tno
feeling which has been current lately
that the railroad quarter was due Tor
I'VE which would bring II moro
in line with the Industrial department
There was little or no news over
nigh. or during the session which hao
any fresh marketwise bearing. Re-
ports that more gold was on the way
from Great Britain did not alter In any
respect the foreign situation
mich constitutes a problem Of formi-
dable dimensions for banking interests 70
solve with the cooperative support OF
the country's entire banking and bust
ness community. The foreign exchange
market Of the day was dull, with De
mand sterling around 4.67, practically
unchanged from Fridays close. Inc
quotation marked a recovery OF Ia
cents from the low level OF the exten'
s,ye decline on Wednesday. but a los:
OF about 10 points from the price which
obtained at the end OF July.
The financial district was during the
week definitely relieved OF certain as
pects of international political strair
when Germany officially announced it'
modification OF the murderous extreme
of submarine warfare. At the sam
time feelings OF relief were auali1et
by the Indications that some profound
diplomatic wero centrme
around Washington. involving not on,
Teutonic efforts to inau4urate peace
processes but suggesting undertaking,
TO goad Washington into a disturoint
c%ontroversy with Great Britain and aist
TO hamper the difficult task OF over
coming the international financial crieti
denoted by tho Generalization OF tn
foreign exchange market, q task aoSo
lutely necessary Of accomplishment Il
order that our war time foreign trad
opportunity may be fully realised. TIT
critical nature Of the Mexican situation
hardly received the attention II de
served. =.
Wall Street was quite Justified in II
assumption that tho problem OF tn
foreign exchange market would D.
solved, Just as other financial problem
Of the war have been solved. and gen
eral business will be warranted in fol
lowing the Wall Street view. Never
theless, the collapse Of sterling oxchanS
in the first half of tho week was al
emphatic advertisement OF the urgenc.
of the problem and q measure OF tn
great obstacles which will have 10 b
overcome. II Is not going to be an cas-,
matter to arrive at conclusions as I
the proper steps to take and tho sup
port Of all sections of tho country vii
be requisite to the successful conduc
Of the vast loan operations In who
the coming international negotiation
must issue.
The arrival of the commission OF Brit
Nh and French bankers who are comm
% confer with bankers here will onl
mark the beginning Of work TO m
Q satisfactory basis for the engagement
of our u in an enormous Ell
tension OF credit to finance tho expor
trade movement which has done 9
much to bring about our industrial an