The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-09
FINANCIAL NEWS
AND COMMENT
Railroad Shares Carried to
Highest Prices Of Year on
Active Buying.
WAR STOCKS ARE HEAVY

S;ill keeping transactions on the
high level OF expanded activity
reached last week trading in the
stock market yesterday mad n
pronounced movement into the rail-
road shares and various other descrlp-
ticHs which have no; been definitely as
& ciated with the recent speculation In
war stocks. In most respects the ses-
sion was gratifying to the banking and
brokerage community as well as to in
tclligent followers o: the market who
had believed tina. the time was ripe for
vt cks as would help t. place the market
In a. more bali. ced position and believed
also that h'c editions developing in
general business warranted a mo'e adj
vanced price level FOR stocks for which
war order prents could no, be directly
urged.
Rails sold At the fishes prices OF the
year. heir statistical average rising
more than two points. and 80 such mar
ket has been seen In Wall Stree: for
months. for In the aiterI on tho rails all
but monopoliaed dealings. II was a day
e broad trading, however, even though
there were cross cure is In the move
ment o. prices. The close was strong
FOR TIC railiold liz; and for some stand
ard issues OF other descriptions. Cop
pers were easy and war stocks were
distinctly heavy. aith ugh there were no
signs Of real liluida.lng pressure In
them. Tncy seemed 10 suffer more from
a suddel lack OF excited demand.
Buying started the war stocks up
u,ai, ih ,i, morning line - uuS sAnp
manifest that the market in them was
two sided. Before tho end OF the fore
noon they hung fire and railroad shares
then moved forwarl briskly. coppers,
which had continued the advance begun
on Thursday. were held back by trad
ers' profit taking and by some apparent
foreign selling Of she res which have long
found favor in Europe. hut there was
still manifested Il good ahsorot.vc ca
pac.ty for copper stocks. Tractors AMI
other issues not OF the war order variety
attracted r,rsisten; buying all dag.
Particular reasons for the rise 90 diff
fcrcn; railroad securities were pu; forth
IN speculative circles. bu; i would seem
20 l.. enough To say Of them that there
are sufficiently strong general aggu-
ments for improvement; in rails. Critics
OF assorted Dre.iidlces asserted that they
were going up too fast after being held
down SO long. bu; the ease with which
they rose was CHIEFLY a consequence. OF
scarcity in the face of any material
speculative and avsstuleat inquiry for
them. Even a Wall street educated to
the violent action ~ tho war stocks had
10 admit that Il was 80: necessarily q
si.n OF crazy buying because She rail-
road shares gained from ? to , points
without displaying symptoms OF falte;-
ing
Very possibly a ~ culative public
trained to war stock fluctuations might
he tempted to rush Into rails with the
idea OF partlc pa L.: .. s.niiar pp'.
formances. but there are plenty of valid
r-aSo.s Tor nc; regs !diHs 4 I.tpid spec.
ulat!ve absorption OF seasoned stocks
?s dang rous or even detrimental. That
such an absorption is needed IN Wall
Street to rcadjust the markc; situation
- limos reason enough IN Itself. There
are. however. 10 lie take, into conslderL-
ton the factors Of generil business ac-
t.vity which are increasing In strength.
Moreover = hr IDLY better hntancrI and
broadly established stock market will
conduce TO the development OF new
financing .! domestic ent srpr!sc in tho
sequel OF encouragemeat tn financial ac-
tivity which has been furnished 10y the
success of the Auglo-Frcnch loan. Deal
ings in the loan began OF the Stock
Exchange yesterday u; JS.
SO far az the rails were concerned Il
was demonstrated taat iOgeigl liuuida-
zion was no 10. ser an obstacle 10 adj
vance. This had the cffect of inducing
more confident purchases in the railroad
department.. but an lmpogta ; influence
in the Wall Street session WIS the proof
given in the crop returns published o.
Thursday that prospects for prosperity
had never been better based in the re-
wards of agriculture.