The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-23
FINANCIAL NEWS
And COMMENT
Stocks Advance Despite Op-
position From ReactiOnaries
War Shares Lead.
STERLING BILLS WEAKEN

Pront taking md other selling pres
yesterday and q session Of distinct ad-
vance resulted in the FIRST change IN the
average price level for the week. allow
ance not being made for the rise Of sev
erel special stocks to new high figures
In tho last few days. Trading was again
characterized by breadth with activity
SUSTAINED on a million share eoale. and
there was less onesidedness In tho dis
play Of strength, although indust rial
shares. particularly wal order stocks.
provided the most aggressive features
and made the most extensive gains. The
dealings were also marked by more on.
fdent new buying. which was q change
from tho merely passive. absorptivs ca
pacity recently exhibited.
In accomplishing the further forward
movement which carried average quota
lions to Now niaximums for the yea the
market had { o contend with q striking
increase Of ~reactionary sentiment and
talk in professional trading quarters. &C.
compar1ed by an expansion of reaction
AIRY selling for both accounts. The head
way made by quoted values seemed &C
cordingly to DO evidence OF a large mar
| gin OF buying power despite the stress
which Observers ave laid on the sSna
OF q great speculative accumulation OF
Industrial stocks In the commission
houses. a circumstance which broker,
ave used to encourage . reduction OF
long commitments an we'll as 70 discour-
age an extension Of the long position
unless purchases were directed to rails
and the moro staple industrial descrip-
lions.
Perhaps the Stock Exchange attitude
helped to explain the spone which
rails n other standard issues made
10 new buying, for there were signs
thai the moro conservative public FOL.
lowing OF the market va attracted &c
these quarters OF the list by the aug.
menting evidence OF rapidly broadening
betterment In general business condi.
lions. Although quoted values dis
played such n strong upward trend a:
oourse OF prices was stu rather irresu'
lar. with O good deal OF confusion In the
last hour, but aspects of strength wers
most pronounced In tho late dealings
There was increasing activity ir
the bond department. together Will
strength. although there Was persistent
foreign liquidation, An inevitable seQUe
of the fresh weakening of foreign ex'
change.
United States Steel held with remark
able firmness, the bulk Of the tNnsac.
ions IN II being practically At one price
Forecasts Of the earnings for the Sep
TENDER quarter TO be published next
Tuesday covered a o optimistic
range and there can be no doubt tina,
the steel and iron situation has pro
vided the chief impulses for the under
lying confidence which the stock market
has been expressing this week.
Trading IN tho outside market W.
signahzed by feature OF strength sim.
liar to those noted IN tho Stock Ek,
change. War munitions shares still led
the way, Baldwin Locomotive sivtnl
the most spectacular performance ir
this group. Effects Of profit taking wert
manifest in various directions but 10
cessions were only proportional TO I'D.
vances. In the copper metal group Their
was unmistalsable underlying irmnes.
and the upward tendency Of rails wal
general.
An interesting feature d the day wal
the G of any endeavor to make Ar
argument adverse TO securities from TN
further fall of sterling exchange Cole
imports for the week were brought Il
Well above sS1 900 900. but sterling bilA
continued TO drop. demand selling dOwI
70 4.65.
In view Of the apprehension which
Wall Street exhibited some weehs ago
when sterling slulnped 50 badly 70,
the drst time, II can hardly be doubtet
that the Stock Exchange reflects no I'm
easiness now because Of tho convic1o,
that tine incurable weakness of sterling
conduces to the adoption Of those furthe
measures by our banding communit!
which will sustain tho export industries
OF the country n at tho same tim,
strengthen the International credit DO
sit,on Of American finance. That credit
supplementary to tho various Gown
ment loans which ave been negotiate,
will he arranged between bankers her
and bankers abroad "a now PRACTICAL,
assured,