The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-30
FINANCIAL NEWS
AND COMMENT
Feverish Strength Contends
With Reactionary Influ-
ences in Stocks.
ADJ STILL HEAVY

Overnight announcement of the for
e,rn loan arrangement provided q ma
teriai influence in the stock market yes
terday. The gratifying success Of the
negotiations for the loan. together with
tho indications during the day OF an
even moro successful Notation Of the
loan. afforded support to quoted values.
but at the sanfe time the conclusion OF
the loan negotiations was seized upon
BY professional traders IA an argument
for assuming that for the time being
all the good news and encouraging fea-
lures of the Wall Street situation had
been discounted.
Other matters entered into the reckon
ing and throughout the day the Stock
exchange was the turbulent scene of
very conflicting forces. Advices from
the various fronts of the war In Europe
a. we'll as developments In the domestic
field Of business routine. were all FAVOR
able to constructive attitudes and bull
,sb speculation suffered no lack of ma
terial to work upon. On the other hand,
the violence OF the recent market con-
tributed to counteraction and the re-
suit was n session of decidedly hectic
aspect n u hIshiy "
movement.
Tradins was on almost exactly the
same scale Of excited activity as on
Tuesday, but early In the day the nst
began to show signs OF strain from the
fury Of gambling endeavor to which II
had been subjected. There were inter-
walls OF pronounced slackening. which
was a somewhat hopeful sign. but wan
Street seemed to find II difficult 10
- "a .x.,I..naas From hhA ODHr-
,n1 70 the close an increasing dispose
ton wa manifested to a X profits on
speculative commitments inspired by q
growing feeling of caution because OF 1ne
srea, volume OF stocks which has been
thrown into the market In the past fort-
| night.
Trading talk about a point having
been reached when the reaction was GER
tainly due made an impression on senu-
ment. even though the market gave q
| persistent display OF remarkable aosorp-
tive capacity. Tha II was less able 20
| a stocks at rising prices was appa-
| rent. however, for while there were WHO
| and extensive advances among the IN
| dustrials they were more feverish nan
they had been Neither were they &C
| well sustained, for sharp declines sue
| ceeded very rapidly. The evidence was
| unmistakable that the upswings which
HAu bNtAA
were attracting heavy selling.
In the early afternoon tho market
| made a sudden galvanic jump onward
ALI around. rails participating with the
induetrials shares, but a retreat swiftly
followed. Professional operations IN
creased the pressure on the marker.
:, which was laboring with the load OF
| long stock put upon It. but EFFORTS 10
force q decline met with stout UNDER
= 10 ta naaQihlA that fh4
| list was protected against q show OF
weakness by the very general recoS-
| milton Of the risks that headlong spec
| ulation had been running. II Is also
an old tradition of Wall Street hat
there Is more than q little difficulty IN
determining tho latent power OF q mar.
ket which Is made so much by q spread
OF public buying as has been tho cass
! this month. There was another I'M
settled close, but there were no en-
phatic tokens Of moro than a moderately
reactionary tendency or position
A very significant effect OF the foreign
loan announcement was witnessed In the
rising firmness Of sterling exchange
The stabilizing purpose OF the loan
does not mean that financial Interest
expect It TO push quotations up 10 nor
NAL levels, but II Is expected to con-
luce to a more normal steadiness
French exchange strengthened with e1'
change on London. and in this, as IN
other respects, tho preliminary conse'
auences of the loa negotiations were OF
satisfactory augury.
Comment on the upshot OF the nego
tiations was OF the most optimistic sor'
and the nike who were at work or
arrangements for the underwriting anc
the details OF public subscription were
made aware that the support awaiting
the loan was gratifylngly adequate. II
the bargain made American finance, al
!ender. has obtained a good price, anc
the proposed security promises . mos
attractive medium for the employ
ment Of a portion Of the die lending
capacity Of the banking community
irrespective of the share which TINS
public will take. Grumbling in Londor
and Paris over the price paid for tbs
loan has already been heard, bu'
II is hardly likely that the loan agree
ment will fail OF ratification in the Dor
rowing countries.
Among the more commonplace mat
ters of marketwise interest was the In
creasingiy optimistic tenor of reports OF
conditions In the steel trade. Prices ar
moving more distinctly upward, accom-
panied by signs Of increasing domestic
demand, with railroad buying becoming