The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-18
FINANCIAL NEWS
AND COM MENT
Further Strength shown in In
duStrialS on Most Active
Trading If Week.
STEEL ISSUES LEADERS

Dealings in stocks Yesterday were
o. the most active scale for the new
rising movement which developed dur
ing the week In the Industrial depart
ment. The session indeed was extraor-
dlnarily busy for a saturday in mid
July and testified to the revival OF in
teres, which is being manifested n the
prospects foy improvement In quoted
values In response 10 familiar stlmuiat-
ing factors. including the coIniry's enor-
nous export trade, our increasing a
c,al aacendency in the international
money market. a banking position o. un-
preceientef strength. the recovery OF
many branches OF domestic industry TO
. state Of expansion which practically
engages complete capacity and me salts
factory promise OF the crop season.
Tho share lia,. under the circum-
stances Of heavy prof, taking In the
most conspicuous Industrial descriptions.
the heav!ness IN rails and the uncer-
talnties Of the week end recess In war
times was as strong as It was active.
To tic close OF the week the principal
and most important feature of stocks
was the aggressive advancing tendencies
displayed IN all the shares representlns
corporations engaged in steel lines.
United states steel sold with impress
s,ve frmucss at the highest level OF tho
year and held its gains stoutly. Cruel
bic Steel made another spectacular ad.
vance. although liberal realizing caused
the loss Of a part OF the further rise.
Bethlehem Steel n a large group or
the equipment issues and minor steel
shares made extensive forward move
ment. Rails continued under some pres
sure. but were not weak. though they
declined. The close showed irregular
CT. ges. hut the industrial stocks In
which the principal market exists at
present showed no signs OF n slackening
momentum.
There was little or no news over night
20 influence operations. The trading
continued to reflect the consideration
which asserted control At the outset Of
the week. First among these was the
crea: success OF the British war loan.
which was of momeItous and favorable
military Significance. while II was u d.
rect consequence to us in that Y con-
ducel TO the arra uge;nen' OF credits for
london. when will assure the mainte-
la anu NAlf A'"N " ~ NH@"'
try's exno-, trade. only In one respect
did :he foreli:n exchanges OF the week
suggest somewhat easier conditions In
the money markets which most I'M
medlately concern us. This was the
greater strength shown by French re-
mi':ance.
Conclusions reached about the country's
controversy with Germany were that a
breach OF relations was not yet 70 he
Appreciated. The Austrian note OF
protest against our trade in war sup
plies was founded on the vast dimensions
o; THIS traffic. bu. wlr business here Ia
only large because OF the gigantic pro-
portions OF the war i.self. Otherwise
the Austrian note suggests no ground
FOR action which will interfere with a
that Is an important In.
lucnce In the general business better
inert. under way.
Wall street sid not exactly ignore any
OF these International matters. not ex-
cep'ine the controversy which IL looming
M with Great Britain and has threat.
ening aspects chiefly because OF the du-
bious prospect OF the cotton trade. OF
this 1t might he said that our own bank
ers have taken steps TO deal with the
cotton situation and In the course OF
the next few weeks Il may become n les,
disturbing element In International poll.
tics. For the rest the financial con-
sensus was that a hopeful view could
still be taken about the outcornes OF the
ar.ou diplomatic difficulties which
Washington has ON It's hands.
Altogether tho most inAueptial stocl
market news OF the week of domestic
orig was contained. IA the reports
which showed how greatly Fundamental
Industries were benefidng from all the
~cateRories OF export trade which tn,
country Is doing, Steel mills and 20
sumers OF steel arc bringing more ant
moro capacity into operation TO keey
pace with forward ordering and the Of
feet Is shown in tho rapid strengthen
ing Of prices for steel products. A Jus
ufable foundation for speculative op
timism is laid when Steel shares NOV,
an they did IN the last few days ant
when the movement unQuestionably ex
presses trade conditions. The week.
stock market As a whole could DO rea
sonabfy Interpreted as an expectan
forecast Of widening activity in genera
business.