The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-24
FINANCIAL NEWS
AND COMMENT
Another Active Day in Stock
Market. With Strength AZ
ter q Reaction.
RAILS MOVE UPWARD

Reactionary talk preceded the Stock
Exchange opening yesterday and in the
f%orepart OF the session the market mov
ment was in keeping with the expecta-
tions thus indicated. Their origin was
apparently In a consensus arrived at
In overnight discussions among brokers
and traders that speculation for the
rise in industrial shares had produced
a top heavy situation which might rem
der quoted values very vulnerable to
unfavorable developments. Commission
houses nave had difficulty in persuading
customers to realize profits showing on
paper, and IL any effort TO induce profit
taking vas represented by the creation
Of reac;ionary sentiment II was alto
gether wholesome.
At the same time the share list did
not exhibit any material weakness under
the offerings OF the morning. Prices
receded generally. but substantial de-
Clines were noted only in descriptions
whore exaggerated advances had been
made and the losses there were not pro-
portionately great. \ good demand was
encountered for stocks at lower levels,
and in the afternoon, despite a good
deal Of irregularity. the market gave
an impression of strength.
This was particularly tho result OF
the rising tendencies again displayed
10y rails and standard stocks generally.
There has been a feeling for some time
that absorption could he developed in
this direction OF the market, and IL this
should prove to he the case II would
operate for a salutary correction OF the
me sided position In which the list has
been placed by the excessive favor shown
to industrials. Dealings aggregated
about a million shares. and while opinion
about the tendencies denoted during the
day was somewhat confused after the
close. there was nothing to show that
forward impulses had been exhausted.
particularly IL events in the near future
should furnish fresh factors OF encour-
agement to confidence.
Renewed rumors about bitches in the
foreign loan negotiation amounting to a
deadlock were freely circulated early In
the day and were made use OF by
spectators who worked for a reaction.
Foreign exchange did not lend any cor
roboration To the reports Of a stand
stll in the loan conferences. On the
contrary sterling bills continued to dis
play firmness above 40 for demand and
suggested the persistence of banking
confidence in the successful outcome OF
the negotiations. Moreover. In banking
circles statements were made which
were indicative that the status OF the
loan was more than hopeful.
II was To be assumed that in a business
matter, even in so great an undertaking
there could not be any business diff
culties which would prove an insuper-
BILE obstacle to agreement. In It's other
relations, as IN regard 10 public interest
IN the loan, too much leewav has been
given to the propaganda Of ~antRgonlsm.
So FAR as the facts go, and irrespective
OF the misinfor1uation disseminated by
Interior obStructionists. 1t would appear
that the negotiations "A reached a
stage Of deliberations where manifesto
lions Of public Impotence bordering on
criticism are To lie expected. 1t must he
remembered. however. that points o.
discussion in the contemplated trans
action are not bitches.
In connection with the negotiations
increased notice was taken OF the sudden
outbreak of diplomatic and military
activities IN tho Balkan area, and while
nobody prOfessed to understand what II
all meant. there was at least a sugges-
ton that big events might be impending.
If amy official expectations OF this sort
are entertained abroad they might very
well explain an apparent slowing up In
the negotiations for the loan.
More gratifying statements OF railroad
earnings We're published and had some
thing to do with the afternoon diversion
Of speculative interest to the railroad
list. Conspicuous among them was the
Southern Pacific return for August show
ing a gross gain of 81 $780, 900 and a net
gain OF Sl,2i2, 600, making the net In
crease for two months t.,553, 600.