The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-21
FINANCIAL NEWS
AND COMMENT
Stock Market Again Irregular
and Fairly Active, With
Good UndertOno.
A NEWS OPTIMISTIC

Trading IN stocks WA maintained On
about the million share scale yesterday
and the dealings covered . range Of -
markably increased breadth. The prics
movement wal again Of the same irregu-
lar character as for several days PAST
and once more tho share list had q
reactionary aspect without. however.
making progress downward.
Bethlehem steel sold easily abovs
500, reaching 500 IN the afternoon. OF
about twanty times the price ~ which
II was quoted a ear ago in New street
S~tudebaker n a miscellaneous array
Of war stocks made aggressive advances
and Inspiration Copper exhibited re-
newed strength. although the copper
group az a whole was under some pres
sure. The extensive list of stocks dealt
in might be taken to imply a great dea,
Of shifting OF Commitments. but II could
also be another token that the market
was passing through q phase Of tranSi.
ton to more established breadth.
Early strength was general, but II wa
not sustained. Domestic profit taking
and foreign liquidation caused irregulai
recessions. on which. however. q good
absorptive demand appeared. There
were rallying tendencies after the fore
uoOUs Will cviIC oNIVi8 uCSCL ApliOIl9 III
the last hour. but many issues were de-
pressed at the close. with si9ns Of fur
ther bearish trading efforts to forc<
reaction
Throughout the day quoted vaiues had
an unmistakable undertone Of flrmness
and dulness tended to develop on th<
decline with activity increasing OF ID.
vances. Reactionary symptoms havv
been in evidence for several sessions. but
without any pronounced lowering Of Tx
average price level, n some 0bseFvor
were inclined 70 infer thai there hal
been . salutary contraction Of the tons
account or At least . distribution Of I
away from excessive concentration II
portions Of the industrial department
which would result. Of course, In . bet.
ter structural condition.
1t takes time TO test these matters
but the stock market may have been en-
gagged lately only In a process of CONSOLE
dating the position gained this autumn
for occurrences and information outside
Of the market have been constructive OF
balance. barring the circumstances Of II,
war. Respecting these the financia
community is persuaded that there is X
ground for being ap~prehensive OF an IN
favorable turn OF the tide of war.
As for yesterdays general news II onfy
contained In the main reasons for funda'
mental optimism. Foreign exchange VA
heavy. demand sterling selling at and
under %.6S. Efforts from pro-0ermAr
quarters are being made in the direction
OF discrediting h Anelo-French loan
hut these endeavors are futile. II Y
quite manifest III tho loan u not going
to stabilize sterling exchange. but thu
financial situation a been loosened W
by the transaction and our bankers an
more disposed and better prepared 4
branch Out in those undertakings o.
credit extension which the times and oul
own opportunity require.
More gold will come In to furnish ~
serve basis for the granting Of accommo
dalton abroad, and the new Italian loan
which Is now offering in an attractive
form. together with the rumors Of freel
credits under negotiation for Russia
amounting perhaps to $50. 900. 900. points
to financial activities in the field OF Tor
eign credit which are suspicious for tn,
maintenance of our export trade. with IL
beneficial corollaries for domestic indus
try.
Meanwhile all the facts OF the stu
alton go to show hat the internat.ena
money market Is going to need a suppl,
OF dollar exchange that Is. bills on New
York provided through bankers accept
ances. The weaker sterling exchange
becomes the more probable It will b,
that British financial policy will be com
pelieo 10 cohseht 10 80 desirable d re,
LEI from STRAIN a. oo'iar exchange VII
aHoro.
|. war news seemed 70 strike a DaAhc'
between favorable and ~unfavorable por.
tents. but domestic matters yielded sat
isiactory CONSIDERATIONS Ihe construc'
t!oh placed on the new Jersey eIection
IN whlch inc CONSTITUTIONS anenofneh
10 corner the Irarchise on women wa
o'er"heimineiy oeIeateo. was a oehni.
Indication OF now much the radicai uo'
mas eDpeo IN pontics' lot IN Iecent year.
New Jersey mas peeh pol'ticalry .ho MOI
radical or Eastern states. irade new
Included announcements OF mo placinl
or new war munitioh contracts u TN
best feature OF business wa,
contained IN the reports OF IRON ahe
steel condltlons.
increasing actiV.y az nisnel price
centres. indicating another Dig DuytnI