The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-21
FINANCIAL NEWS
And COMMENT
Wall street Continues to Re-
fleet Progress of Loan
Negotiations.
STOCKS ACTIVELY STRONG

wall Streets responsiveness to the
favorable portents Of the foreign loan
negotiations for trade and industry was
further evinced yesterday by the strong
est and most active stock market Of the
month. The session. while 1t did not
was indeed another suggestion like
many of the same sort witnessed lately
that quoted values required only the
beneficial stimulus of the vast export
credit operation to reflect the factors
for improvement provided by an un-
precedented crop season and the copious
availability of funds for expanding en-
terprise.
Advices over the week end were I'm
substantial agreement as to the material
progress made toward an understanding
between the comforting bankers with re-
gard to the foreign loan. which was the
major circumstance In stock market
considerations Other matters OF en-
couraging bearing were the increasingly
placatory attitude toward Washington
which the dispatches attributed to Ber-
lin and the signs that in the decision to
recognize any de facto government in
Mexico an ineligible Mexican policy
was ut last being shaped.
Dealings in stocks were In n large
aggregate which represented "A fairly
well maintained pace OF trading
throughout the day. although there was
some moderate slackening in the after
noon. Talk was still about forward
movement in the rails and standard
industrials, including Coppers but while
there was "a persistent display of some
,.lus .,.N. ,raY,.A.aAl NNNNAa Ia che
general list II was in the industrial
shares of the war order description that
prices still exhibited their greatest
strength.
Possibly this was merely because the
course OF standard issues Is looked upon
as contingent ON the outcome OF the
loan negotiations, but In any case the
$50 cash dividend on General Motors
SHARES last week has not lost it's infiu-
ence over speculation In the industrials.
| Stocks in the motor group were the
leaders Of the days trading. with a
variety OF munition shares rising AZ
times vigorously. There was obviously
liberal selling In many directions and
the list did not disclose uniform strength
or frmress in all departments, but de-
spite some fairly extensive last hour
fecessions the close was strong.
Foreign exchange made another &C.
centric demonstration. recovering
Sharply from the week end reaction
Demand sterling ruled quite strong from
Al to AZ. although there was a freer
supply OF bills in the afternoon than In
the morning. The current fluctuations
in exchange must be taken as only a
natural incident OF the stages of uncer.
tainty Though which the foreign loan
negotiations must pass. The action OF
the market yesterday seemed To set a,
naught the rumors Of fresh bitches In
the banking discussions on the subject
OF TIE loan.
Advantage was taken of the rather ex-
ceSsive secrecy with which the negot.a-
tions have" been shrouded to circulate
reports OF difficulty in efTecting an agree
mcnt on the terms Of the loan. and pro-
fessional spectators in stocks made the
most of the opportunity afforded by the
mystery which has characterized the do
liberations 80 far. Stress was laid on the
possibilities of opposition TO the loan, bu,
consider ug Wall Streets lack of definite
information about the latest phases OF
the negotiations the strength OF the
stock market should he interpreted as an
expression Of confidence that the great
undertaking OF credit extension will be
satisfactorily arranged. Hints that pro-
posals might be made to contractors FOR
war msEtions to receive part payment
In the Treasury notes of the borrowing
Governments independent of the estab.
lishment OF commercial credits for ordi-
nary use appeared 10 offer a possibility
Of eliminating one of the mpoted points
in the negotiations.
As to the questions OF neutrality
which some agitaturs have raised in the
matter of the loan, the financial com
munity observed with interest that not
only are advertisements being published
here soliciting subscriptions for the new
German war bonds, but that Swedish
banks are reported to be providing a
commercial credit for the German GOV.
eminent to use i'm the purchase of Swed-
!sh products. Ii Is needless to SAY tina,
this is precisely the kin Of a transac-
ton contemplated between u bankers
and the Allies.