The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-03
FINANCIAL NEWS
And COMMENT
More lnduStrialS at New High
PriccS-I ndiminiShcd
Activity.
SALES EASILY ABSORBED

IN the stock market yesterday Tue
weeks scale of trading was fully main
tanned. transactions being at the rate
OF more than n million and a half shares
for n Ave hour day. and the market SUI
fcrcd no loss Of strength. On the con-
trary. fresh proof was given nj In" fur-
Their expansion of buying power which
has dcvcloped with the rapidly widening
entrance of the public INTO the arena
o speculation. Also II variety OF ndus-
trial shares scared to new high levels
with the buuynncy which provides the
chief allure of the current craze.
Professional and eemi-professioual
trading sentiment before the opening
was decidedly rcactionary asld through
out the commission houses there seemed
to be u feeling that the psychological
moment had arrived FOR realizing some
OF the ptofts showing on paper before
anything happened To wine them out.
Thc result was ihat. especially In the
FIRST hour. heavy selling held prices in
check. although even then advances were
far from restrained. The proof thus
furnished Of the undiminishcd absorb
tive capacity encouraged new buying to
fol,ow upward movements IN directions
which swept quoted values to new high
figures.
bethlehem steel. General Motors and
other rather Older favnri,es Of the pres
tut plunge We'd with Westinghouse and
American car and Foundry In the rise.
Copper shares again displayed agrees
sivc iirmncss. but the rails. despite the
reasons which exist for regarding them
favorablN. saygcd In n fashion that
suggested processes of switching COM
nitmcuts into the more cNhl.aratlng in
dus.rial list. There is nothing surer.
however. than that STANDARD descriptions
will not always bs deSpiscd In compare
ron with the more merCurta1 issues. The
bank statement disclosed only "a moderate
addition to the loan account possibly
because the distribution of stocks which
has been going on has involved AT hot
tom little more than "A transfer of col
lateral from one set of holders to an
other.
There was no news during the day
to compare In Impotence or significance
with the signs of "A large o~versubscIip-
tion to the Anglo-frnnch loan. The in
v,stnent esponse evoked, following
the widespread application of bankers
for participation. were signal features
in the astonishing success which the
loan achieved. beginning with the salts
ldttDTN CONCLUSION OF NEGOTIATIONS at
the outset Of the week. There il every
evidence that the loan will bc IA much
more popular affair than was at fiji st
expected and will enjoy a widespread and
well established distribution. Sterling
exchange was shaded "A little yesterday,
however, II II would appear that EN-
change should show more strength
than it does in view of the outcome OF
tn" loan negotiations.
That the process of placing the loan
was helped by the war news of the
week. which was ALSO reflected in the
extraordinary and excited rise in the
stock market, cannot be doubted Never
theless, the success Of the loan and
its consequences are not dependent on
the immediate progress of the war.
Apart from the fuel for inC-ndiary si.cu-
lation supplied by the reports Of profits
in war munition contracts n by the
rumors of deals to make new CORPORATE
combinations the securities market dur
Llg the week continued to respond t. the
loan transaction, ON which So much de-
ponds that * of importance To- the sub
stautidl business interests of tho cuun.
try. II * hardly likely that the bene-
fclal influence Of the loan has been dis
counted in all directions. for its success
viii promote investment and financial
activities generally.
Other matters which attracted Wall
Street attention during the week pointed
clearly Ia the broadening bettermeur of
general business. The Angus, railroad
earnings reported Were in most cases
very t%c"ll"ut. The increase i'm wages
announced 10y several Industrial cor
porations showed how the war munitions
industry was diTusi1g money among
he l"onlt. In this connection also note
GlAtrf L. ...I e - Hns