The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-20
FINANCIAL NEWS
AND COMMENT
Stocks Are Reactionary, After
Showing Irregular
Strength.
BIG GOLD SHIPMENT HERE

After Displaying . GOOD deal Of some
what irregular strength during the
greater part Of the day the stock market
yesterday became irresularly heavy IN
the last hour. Whether the late move
ment was anything moro than Wall
Street is accustomed to look for in the
alternating currents Of a market which
has been characterized by strong ex-
pansive trend is a question. There were
no signs that quoted values were AZ
fected in the afternoon by anything more
than profit taking sales plus some ex-
perimental bearish pressure on the
theory that the share list was Mt present
In an uncertain stage and might decline
as sharply a II had advanced.
Nor were there any signs that the
rather ~unfavorable tenor of political and
military news from abroad was a factor
In the Wall Street operations. II is
quite possible that European events
In the near future may have n Stock
Exchange reflection here. but all the in
dications are that. short OF DEVELOPMENTS
Enthusiastically conclusive as to the out
como OF the war. the financial district
will not revise any of its recent calcu-
lations. This Is especially true because
'NNf Az pecn a1OT0NN OF tho
strengthening Of this country's economic
position during the war, for no other
construction o,n be placed on the now
large gold importations, ON the increas-
ing volume OF NJ export trade and the
supplementary contracts for war num-
lions which are being negotiated.
Again there was q miscellaneous As
sortment OF stocks to which buying
was extended. Bethlehem Steel
sold at 500 and stimulated other war
munition shares. United States Steel
was an influential leader in strength
and activity. nor were the rails wholly
neglected. Were II not for the assump-
tion that the current year for MANY
corporations will produce vastly more
prontable results thar last year. the
rise In the American Locomotive shares
on the publication OF a most depressing
annual report could properly be regard.
cd only as a token OF a disturbingly
reckless speculative sentiment. 1t hap
pened. however. that the Stock Ex-
change community continued to be more
or less doubtful ABOUT the immediate
tendencies OF the list and was very
reaay 10 seize limited profits quickly.
h was not altogether a bad symp-
tor. particularly as the speculative
is supported by a situation in
money which is disgustingly cas- from
the standpoint OF lenders. II anything
the market for collateral loans. even for
all industrials. has become more relaxed
since the heavy payments were made
on the Anglo-French loan last week
without even ruf!iing the surface Of
money conditions. Tho close In stocks
was quite reactionary. but in practi.
cally all directions a strong undertone
was manifest Total dealings were in
excess of a million shares. the impli-
cation being that activity tended toward
increase on rising prices.
Foreign exchange was a bit easier, 4
feature that became familiar in recent
weeks when the heavy shipments Of gold
direct from London were started. Yes.
terday's consignment. reported as about
$25. 900 900. was the largest amount ever
at n time and brought tho
total gold tmportations Of the year up TO
more than 5000. 600, 900. A separate re-
ceipt Of $4,000. 00o was also announced
another large shipment under Of
ficial auspices was said TO be on the way.
Meanwhile the trad balance reported
last week as about $4,000, 900, tho
largest on record. furnished a
basis for calculating IN export excess for
the month which would be unprece-
This circumstance, together
with the statement made about the
pitClHS oI large contracts Tor
war supplies. pointed to the probability
Of an export trade Of uneIampled magni-
Jude for many months to come.
1t would seem. however. TO be implicit
n the gold shipments to this city that
,ur bankers must expect TO find them
selves called upon to arrange increasing
y heavy extensions OF credit to foreign
There nave been no outward
developments in the matter Of the large
loans which have been talked
u. but nothing Is more certain than that
As time goes on the international money
will have a volume OF dollar ex-
change In which to deal. Talk OF stabil-
zing other forms of remittance during
he war Is a growing absurdity. Nor could
finance serve the country's
interests better. both in providing safe
against excessive domestic in
and in fostering our export trade,
han by a large employment OF our
swelling gold resources as a foundation
or a structure of foreign credit.