The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-12
FINANCIAL NEWS
AND COMMIT
Stocks Continue Hey, but
Show No Signs Of I%u'rtant
b, Selling Pressp.
AWAIT R LOAN


characterize the ~stocynarket yes,er-
day. but the Indicate sun were 'na'
the selling was rsr u%hinnporta"''
Apnaren,,v 4, ron-nted some un-
ea.v comm,.s,o, hie liquidation in
spired by this colo'g OF "as"'"s'o"
dispatches In respe 10 'ne ireS" p"as
Of diplomatic tsion between 1n'
cor,,ry ava ,h. eutonic allies. For
N. re.. -. uSet showed signs Of
professional opetlons TOT inc uee''"o
on the theory TT quoted values might
prove more or So vulnerao'e 10 'h'er-
national ~politrl disturbance.
Al % ,ba.it must he remembered
that Wall sect has been through a
good deal oreasoning from shocks n
strain and here were no tokens that
Imnort.nt interests felt any concern
over the ew angles or International
controyer,. On the contrary. the mar
ket throshout the short session DIS
nIaved ,,derlying firmness, despite the
sIrfece aeavlness and the fairly sub
%stantia, losses in some OF the war
stocks There appeared 20 be excel
lent hying OF the sort which shows
ali IN more willingness TO absorb
,tock because IL is not expressed In
effors to bid prices up. Dealings were
not in increased volume and the prln-
cipl results OF pressure were exhibited
IN some OF the war order industrials.
The weekly bank statement showed
another large addition to reserves, pre-
eimably because OF the arrival OF n
further large consignment of gold the
other day. A loan expansion OF S25.-
o0O, 900 might w reflected the credit
operations which contributed to the
weeks rally in foreign exchange. From
the low level OF 462 early In the
week the recover was carried above
$50 on Friday. Yesterday quotations
fell again. but no particular Significance
was attached to the recession.
Throughout the week stocks re-
sponded TO a variety OF conflicting
Influences. The news of the sinking OF
the passenger steamship Hesperian came
out during the holiday recess. Follow
ing that came the demand on the Aus
trian Government TO recall Ambassador
Dumha for trying 10 ohstruct our wal
munitions industries by meddling with
the employees. The Berlin note on the
sinking OF the Arabic was regarded as
unsatisfactory and the suggestion that
there had been a full renewal OF tension
I'm our relations with Germany con-
tr!buted to a test of stock market posi-
tons.
Nevertheless the attitude held toward
values and toward the general business
prospect by important financial interests
was that the Immediately c~ontrollinG
factor in the outlook could be found In
the international negotiations ppened
by the arrival Of tho Anglo-French
finance commission for the restoration
Of stability to h foreign exchange
market. The greater firnneaB shown
BY sterling exchange was a sign OF
expectations that these negotiations
would end In a satisfactory arrangement
OF credits to a a amount TO enable
our producers and manufacturers 70
continue To sell our goods abroad OF
an expanded scale Such a result ot
the financial conferences could hardly
fail to provide a new stimulus to stock
market and business activities.
Some of the routine news of the week
had a very favorable bearing. This was
particularly true of the September crop
report The prospect OF almost 1000
000, oO0 bushels of wheat may be cut
crop. but the yield will still be the
largest ever harvested. The outlook for
corn is a 5000, 900. 900 bushel crop and
for oats laos, 900 900 bushels. with al
the minor crops in ample abundance
Even the decreased prospect for cotton
is more than enough under the circum.
stances The country IL assured OF q
copious supply OF staple commodities
which will not only provide traffic and
trade but will keep the cost OF living
down and help the processes Of thrift
by which the accumulation of capita
is being fostered.
Reports from the iron and steel In,
dustry show that operations are reach.
ing capacity n Improvement in trade
and industry has been benefting the
railroads. The idle freight car state
ment IA Of September / revealed a de.
crease Of s1.705 cars in the net sur.
plus during August TO a figure almost
az low as that reached two months later
last year. II the business movement
hroadens. as seems likely, the railroads
may in n little while suffer from a short.
age of equipment.