The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-26
FINANCIAL NEWS
AND COMMENT
Most Active stock Market Of
Wcck-Rails Continue
Their Advance.
EXCHANGE HOLDS STEADY

The stock market was very active yes-
ttrday for y Saturday session. Indeed.
trading proceeded on the most active
scale Of the week and despite a liberal
conversion of paper profits and a fairly
extensive shifting of speculative posi-
tons irom one quarter Ot the list to
another the strength of the market
matched its breadth and volume. Ad-
vancing strength characterized the rail-
road department and its maintenance for
the third successive day stimulated a
good deal of aggressive buying OF rail-
road shares. Pennsylvania vas conspic-
uous and influential In the move
meut, which included n further diver
sion Of interest to standard industrials,
the buying Of copTrrs providing n fea-
ture Of the general absorption OF metal
sharcs.
Most Of tho war stocks were firm to
vigorously strong. although subject to
realizing. and the bulk of the selling
throughout the market was OF the IA
miliar week end evening up character.
A few Industrial issues. however, seemed
20 show the effect of distribution more
than OF mere traders profit taking. The
close was strong and practically at the
highest level of the day.
The weekly bank statement attracted
attention because OF the further large
expansion of loans, the increase being
about s57.50O. 900. II is a reasonable
assumption that the recent phenomena
OF the stock market account for the
September expansion In the loan item.
although not a few careful observers are
inclined to attribute at least part OF the
responsibility to some credit ARRANGE
ments for Europe while the large loan
has been under negotiation. As on pre-
vious days Of the week hopeful expecta-
lions that the negotiations would con-
clude in an agreement and issue I'm a
successful loan operation were a factor
In the stock market yesterday. although
the market more obviously made "A re-
Spouse to its own evidences of tendency
and proof Of broadening strength.
Sterling exchange continued to hold
above the go level. thus rounding out
a week In which greater stability has
been displayed han since early August.
Naturally the fact lends itself to the in
ference Of confidence in banking circles
that the loan negotiators would con-
trive an understanding. The rumors of
bitches and difficulties, which were so
freely circulated In reports or discus
sions about the loan in the first half of
the week. faded AVA after the midweek
and the feeling in the financial district
was yesterday that the announcement OF
definite and satisfactory results OF the
NJ "'hAh ~ ~ A'ir - -
Foreign matters which engaged tinan-
DIAL notice during the week did not oper-
ate to the ENCOURAGEMENT OF optimism
about our prospect for values. The enor-
nous proportions Of the British budget
figures and the great total of subscrip-
tons rolled up for the third German
war loan emphasized the fearful cost
OF the war. but our conditions have been
pretty completely adjusted to the state
OF war abroad and the post-bellum fu-
ture does not affect immediate activities.
The sudden boiling over OF the diplo- !
matte and military pot in the Balkans
provoked a great deal OF intelligent
curiosity respecting the possibility OF
important developments in the south
eastern theatre Of wal and events there
may enter shortly into our calculations.
The lessened tension in our relations
with the Teutonic allies was to some
extent reflected in the aspects OF tho
Wall stree; and general business week,
Seasonal tendencies are working for
business expansion in acceleration or
the war factors which have impaired
~ much timulus to our trade and in
dustry. The country's foreign commerce
statement for August showed a record
mouth, the results OF which brought the
export balance for the elapsed eight
months OF the year to H,Os2.OOO, 900.
In various lines, as in steel, the in
nuence of export inquiry and consump-
tion is described as more pronounced
than In any month 90 far. Returns OF
railroad earnings for August made pleas
ing exhibitions of further gains in gross
and net revenues and hctokened the In |
crease Of general business activity. Cot
ton added TO the rise in price. which
Is helping the business situation In the
South. |
It cannot he pretended that the new
advance in the stock market has rem
dered 1t less vulnerable to shock from
foreign and domestic developments OF
an adverse character. but the position
of quoted values has been helped by the
broadening range OF interest shown
The speculative situation is not less
but more extended. and IL rendered
sounder by the direction of buying to
railroad shares and by the unmistak-
able and very material betterment OF
Ihe bond market.