The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-22
FINANCIAL NEWS
AND COMMENT
Extensive Advances Again in
Industrials-Steel Heav-
lily Bought.
NEW EXPORT RECORDS

Although there w1s q wealth Of eau
tionary advice available during the day.
and although the Stock Exchange ON
munity was utterly indisposed to encour-
aes an accumulation OF margin commit
ments for the rise in industrials. and
although the professional trading ele-
ment held a reactionary view Of the
present position Of quoted values. and
although the unfavorable aspect Of much
Of the war news was strongly empha-
sized, the stock market yesterday showed
signs Of a return Of excited bullish spec-
ulation in the Industrial list. Dealings
ala not recover to recent maximum VOL
umcs, but the transactions were in ex-
CESS of a million shares, and while the
course of prices was confused by many
Cross currents, the trend Of the market
most of the day was distinctly upward.
Bethlehem Steel unquestionably stim-
ulated new buying for the long accoun
and . miscellaneous array of wal stocks.
including Distillers and Industrial Alco-
hol. luctuated sharply over an extensive
range, mainly in the direction Of ad.
vance. Studebaker, which not only
shares the fortunes of the motor group,
but IN also included in the war stock
classification. oee spectacularly and held
most Of its gain. There was . plunge
of buying in United States Steel and
In some Of the minor iron and steel
stockaL Rails were heavy. some issues
like Rock Island, St Paul and New
Haven showing weakness Coppev were
distinctly sluggish but displayed a
strong u~ndertone. a. though they were
in a position to reflect further heavy
buying Of the metal which u apt TO &C.
company M extraordinary forward
movement now under a. in iron and
steel lines.
altogether the Stock Exchange session
haffled observers n at the close OF busi-
ness the confusion Of speculative senti-
ment was unmistakable. In some stocks
there were undeniable tokens OF an in
~creasing concentration at advancing
prices. but in general there was a mani
fest further distribution which called int
question the technical aspects OF the COM
mission house situation as adverse to the
prospects for sustaining a general rising
movement. All day long there was heavy
selling In every department OF the mar
ket. but on the other hand the resistance
offered was stronger than for a week
past.
A new vigor Of absorptive capacity
was exhibited which suggested a renewal
Of outside or public buying. a circum-
stance significant of which will be
found in the fact that the dealings in
United States Steel. probably the stock
which enjoys the widest popularity. con-
stituted almost one-fiftb OF the total
transactions OF the session. Indeed tho
attention which the excited strength and
activity OF the iron and steel trade is
attracting was probably an influential
factor In stock market Developments.
Profit taking pressure on the share list
increased In the last hour. with the re-
suit of inducing more considerable recess
sions and all rou irregulafity. but the
features of strength ~predominated at the
close.
In professional trading quarters
opinion and sentiment continued reac-
tionary to the point OF bearishness. The
indications OF an extensive speculative
account open for the advance. even
though II seems well protected, was the
common argument urged In anticipation
OF a distinct setback for the market.
Occasion for such a setback, II was
argued, should be provided by the re-
cent drift OF European developments un-
favorable to the Allies. although II was
admitted that the financial district was
not obviously app!enenslNe OF a ulsas-
trous reverse for the allied cause.
1t was noted. however, that opera
tons for the decline in stocks were
restrained by the buying power dis
closed In the market itself and by the
growing strength OF financial and bust
ness conditions outside the market. The
latest illustration of these was pro-
vided by the country's external trade
figures for September.
Exports of about $29S.0 900 900 made
by far the highest record for the month
and an export balance of more than
STAG, 900. 900 dwarfed any previous Sep
TENDER showing, Exports for nine
months exceeded two and a half billion
dollars, with the export excess rising
10 the amazing total Of Sl.227. 900. 900.
Incidentally the net imports Of gold last
month were 4 1000. 900. bringing the
aggregate for nine months TO $253. 0OO,-
900, compared with gold exports of
sll7 900. 900 in the corresponding period
last year.
The new gold movement now under
was augmented yesterday by the
receipt of SO. $50, 900 of the metal. Ster-
ling exchange fell below 4.67 and sold
at the lowest level in more than a
month. The downward trend which IL
now discloses permits no other conclu-
SION than that American finance must
branch out in new departures OF credit