The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-19
FINANCIAL NEWS
AND COMMENT
Rails Share Attention With
Industrials i'm an Active
Market.
LOAN STATUS HOPEFUL

Despite the Jewish holiday. which
tended to work against financial activi-
ties. the Stock Exchange session yes
terday was an unusually busy one. This
continued the movement OF the stock
market during the week toward in
creased volumes On the rise. but even
more striking was the accelerated up
ward swing of prices. accompanying
a broader diversification OF interest.
Although overnight reports had sug-
gested some hitch In tho foreign loan
negotiations, the important view held of
the discussion was that a most promis-
Ing stage had been reached and that
a huge foreign credit, with all OF It's
favorable implications for our trade and
industry. would be arranged to keep
our export moving In pros
porous volume.
Industrial shares provided the strong
est and most active features OF the deal
ings. Studebaker, Westinghouse Elec-
trio. Central Leather. Great Northern
Orc and American Wooden engaged
most attention, but the course of prices
IN the war industrials and In the in
dustrial department generally was not
at the expense OF trading or strength
elsewhere, although II was a reminder
that the exclusion OF traffic in war NUM-
tions from the purposes of the proposed
foreign loan would not work to the
disadvantage of industries equipped to
produce war supplies.
II was, however. the aggressive
strength of railroad stocks In the last
hour which attracted notice to the more
substantially beneficial contingencies Of
the foreign loan undertaking. Aside from
the fact that the establishment OF a
great credit for Great Britain M
France should operate to lessen lioui-
dating pressure on the i~nternational list,
the enlightenment OF the public In the
past week respecting the nature and
need OF this extension OF credit abroad
has advertised the expansive impulses
which should, as the result of the loan.
disclose themselves in the general busi-
ness to the advantage Of the common
carriers. Reading. Union Pacific and
other standard rails we're among the
leaders at a strong all around closing in
the stock market.
Sterling exchange was more or less
heavy. selling around 4.6s for demand.
a circumstance which dealers were In
clined to attribute to the reports OF
bitches in the foreign loan negotiations.
but as a rule not much significance Is to
be attached to Saturday transactions in
any branch of the money market.
Moreover, very positive assurances were
obtainable in banking circles that more
atllll DTDBTtSN was ildit Ttiuay ihShN
and yesterday morning in reaching
agreement on debated points in respect
to the loan than on any day since the
opening of discussion. Indeed. II was
said that matters were in such shape
that IL might be possible to close nego-
tiations for the loan at the beginning
of the new week.
While financial attention was almost
exclusively directed during the week
TO the loan negotiations, there were de-
velopmcnt OF marketwis bearing
which on the whole resolved themselves
into a balance OF favorable portents.
The appalling figures Of the a~ugmenting
cost Of the war which were brought
out IN the British and French budget
discussions served to emphasize the I'M
p~ortance. from our own point OF view,
of assisting good customers to trade
with US in a period Of immense strain
upon their own resources. Diplomatic
affairs came to look more propitious
because OF the signs that efforts were
masking To reach "A complete understand
ing i'm all the controversies betwee
the United States and Germany. In no
way was IL possible 20 regard the Issues
raised by Great B%ritain's action In the
seizure of cdrgoes Of American meat
as threatening seriously 20 disturb our
relations.
III lie sN4l'A4N ollAFSN AiNAu -
Street found material for encouragement
In the declaration of a 80 per cent. dtvi-
dend on the General Motors shares.
This was Interpreted to mean that there
had been no very violent exaggeration
of speculation expectations regarding
the profits accruing in such lines OF in
dustry as have already become ex-
trcmely active since the outbreak o. the
war. The protracted spell OF warm
weather over large agricultural areas
was helpful to the crop position. but
tho crop event OF most consequence was
the further display OF rising strength
IN the market for cotton II tho South
can get a firm price for Its staple at
some level Of a the one SEQ
ton Of tho country which has been
most hurt by the effects OF the war
will be helped materially. Besides there
will be a marked lessening Of disturbing
-nlitical agitation