The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-08
FINANCIAL NEWS
AND COMMENT
Stocks Make General Recovery
in Session Of Undimin-
ished Activity.
TRADING OUT

l ENlueHCc Wdb uppho ycoteiuay tho
| the undoing this week Of . great dea
| Of overextended speculation for the rls'
in the war stocks had not changed thu
| optimistic temper of the market. Tn
scale Of trading was maintained on tn,
level Of . million and q half shares
exclusive Of the large aggregate Of un
reported odd lots. which has now beef
maintained for more than nine successive
days. The tone Of the market wa
| quite strong In the main. despite SOM
| failure Of depressed issues to rally will
any vigor.
At the outset there were manifest sign
| Of uncertainty and apprehension Of
renewai of liquidation. but stocks wer
not In such supply as to provoke bearisl
pressure and demand gradually devel
| oped which was able to take stocks a
advances instead Of concessions. A
speculative confidence was regained thu
Improvement made further progress. al
though It was noticeable that the eventl
of the last few days had inspired eau
tion enough to divert material attention
to the attractions of other than wa
order descriptions. Altogether evidence
was Furnished that the market had bee,
restored to structural strength. n tn,
session was less onesided tina has beei
seen In some m
The close was strong. with an EXTENDED
array Of substantial gains. numerous
shares outside OF tho war munition groui
being quoted u new high closing level
for the year. Bethlehem Steel was al
exception. and It's rise to $50 stimulate,
conjecture regarding the combination o
which. according to rumor. tho Bethle
hem Steel Company IL to form the cen
tire. Ideas Of tho sort were unques
ment of the Midvale Steel merger an
the disclosure OF the strong financial in
terest represented in II.
A particular feature of the last hou
was tho rising strength of the coupe
stocks, led by Anaconda and Utah afte
Inspiration had been pointing the way
There was an unmistakable growth o
favor for such issues and for rails
which made fresh advances in the fore
noon and held them while traders wer,
trying to feel out h possibilities 70
a resumption Of the violent rise In tn,
war stocks. Eastern railroads SCENE.
TO he especially In favor because of tn
traffic which is being created in Easter
territory, where industry is most act'v,
AMI increasing. Consolidated Gas an,
the local fractions together With Mexi
" Petroleum and American Smcltin,
also indicated that all the investuen
and speculative appea, of the rs, wa
not confined TO the war order shares.
Nevertheless. influenced by the actor
Of Bethlehem Steel, much ~speculativ,
opinion insisted that war stocks an
deal tocks could not he held IL
check, although only n few of them mad,
real progress in recover and many o
them seemed to be in supply on ad
vances. For the most part buying II
such issues seemed to be OF no more I'm
portance than short covering and al
experimental replacement OF long con
tracts by outsiders who had liauidate,
on the break. Extensive upturns in tn,
prices OF this class Of stocks were IN tn,
main only such rebounds as might hay.
been expected. II IL still TO be seen /
anything resembling a quietus has beef
temporarily or otherwise ~administere
to the war stock speculation. but 1
was manifest that there was 4 NOR,
favorable feeling toward rails and othe
issues which are out of line with th'
Industrial advance of the year.
A material influence over sentimen
vas exerted by the advices from Wash
ington setting forth the Administrations
programme for III defensive mllitar1
strengthening of the country. The at
titude taken by the Government or thl
important question car hardly fail u
promote financial and business conf
dence in the country's future, A st,mv
lus to confidence must also be given b,
the Treasury's position that the tariff
on uga should be retained. The sign
seem to be accommodating in Washington
that III deliberations of Congress at III
coming session will be guided very prac
tically toward a practical solution o
the problems awaiting It in which bus!
ness interests are vastly concerned.
A large item Of good new was con
tanned In the Government crop repor
AS Of October I. Although the return
a month ago had been practically con
elusive OF an unprecedented agricul
tural season, Yesterdays figures pointe,
TO an even more brilliant result than IA,
been previously indicated. The estimat
on corn was raised TO more thar 5000,
600, 900 bushels. which is close TO tn,
largest yield on record. An increase o
$4,000, 900 bushels in the spring whea
figures more than offset q winter whea
decrease and resulted in a forecast o
l,ooe. 600, 900 bushels. the first billiol
bushel crop of wheat ever harvested II
tho country. md 1T .0oo. 900 bushel
larger than last years record outturn
Tho harvest OF oats was 1.5l7. 200, %,
bushels, an increase Of 100, 00o, 900 bush
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