The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-21
FINANCIAL NEWS
And COMMENT
Strong Rise in the Stock Mar
ket With an Expansion
Of Trading.
RAILROAD SHARES LEAD
List Responds to Renewed Re-
ports That President Fa-
vors Rate Increase.


rate advances by the Interstate Commerce
animating cause OF the strong upward
movement Of prices. especially in the AZ.
ternoon, was clearly the dispatches
printed over night representing Presden,
Wilson as having been found by callers on
Thursday to be concerned over the slack
ness Of general business and impressed
favorably with the widely accepted View
that trade and Industrial Improvement
was waiting on the grant Of relief for
which the railroads have asked.
Several times In the last few months
more or less definite intimations have
been given as to tho Presidents attitude on
this question. 1t has come TO be fairly
well understood that on grounds Of broad
public policy the President expectso the
Interstate Commerce Commission will no,
decide against the railroad application un-
less the commissions inquiry should dis.
close overwhelming reasons not obvious
90 far for refusing to permit rate IN.
creases The commission Is, OF course,
not under the control Of the Administri-
ton. but presumably II Is sensitive to I'M
portant suggestion, and Wall Street natu.
rally assumes that the Presidents Views
dictated, as they seem to be- by concern
over the lack of really prosperous activity
throughout the country. must carry weight
with the ofYicial regulators Of the rail-
ways.
With respect to the news published yes
terday morning IL may be said that II
wanted novelty. Moreover II had n ce--
tain appearance OF an intimation elected
with due regard for psychological timell-
ness fitting In with more hopeful turn
OF the stock market mood In the last
week or So Again. II was recognized
that there was a good deal OF difference
between an indirect representation OF tn.
Presidents position and a direct declara-
ton by himself. All OF these ouallfica-
tions served perhaps to make the share
lists response a little slow. but II wos
manifested in the afternoon that an ag.
grcssive rally had got under waS
chiefly on account OF the fresh direction Of
speculative attention TO the optimistic pos
sibilties OF the railroad rate case. II
was almost altogether In the railroad lis
that active buying went on. and at th'
close the principal railroad shares ex
bibited very substantial gains for tn,
session.
There were no indications Of such buy
ing as would confirm the existence OF a
largely overextended short interest OF
which SO much has been heard lately
The transactions had rather the appear.
ance OF professional effort to work &c
profitable advantage on the constructiv,
side Of prices. For several days thor,
have been signs OF a quiet professional ac'
emulation instigated by the rema rka blt
underlying flrmness OF the list and the
evidence that stocks were In relatively
such scanty supply that no important de-
mand for them could be satisfied except
M st,batc nj ially higher priCa leyeIa The
processes of professional opinion during
the week have been such that the Wash
ngton intimations constituted strong in
vitation to undertake aggressive bullish
operations.
What merit there was in all the days
reasoning will require more time TO deter
mine, bur the Washington advices squared
with recent hints that political projects
at the national capital had become sud
denly tinged with a realization that gen
eral business was suffering from the radi-
cal tendencies OF politics. There was
nothing in the aspects Of the market at
the close to indicate that the upward
movement had exhausted itself In the brief
effort OF the day and some encouraging
deductions were drawn from the response
OF Increased activity TO the upward price
trend.
The copper metal group displayed some
vigorous strength, for which Wall street
had been prepared by circumstantial
rumors about resumption OF heavy buv-
ing Of the metal. The huge export busl-
ness reported In copper is a little difficult
to reconcile with the increasing in
dustriai depression OF Europe. but Wall
Street has had a good deal OF trouble in
the last two or three years In trying
to solve the mysteries of the copper metal
situation. United States steel was
no more laggard than the general run of
lpd stria h.r ulthniiph the eel trade
adyices were, IL anything. the most de-
pressing OF the year 40 far London was
a seller, and the stock market hesitation
IN the forenoon probably reflected to
some extent the fresh weakness at Lon
don and Paris. There were some
sharp declines In the staple securities
of the London market and the acuteness
OF the Ulster crisis was not the only
factor The Brazilian economic situation
was the cause Of an abrupt slump in
Brazilian rails.
1t Is hardly likely that Wall Street
could pursue very far stock market
boom which was not based on
cal affairs should be more severely
disturbed than they have been ny
the influences lately prevalent abroad
However. the domestic situation Is
temporarily. anyway. sentimental
one very largely, and anything which
effects a valid betterment OF sentiment
Is quite apt to evoke a substantial I'M
movement not only in stock market CON
ditions, but In general business. Their;
Is. at all events. no disposition In Wall
Street TO quarrel with any favorable con-
struction TO which political or other por-
tents lend themselves,
The money market continues 10 he
hardly worth referring to. Foreign ex.
change was firm around the maximum
levels OF recovery this week. but It ia
thought that gold exports are not
as yet imminent On tho known move
ments OF money II was estImat ted
that the local banks had made n cash
gain Of perhaps 100000 since last Sat
urday Dealers reported signs of a
better inquiry for bonds and notes, and
one OF tho interesting items OF invest
ment news was the statement that the
Missouri Pacific had arranged to pro-