The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-11
FINANCIAL NEWS
AND COMMENT
Stronger Tone in the Stock Mar.
ket-Active Advance
Late in the Day.
FOREIGN ADvICES BETTER
United states Steel Corporation
Reports Large Tonnage
Gain in February.
FOREIGN ADvICES BETTER

rather active unsettlement ever since the
early part Of last week. This unsettie-
ment. following the reactionary inertia Of
February. seemed to have been taken
advantage OF for the denomination
of holdings parted with during the ex-
cited strength Of the January markets.
The underlying nrmness Of quoted
values In the main was suggested by the
relative ease with which further progress
In recovery was made yesterday after
noon. Note was taken of the fact
that tho low levels of the last
day or 30 showed reactions OF to 10
points or moro from the maximum ad-
vances OF "a month or more ago. which
might have put the market In shape for
response to any constructive efforts in
spired by such optimistic considera-
lions as the financial situation afforded.
A good deal OF stress was laid in hope
full comment on the tokens Of incipient
Improvement manifested abroad, not only
at London but at Paris Improvement
ut London would be In the nature Of a
renewal OF recovery. an would be the
case here. but betterment at Paris would
be something Of u novelty. There has
been evidence lately that the French
SdDlnet was NtaheNlIk ltS usCAi pTO-
posals. which had been most objec-
tiofable to the French banking and in
vestment community. and the rally which
has been going on In rentes might turn
out to be the precursor Of expanding
financial activities at Paris. circum-
stance which could hardly fail to be
helpful at all financial centres. There
did not seem to be much political en-
thus,asm at London over the Asquith
compromise offered to dispose OF the IL
ster crisis. which has been threaten
ing the home rule programme. but Lon
don finance seemed to construe II as n
portent of "A relief from real strain.
Should the London and Paris security
markets turn actively strong again the
reciprocity which has obtained between
financial centres In recent years might
be demonstrated anew In Wall Street.
Indeed. foreign buying Of stocks here WAS
reported yesterday for the first time In
several weeks. SO far as Wall Street
itself is concerned there is a disposition
TO take account Of the underlying re-
sistance to adverse influences which
quoted values have offered. and TO count
somewhat upon the traditional optimism,
~ the spring season. Nor have cheerful
items OF Information been altogether lack
ing lately.
There was not much sign OF tendency
In stocks Yesterday morning. The liz,
was generally firm. hut any inclination
20 advance seemed TO lie restrained by
weakness In particular descriptions. such
! as American Sugar Refining. which sold
| Mt the loves. price In six years. Lehigh
/ Valley, which Sold within u few points
OF last years low figure; Chesapeake
and Ohio and the Rock Island securities
Aggressive early strength was confined
I chiefly 10 specialtics such as American
/ lee. United States Express. which re-
Elected the buying induced by the re-
( ports of the liquidating plan and North
American, concerning which rumors cir
/ culated about the entrance Of new In
terests. and Caited states Realty. The
/ United states Steel tonnage statement
which was published at noon. WAS sur.
prisiugly favorable. but was without any
obvious markctwise effect for almost two
/ hours.
The market in the early afternoon was
dull. although steady. and II was not until
/ the last hour that prices moved generally
and sharply upward under the leadership
OF stocks which usually create "A fol-
! lowing. The standard shares advanced
vigorously and closing quotations showed
| an extensive array of substantial gains
for the session. The upward movement,
| of epeclalties continued. and "A rather
striking incident was the sharp rally in
Ncw Haven. This Was variously cx-
D
| to the existence OF an extended short
/ interest rather than to any actual hap
pcnings OF consequence affecting the prop
erty. Trading expanded on the late all
around advance. The Third Avenue re.
funding 4s sold abruptly upward and held
their gain on the satisfactory results of
the companys public Offering OF $4,000
600 more Of the issue. The total sub
scription of more than four times the
amount Of the Offering was construed as
sn encouraging demonstration OF invest
nent demand
Mexican affairs engaged relatively
little attention. Wall Street III rather
tired Of the whole matter and its apathy
toward subjects Of domestic politics has
temporarily at least become quite rs pro
nounced. although there is serious and
important apprehension over the Admin
istrations programme OF trust legislation
! The United States Steel Corporations
showing OF IA 4l2.760 tons increase In
forward business last month was fully
twice the average OF expectation and was
more than 10000 tons above the January
gain. The statement was not accepted
as altogether measuring the real position
of the Corporation at the beginning oi
! March, because II was regarded as eN,
pressing very much the effect of bat
weather in the last half of February
which undoubtedly interfered with de
liveries. 1t was also qualified by the low
prices OF the business on which the stee
mills are working but at the same tim.
1t was u gauge OF more sustained con
sumptive inquiry than had been countet
upon
Railroad affairs OF principal notice wer.
provided by the controversy developed u
the Interstate Commerce Commission.
hearing In the Eastern rate case. \ Very
gratifying manifestation In this respec
VI and IiRurnlIs Al IN,