The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-26
FINANCIAL NEWS.
AND COMMENT
Further Gains in Stock Prices
Despite Some Pres
sure.
TRADING LESS ACTIVE


servers the pace Of trading in tho stock
market yesterday ~slackened materially.
Business was still on a larger scale thar
at any time since the reopening OF the
stock Exchange, but a continuation of
the violent aggresslveness OF the buying
movement OH Tuesday and Wednesday
would hav provoked suspicion and dis
trust. Altogether about 1000. 600 shares
have been dealt In this week at n rapid
and well sustained advance in prices.
and ii vas only in the ordinary curse
OF things that selling pressure should
make itself . little more apparent yes
terday.
The market was such as might have
been expected after the developments "
the last few days. II had a somewha,
two sided character, but such reaction
AIRY tendencies as were exhibited did
not suffice to cancel further gain and,
while irregular net changes were shown
at the close, the average OF quoted
alu was left at the highest level
since the rise began. The undertone
was distinctly strong and judging from
the drift Of opinion and the fairly con
ident sentiment expressed recessione
would encounter purchasers willing 10
make or renew or Increase long COM
mitments. That in any event the mar
ket would be likely to pause 10 digest
the advance which has taken place and
absorb the scor,- which had been at
tracted by II. especially from abroad
was generally predicted during the
morning. but the trading element was
not very aggressively disposed TO OPP
crate for any substantial bearish profits.
Foreign selling seemed to be In some
what diminished volume. but there was
obviously enough OF IL in the Internal
tional list 10 check the upward trend,
although international shares provided
the leadership OF the session. Railroad
stocks were again remarkably strong
nor was the purchase OF them limited 10
the best secured dividend payers. New
Haven made a rather spectacular
ascent n the course OF this and other
stocks which nave been very much de-
pressed cast some light on the present
mood OF the stock market community.
y particularly significant illustration
was furnished by Third Avenues dis
play Of strength despite the indications
OF official opposition to any disburse.
ment OF dividends In the near future.
Speculatively at least it is a symp-
tom OF returning confidence when
Wall street Gays, In stock marke,
fashion. hat as long as the caui,!es
and earning power OF a property are
increasing the appreciation OF value Is
likely to discount dividend distribu-
tons. Industria!s, az was ntural
were more or less affected by profit
taking. but offered underlying resist
ance to pressure. There seemed 10 he
persistent liquidation in Reading tina.
contrasted with the strength OF the
shares o: the Baltimore and Ohio
which has been one of the large hold
ers of Reading stocks.
New York Central was Jesressad hv
the annual report showing tina, the
years earnings did not suffice TO nav
more than three quarterly dividends.
The view OF the railroad future. how
ever. is neither in particular Instances
nor in a general way colored by the nm.
satisfactory past. It is determined moro
10y the indications OF "A high degree OF
operating efficiency which current, re-.
I"rts OF earnings are exhibiting and
by the uninistakable change which is
taking place IN public policy toward
the carriers. Apropus the subiec, Of
railroad earnings tho Atchlsou. which
has made a wonderful record Of sus-
tanned gross. as well as increased net.
during the war period. published a state
ment for February showing a gross galn
or i,OIl geo and a net gain of more
than s12i 900.
Among the matters which Influenced
stock market sentiment were the rails
ing or prices for certain steel products
ana the unmistakable strength of the
conner metal r,arlEa, .nl A.
market Cotton rose sl.c5 a bale 10
the highest figures reached since the
reppering OF the cotton nges.
There are signs In the market FOR The
staple. as in copper and other commodi-
Ties, that foreign buying, which has been
such a factor Of strength. has not been
Tor immediate or early delivery alone.
hui for delivery after the war. II wa
gratifying 20 note that an increase OF
ss!'ooo'oOo In foodstuns shipments In
February, as compared with the CORE.
spending month last year. did no. ac-
count for half OF the total export bal
ance of the month.
An gemen of 81, 900. 600 gold r,r
importation from Ottawa was announce
II one of 5000 900 from Japan, making
ahout $4,000, 600 all told for the week
~ IN" foreign exchange market sterling
hiIls made an additional recovery, de.
mand closing al 479a,. This was ,.byi-
ously a response to the foreign sales nf
securities here, but il also reflected tho
negotiations for the extension of credit
abroad and the Bank OF England's ef-
Forts TO assert control of the London
money market, The bank must be ma
teriaily assisted In this respect ny the
increasing deterioration of It's condition.
Its report for the past week is the
worst since the improvement set In last
autumn, and II would appear that the
time cannot be far away when New
York must come to London's assistance.
The completely OF international reIa-
lions viii compel a use Of our financial
10 save the international