The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-22
FINANCIAL NEWS -'.'.-
AND COMMENT
Most Active Day Yet in Market
Here in Both Bonds and
Stocks.
BUYERS STILL IN CONTROL

Wall Street had an interesting stock
market session yesterday. the balance OF
developments continuing to favor construc-
tive positions. Bonds were dealt In on
the floor to the extent of about $4,000, 900.
the largest total Of transactions since the
reopening Of the Stock Exchange, and
there was no slackcning In the demand
over the counter for investment securities,
which has been one OF the stimulating
factors in tho stronger movement of the
share list. Trading IN stocks also reached
the largest total since the restoration
Of the open market and closing quota
lions showed substantial average OF
gain.
Throughout the day tho leadership OF
tho list was provided by stocks Of the
most influential class, conspicuous among
them being Reading southern Pacific,
Union Pacific. Pennsylvania and New
York Central. Tito aggressive strength
OF railroad issues seemed to be regarded
- a most encouraging feature and the
secondary part played by industrials was
not regretted, despite the recent popular
ity OF the idea that industrial shares had
the brightest prospect Tor improN eme NJ.
United states Steel made another gam
and maintained part OF it, rise despite
the currency Of conjecture about the poor
showing OF earnings for the last quarter
to be reported at the quarterly meeting
next Tuesday and also despite the indicA-
ton that new business ia steel lines this
month has not kept up the December
mace Copper metal prices were raised
TO cha accompaniment OF rumors OF re-
ueved heavy purchases. but copper shares
we're more or less affected by profit tax
ing.
ton TO the days total OF transactions, but
the stock held well around the levels
which IL reached on Wednesday, although
the suggestion Of a financial plan out
liut-l in the proxy committees crcular'
pointcd to the probability OF a new Sc
curity issue to come IN ahead OF the stock
II - expected that the interests repre-
scented by the proxy committee Will en-
counter no opposition from the former con
trolling interests, and the market for
Missouri Pacific shares denoted FEELING
ta.t the Missouri Pacific future was attric-
tive.
After an early display OF strength the
stock market obviously ran Into per
s.stent supply Selling was not cVncen-
trated anywhere. but attention was az
rected TO the international list chieay De-
cause Of the understanding th1t HIF"pe
was l'quidatiug rather heavily. Pr"o-
ably there was a rood deal OF mlsce.-
but domestic selling could not have "een
particularly important or the market
would have hardly offered SO much resist
ancs to pressure
Indeed the tokens OF the session were
that the principal business represented
domestic accumulation taking advantage
OF N,reicn selling The buying side had
the support OF an inCrea Sed commission
house following and the general impress
sion which the market gave was that Il
wanted 20 take stocks and II was rather
glad to get them from abroad. The sup
position has been for some time that there
we're in Europe crippled speculative posi-
lions In American securities when would
have 10 he eliminated sooner or later IN
order 10 prepare tho way for the fuitner
iinpru, etuvmt 0f vaiis5 here.
There was no uuotable change IN DO
nestle money rates and foreign exchange
closed unchanged for the day. The cot
ION market was Arm. but the grain mar
kats seemed to be more or less feverish.
with symptoms of speculative congestion.
No surprise was caused by the preliminary
statement OF domestic exports for De
ceuber published by the Department of
Commerce The shipments Of wheat,
amounting TO about $4,000 6oo bushels,
were more than four times the eNports
If the previous December. and similarly
larger ratios OF expansion obtained IN the
case OF Other foodStuffs. The statement
only went to show how large p;.rt agri-
cultural staples and farm products are
! playing In our present foreign trade,