The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-04
FINANCIAL NEWS
AND COMMENT
Dulness the Feature of the
Stock Market-Prices
Sag Bit.
FOREIGN EXCHANGE WEAK

Stocks sagged little yesterday al
though the principal feature OF the ses-
sion was the further shrinkage of busl-
ness. The market was duh from the
opening to the close. with only very brief
intervals OF trading activity. According
to the varying views Of speculative OBJ
servers there were plenty OF stocks in the
market or there was considerable
short Interest The probabilities are
that neither was true, although II is
evident that last weeks sharp reaction
put an end for the time being anyway
to any very aggressive disposition to eX
pand commitments either way. The most
significant thing about the session was
the contraction OF dealings. which might
be taken to reflect a hesitant mood in
splred by Wall streets February tradi-
tons OF stock market uncertainty.
Sustained interest was shown In the
investment market. which found great
satisfaction in the indication that tho
subscription for the Pennsylvania Rail-
roads 100000 of first MORTGAGE
bonds had been fully five times the
amount of the Offering. II would not be
surprising II In the next few weeks Wall
Street activities were chiefly engaged In
Curb trading has already started IN
the forthcoming offering Of New Yorl;
State bonds More foreign loans have
also been coming here and "A moderate
loan has been placed for the city of
Ottawa.
Some specialties displayed rising
strength In the share list. but there
was offsetting weakness in stocks OF
the same description. Dealings In the
standard shares seemed to originate
very largely on the floor. although there
were signs OF an uninterrupted trickle
OF selling for foreign account. The sup
ply OF securities from abroad has GER
tainly not overtaNed domestic absorptve
capacity since the reOpening of the stock
market, judging from the maintenance
OF a good deal OF price recovery In most
directions. but of course European sell
ing is market influence. At the same
time no general liquidation of any con-
sequence Is looked for except that which
comes from abroad
Monetary developments tended toward
increased ease. Five and six months
loans as low as ga per cent. were re-
ported, but the Cunsp cuOus monetary
event was the practical loss If all the
recent rally In sterling exchange. Heavy
selling OF cables by one Of the leading
banking houses was the contributing
factor in the weakness OF the exchange
market. with demand closing around
4S3T and cables little above asa.
Some Of the days business news Wen;
to show that only temporary turns Of
strength in foreign exchange need ue
anticipated anyway Cotton exports
continue very large and there is no
question that the export demand il
chiefly responsible for high prices Of
wheat and other cereals. There We're
wild fluctuations in wheat yesterday. a
rapid rise of nine cents a bush,l fol-
lowing an abrupt drop of eight cents
with a net loss of six cents for the day
Corn and, oats closed two cents lower
each and such violent oscillations rs
tho grain markets went through will
probably cure a lot of speculative fever
This is desirable but it will not affect
the economic forces which have been
send!ng grain prices soaring
Domestic trade news OF Importance
was represented by steel market reports
of better feeling, with expectations of
"a moderate gain in activities and orders
to the middle Of March. The United
States Steel Cooperation is said to ne
operating AZ So per cent of capacity
against "A January average of - and
% for December. but II seems still to
be difficult to get the prices OF steel
products up
January foreign trade returns for the
customs districts covering about SO per
cent Of the country's external COM
merce showed an export balance OF
more than Sl3l 100000, which probably
means that the actual balance was
Sl5O,OOOO0O or more. The export eX-
cess for the last week of January was
about $50. 100000, the largest amount
reported for any one week in the last
ten years.