The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-05
FINANCIAL NEWS
AND COMMENT
Dealings in Stocks More Active.
With General Strength
in Prices.
ARGENTINE NOTES SOLD

wall street celebrated the reopening OF
tho London STOCK Exchange with gen
eral advance Of prices throughout the
share list on All increased volume Of trad
ing. which was about twice the average
cf last wccks volumes. New York Cen
trail. which presumably reflected the adj
vantaYes accruing from the merger with
the Lake shore. started the upward move.
ment ~ quoted values and was supported
by recognized leaders. including Union
Pacific Amalgamated Copper and Read
ing Even United states steel displayed
strength despt, the difficulties with which
basic Industry has been contending. The
bond department was relatively neither 60
brisk nor 20 firm stocks at tho close
were at about the bes, prices OF the scs.
sion.
Because Of the action OF the market
in coinci iencs with the London resump.
ton the developments on the rropeniug
OF tho New York Stock Exchange last
month were recalled. THAI was followed
by much sharper advance. which, how
ever. did not last long and gave way &c
an even sharper reaction under the lqui,
dalton which was invited The London
reopering establishes nothing like 50 free
market as obtains here despite the re.
strictions which are locally imposed. Ad
vices from London showed thai very little
business was done yesterday md the res
toration OF tho market over there afford,
no trustworthy measure OF conditions OF
positions
Al the same time tho London departure
marks a distinct step in the direction OF
a return of British finance toward tn,
normal and might well furnish some con.
structive influence here. II prepares the
way for the gradual removal Of restric
lions on dealings In securities ana Il Il
calculated 20 make American finance fee
a little more comfortable In that the
American securities market Il no Longer
tho only important one open anywhere ~
tho world. In addition 70 all this the lack
Of foreign selling pressure was further
Cv!nced and for that matter Wall STREE
had It's suspicious -hat there might he q
foreign short account IN American share'
which could be squeezed a little.
Whether or not there was anything
more IN the days transactions than Is
suggested by the foregoing considerations
remains 20 De seen. The ease with which
prices went up on moderate purchas -
showed again that there is "a very small
speculative interest In stocks. but at the
same time there were signs OF some
modest speculative operations on the long
side designed 10 take advantage of this
m-nt with which the new year had opened
and timed also to take advantage Of the
expectation that the su-cailrd January
investment demand would include some
inquiry for corporate ,aIres The clrcu-
lation Of curious rumors about the lniti1-
ton Of new efforts 20 procure pea abroad
as an explanation OF the action OF stocks
rather tended 10 discredit the upturn
The things which Wall Street talks abou;
are very seldom the real reasons for any
thing that II does.
a distinctly interesting and important
financial event was the prompt oversub-
scrption OF the Offering of $1,000 O0t
Argentine Government one to three year
notes on to a 81. per cent. bass
Presumably this. like other features Of The
securities market, was as much as any
thing a response to the ease OF money
which promises 20 he ~ prolonged dura-
/ ton, but our bankers are likely to be en-.
Outraged 20 maxi fresh ventures in the
provision OF capital or credit to meel
I foreign needs. Experiments OF the sort
| have made very promising beginning
and IL continued will promote the growth
OF the couatry's foreign trade, which has
been 80 helpful in enabling US to over,
come the financial strain incident to tn
/ breaking out Of the European war.
I Tho withdrawal Of $1,000. 600 gold iron
tho Assay Office In the afternoon was re
D tine loan operation. At the same tim
there was no evidence that the gold wa
/ intended for expectation of any kind, an,
/ indeed there were limitations I'm som
| quarters that the gold transfer was not
matter OF public concern. The renewal o
gold exports on a moderate scale woul
nevertheless provoke no uneasiness he
cause Il is now realized that condition
have been established which would pernli
an additional outEo Of tho Yellow meta
without any resultant disturbance.
As matter Of fact the tendency OF for
eign exchange favors gold imports, an
! II exports are made under such clrcJn
stances II would only be as the outcome O
NEGOTIATIONS highly profitable to our tinan
cial position. There was some sligh
hardening of sterling exchange and som
other forms Of remittance late in the dt
after early weakness, but the recovery III
not seem 10 he significant Domesti
money rates were weak. with the call a.
commodat.on az low as 2ia per cent an
ruling at % aud time money ~ 3is
90. per cent. bin for all matir'ties despli
a disposition on the part OF lenders I
hold for per cent.
Banking activities are Increasing sorn'
what as Ia shown by tho returns of u
Federal reserve banks Al Dallas an
Richmond ana one or two other centr,
quite a little rediscounting has bee
stimulated ny me lowering OF the oHlcli
rates. Also some OF the reserve bank
have been buying securities OF the descriI
lions In which they are allowed TO inves
and Il 10 believed that before long u
Federal Reserve Board will promulga
regulations for the open market operation
OF these Institutions
Strength and activity characterized n
, principal agricultural commodity market
Corn and oats eympathized with whea
which rose excitedly from 3 TO ~ con
! a buRhel TO new high levels for the seaso
the May option selling at about Sl.3
Cotton added about IL points more to i
recent gaills. The cotton exports OF Il
day were put at more than $4,000 bale
, or over twice the shipments OF a week az
: L. l.. l.. 4 - .-L.- LIZ.