The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-02
FINANCIAL NEWS
AND COMMENT
stocks Harden Further and
Then Ease OFF, but Show
Firmncss.
LONDON SENDS US GOLD

widespread feeling that this particular
n,sh an occasion for giving much lee
way to constructive impulses the first
stock market session of the new week
did not lack nrmness. At the outset
of trading quoted values started up
ward generally, an apparent reflection
of the failure of any Overwhelmingly
bad news to come out over the wceN
end. The progress OF the allied attack
in the D~ardanelles balanced the prof.
ect of the Allies to place an embargo
OF tho shipment OF commodities into
Germany. and coming 10 matters nearer
home. the stock market community
seemed a little encouraged because
the reaction Of the shatre list was
arrested last week.
There was a renewal OF foreign sell
ing in Canadian Pacific n ono or W
of the standard domestic stocks, but
European offering OF securities was
largely confined to bonds. The bond
department. however. resisted pressure
and displayed a somewhat ffrmer tone.
at least. in sympathy with stocks The
principal demand for shaSes OF all
descriptions, In fact the bulk OF IT,,
seemed to come from spectators for the
fall. but there is a latent optimism
which prompts accumulation in periods
like this and short covering purchases
are not the only ones made nowadays.
After a fair all around display Of
strength in the forenoon the share
list shaded IN the afternoon. but II had
a tone OF underlying firmnoss. even
though closing prices showed irregu-
lar changes. Withal there was no
sign OF any disposition TO take bullish
chances with the war situation. what
with the new blockade plan OF tho AL
lies announced by the British Prime
Minister. the diplomatic issues which
continue to engage concern at Wash
ington and the apparently desperate
character OF the spring military cam
paign. which has practically begun. The
! Inclination is to regard the Dardanelles
operations as of favorable portent for
values. and there is some increasing
subscription to the idea hat the war
has not many months 20 run. but Just at
the moment counsels Of prudence are
dominant.
The appearance OF Washington re-
views OF the work of the long Congress
was a gratifying token of the approach
ing adjournment OF a body OF law
MA htES MHltls lpNt CT aii'i AaiNii
fully Il has labored. has moi given
satisfaction TO business interests. Also
the day brought some encouragement In
the developments in the international
money market. Continental exchange
continued extremely weak. with Italian
remittance in a condition of worse
disorder than ever. sterling was
fairly steady. but tho principal fes-
ture OF the financial day was the an
..,-,1a racaf.s NF STEn mn Vnid dirAcf
from London by an American steamship.
Two banking firms which have not
figured IN the gold movements 80 far
obtained this metal. and there was an
indication here that although gold might
have TO be taken from the open market
I'm London rather than from the Bank or
England the war had not placed such an
embargo OF transfers OF gold as had
been supposed The sale OF another
parcel of gold by the Bank of England
was taken TO foreshadow further shift
ing 10 this city, and while IL is hardly
likely that enough gold Will be imported
TO rect!fy foreign exchange It's rather
freer movement is conducive 70 ordinary
banking transactions which will improve
the foreign exchange market.
As might have been expected, the news
from the Dardanellcs and the blockade
programme Of the Allies broke the grain
. IIAtHh net w AfaN ,a'F'A - so'r - "s
most six cents. with corn and oats down
two and one-half cents n bushel. This
is certainly no; an unfavorable symptom.
We have sold az very high prices about
as much exportable grain a. could be
considered desirable, and II domesti
buyers in the future have a lower price
level to reckon with there will be less
strain for US AT home. Cotton was upset
for tn, same reason. but cotton Is cheap
NJ going prices n the outward move
ment shown by exports OF almost H.
600 bales for the day Is TOO big for any
sustained weakness.
Among the interesting returns OF rail-
road earnings for January was the re-
port OF the PENNSYLVANIA lines showing
a gross decrease Of 81 SOC. 900 and a net
decrease OF 81. 057. 900, while the New
York Central Lines reported a gross de-
crease OF only $4,000 and a net In
crease of 500, 500.