The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-20
FINANCIAL NEWS
AND COMMENT
Most Active Day in the Stock
Market Since the Re-
sumption.
PRICES ADVANCE FIRMLY

Dealings in stocks expanded yesterday
to the largest volume since the resump-
ton OF open trading last month. The
strength Of prices was proportionate to
the Increase Of transactions, and although
there was some slight shading on realiZ-
ing sales toward the close she final
tone was strong and final figures were
very little below the best of the day.
In the first hour alone the trading ag-
gregpted 10000 shares. or more than
an average OF full days business since
the reopcnlng uf the stock Exchange.
The pace Of activity slackened thereafter,
but transactions up TO 1 o'clock made q
larger total than In any previous full
session.
This summary is enough to Indicate tho
character OF tho change which has been
coming over W1ll Street in response to
the various Influences which have been
making for recovery OF Investment and
speculative confidence and have been re
fiected In the improving trend OF quoted
values. Throughout the day the share
list moved under the leadership Of stand
ard issues. conspicuous among which was
United States Steel Although this stock
has advanced in "A ponderous fashion, like
the progress OF glacier. the fact that Il
could go up and that II has been showing
underlying nrmness could hardly fail to
affect the rest OF the market. especially
as stocks ike Reading, Lchigh Valley,
Baltimore and Ohio. ~. Paul and Anal
gamsted Copper exhibited aggressive
strength
some Of the recent industrial favorltes
in the spec atty class were obviously for
sale. but the market as a whole displayed
n rather impressive sbsorptiye capacity,
even it such display can never be re-
garded as = guarantee Of a sustained rise
The direction OF purchases toward the
standard shares. most OF which are IN
the su-cal'ed international list, evinced
@ decreased Apprehension OF foreign
liquidation IN quantity. or an Increased
conviction that such liquidation would
not over;3x the markets strength. For
various reasons. including the swelling ont
Of the dealings into new area Of volumes
aud the extent to which price recovery
has been carried, traders were IN the
afternoon inclined to anticipate at least a
moderate reaction, but all the aspects OF
the market testified 20 the attraction Of a
growing outside following and interest
Trading in bonds also attained a new
high total and the bond department was
quite as strong as the share list, but eN-
ceptious were furnished by the Wabash
refundiug a., which were weak. and by
the Rock Island collateral 4s. which were
heavy. The receivership for the Rock
Island Railroad Company, the Iowa
holding company, which WAS the first to
he formed In the process OF bubble blow
ing a decade or more ago, was a dis
counted formality. II served 20 focus
notice on the persistent quotation OF the
second holding company shares at nominal
value. but this quotation is presumably
explained by the chance that the share
holders may have an opportunity 10 fur
uiSh funds TO the old and underlying
rsilroad property in the financial read
justment which In expected 20 take place.
Domestic money rates were soft In All
directions. Foreign exchange eased off
and even though our bankers engage in
creasiugly in the negotiation of loans for
foreign borrowers il rs doubtful II the
decline In the International exchanges has
been more than momentarily halted. Judg-
ing from tho British Treasury prohibitions
against caniial promotions In London Tor
the benefit Of borrowers outside the Brit
ish Empire our bankers are going TO have
a great deal OF foreign loan business
thrown in their way In the near future,
but al Developments only go to prove
the existence of Increasing ability 10 make
New York world money market.
The mooted dissolution OF the so-called
gold export pool is but another iilustra-
ton OF The transformation OF the coun-
try's financial position In the last few
months The latest facts about our for
o. gu commerce supply the basic eNplana-
ton OF the change. The significance OF
the December foreign trade return is em-
pAasiZed by the incomplete figures for
The second week of January disclosing an
export balance OF almost S3i,00O,00O for
the week, and implying in connection with
the $4,000. 900 reported for the first wee x
Of January that the export excess FOR
the month may be $4,000 900.
Application for a receiver for the NJ.
Rumciy Company put an end 10 a situa-
ton which has been one OF the lesser
nfilctiuus OF finance for some time. The
declaration Of the full per cent dividend
on the Bethlehem Steel preferred shares
was gratifying corroboratiou OF the
definite reports about the Company's earn
iugs which wall Street has been hearing
ia recent weeks Apropos the subject OF
earnings it may be said that railroad
gross revenues this month have been show
ing a tendency To increase, or a. least
20 a lessenug rate OF decrease