The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-08
FINANCIAL NEWS
AND COMMENT
Stocks Rise More Actively and
Foreign Exchange
Breaks.
GOLD IMPORT QUESTIONS


domestic interest rates to new low figures
and was characterized by an all around
slump in foreign exchange which invited
comparison with the decline in the 1907
panic was accompanied yesterday by
display OF further strength and some gain
OF activity in the stock market. Reports
of increasing business in the London
stock market with an improving tone de-
spite the excessive restrictions imposed on
trading together with the satisfactory as
poets OF undertakings in .the direction OF
new financing here and the signs in trade
and. industrial quarters that conditions
were looking up helped to influence the
purchase of stocks. As factor OF finan-
cial consequence there was nothing to
compare with the development in money,
especially In foreign exchange, although
the considerations suggested may not have
been the inducements which prompted
buying activity in the share list
The Stock Exchange session had the APP
pearance OF limited speculative effort for
the rise during most of the day and its
features were provocative OF some scepti-
cism. American Can was In point of ac-
tivity the leader of the market and un-
I'll well into the afternoon trading atten-
ton was directed chiefly to this and other
industrials commonly called specialties
among which Bethlehem Steel continued
prominent. In the last half hour Anal
gamated Copper started the general list
upward and the forward tendency which
standard shares displayed attracted quite
a little response and closing prices all
around were at or about the best.
Short covering appeared to mako n
substantial contribution to the markets
manifestations of strength In the late
afternoon, but It was again disclosed that
the supply OF stocks from domestic sources
Is scanty and that sentiment Is optimls-
tic Whether or not the session had any
durable significance respecting the fur
Their course of prices remains to bc seen.
but the professionalism of current deaf
iugs will not deprive market tendencies
OF Importance. Changes in the swing of
prices are customarily inaugurated In pro-
fessiona initiative. A matter Of which not
much notice has been taken but that has
operated on the constructive side OF val
urs has been the Inference from recent
Federal court decisions that the prospect
for judicial conservation of property
rights is not altogether as gloomy as 1t
was commonly regarded in the recent
past
Dealings in bonds made further ex-
panson and prices were strong. New
Haven shares were conspicuously weak.
but for the special reason furnished by
the desperate position of tho Boston and
Maine Railroad.
Wall Street did not regard very much
the nature of foreign news, but the
dispatches from abroad, whether relating
to finance. trade or the war. did not con-
tain anything to qualify hopeful views
here. II is a question, however. II an
inCipient disposition TO ignore a little
too much the adverse foreign possibilities
| L. ~.
can be said of the political situation in
Washington hut justification could be
urged for holding that there has been "a
! large overdIscounting OF unfavorable con-
tingenCies.
Certainly no fault is to he found with
| the inclination OF the financial community
| TO take moro account of the symptoms of
| forthcoming general business improve
ment and the more obvious market mat
! ters which have constructive bearing
on values. Cotton reacted a little, but
! the staple has firm undertone, and
wheat reached Il new high price. There
1 is plenty OF precedent for contemplating
| the huge export sale Of our greatest wheat
| crop at record prices, with optimistic con-
/ fdence that II will AFFORD n general bust
ness stimulus. The increasing ease of
money was foresesn before 1914 ended but
! 1t also makes for confidence.
All call loans yesterday were negotiated
| at ga per cent. and time funds ranged
/ f'um ga and 81 per cent. bid to 3ia and
4 per cent asked for all maturltles while
commercial paper was shaded. Every form
o foreign exchange remittance dropped
Sharply, with demand sterling closing at
AS3Ss, or a shade above the bottom Of
the day and the lowest rate In years. At
present we should be importing gold or
engaging gold for import and conditions
are in impressive contrast with those of
last autumn, when there was European
pressure for gold exports from this side,
There is little expectation that much gold
s. any will be released by foreign bankers
and resort may be- had abroad to various
processes TO Offset the rates OF exchange
IN our favor.
Reports from London have IL that ar
| angements may be made for transfers
OF gold from ottawa to this city but
these advices are complicated with al
| usions TO the negotiation OF French loans
| II London. and there Is an intimation that
gold arrangements involving Ottawa may
be for the continuation OF the efforts OF
the Bank of France for the establishment
of gold reserve fund In this city Also
it seems likely that circumstances viii
lead to a large extension of our capita
and credit to Canada, which WIN offsei
the exchange position. Another transac
ton in this category has been completed
by the Equitable Trust Company's pur
chase of S2,700,0O0 of British Columbia