The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-19
FINANCIAL NEWS
AND COMMENT
Broadcast and Strongest Day in
Stocks Since the Re-
opening.
BONDS IN GREAT DEMAND

Increase Of optimistic sentiment was
strikingly reflected in wall street yester-
day. The securities market developed
broader strength and the volume OF trad
ing in stocks was the largest since Deem
bcr ! o. the first day that the fun share
lst was restored to open trading with
protective minimum prices. on that day.
1t will be remembered, the market broke
sharply from an exaggerated advance. and
Yesterdays session was IN married. CON
trast with t. Moreover. much the long
est list OF stocks was dealt in Yesterday
since the rcopcning Of the stock Exchange
The movement Of prices was IN keeping
with the broader activity and closing quo
tations not only showed substantial net
gains in most instances but made prac-
tically a new high average since the re-
sumption OF the open marke'
Trading in the bond department
matched the dealings in stocks In activity
and the sustained flrmness Of bond prices
continued TO furnish the most construc-
tive argument on quoted values Bonds
ruled higher than when the Stock Ey-
change closed. and all the indications are
that bond market has begun which will
prove the best in twenty years. Il is in
such investment movements tina; the fouu-
dations OF period of general prosperity
arc CuSlondTlly ldlu. just rs token OF
the way things are going mention may
he made Of the fact that dealers expect
from the advance inquiry that the new St
Paul issue of $4,000 600 Of per cent
bonds Will be a spectacular success.
A large number OF the stocks which
Wall street has been In the habit Of re-
earding as the standard shares In dis
tinction from the issues which It prefers
to call specialties provided the stock
A flypt lCAIpT-bip NJ
Pacific and United States Steel seemed
to he under the influence OF some selling.
presumably from abroad. and there were
signs in the foreign exchange market
that such selling had been conducted
lately and was continuing but notice was
attracted to the way In which sO-called
international shares advanced Conspic-
uous among them were Amllgamated Cop
per. American Smelling, Chesapeake and
Ohio and Reading. Tho particular feA-
ture Of this quarter was Canadian Pa
c'fic. and its further rise In response TO
the announced retirement OF the remaining
first mortgage bonds Of the company sug
cested that the possibilities ~ foreign
liquidation might no, constitute for
midable obstacle to a display Of strength
in other directions.
Some of the recent Industrial features
were subjected to profit taking but they
were not weak and indeed tho fashion
in which selling was absorbed was just
as encouraging evidence of the general
market condition as the prevailing Up
ward tendency OF prices. Furthermore
variety of industrial stocks kept opii-
m!stic interest in this department Of the
market very much alive.
Missouri Pacific maintained an adj
ditional recovery and the course OF prices
in the Missouri Pacific group Of sccuri-
ties Corroborated rumor about pending
Iavpi n q n bn . i,,,
of projects for Missouri Pacific reorgani-
zation. The most Intelligent view is that
while stockholders will have 70 pay for
the preservation Of their equities reor-
gani2at!on will taloc place not under
Gould control which is considered TO have
ended. but under the auspices of banking
interests led by Kuhn, Loeb & Co.
wei! after -. clos. 90 hus!n.s. ahc..
the most important news of the day hav-
ing a financial and business bearing was
published in Washington advices setting
forth the cOuntry's foreign trade figures
for December compiled by the Depart
ment of Commerce. Imports were about
5000. 600 less than in December, 1918.
while exports aggregated more than S246.-
100000 and were within $4,000 900 Of
the December record made in 1912.
Whereas AL preliminary estimates had ac-
Cepted $4,000, 900 az about the amount
Of last months export balance, tho final
figures show that the actual excess was
sI22,OOO.000. Added 10 the export bal
anCc of September, October and Novem-
Der the total export excess in the last four
months OF 1914 was about S2S5,000, 0O0,
and the way in which our credit balance
is accommodating this month sufiiCes In
connection with the foregoing to show
how the country has acquired practical
control Of the foreign exchanges,
Tho foreign exchange market yesterday
hal aFftin do a
sterling ruling around 4.s4i4, but this
hrmness was the result OF the ability
which our bankers have obtained to
make loans to foreign borrowers. In
cidentally also the trading in exchange
showed that remittance was being bought
to pay for foreign sales of securities
here, but the action OF the Wall Street
securities market is a sufficient com
mentary on the volume OF this liauida
ton, The domestic money market in all
its branches remained weak.
Financial circles refused to take Sc
riously any talk OF levying an embargo
on grain in contempt not only OF constitu-
tional law but of the opinions and In
terests of the agricultural community.
Wheat recovered sharply and corn sold
at higher prices than in many years
The readiness with which Washington
has moved TO make inquiry into the
wheat market on the theory that specula-
ton Is TO account for the rise In cereals
II but another illustration OF incurable
political distemper and Ia adequately an
notated by the failure OF any Washing
ton demand for an investigation 10 prove
that speculation IL sending cotton up.
Yet cotton sold yesterday at the highest
level since the outbreak OF the war and
rose about $50 a bale on big. broad
buying from all quarters, domestic and
foreign.