The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-05
FINANCIAL NEWS
AND COMMENT
Rally In the Stock Market
Checked-Good Demand
for Bonds.
IN STERLING

After q nrst hour Of rather active
strength the stook market yesterday de-
veloped moderate ~resctionary tendencies.
The afternoon dealings were desultory
and the list was not under any particu-
lar pressure. The close WINS steady with
irregular net changes and a small frao-
tlonal average OF decline. The bond
department displayed relatively more
sustained activity and presented the
most gratifying features of the market
session.
Although foreign liquidation OF bonds
continued. the investment inquiry has
proved more han adequate and bond
prices have turned upward again against
the selling from abroad. Announcement
that all OF the ~. Paul Railroads new 6
per cent. convertible bond issue had been
/ sold was an encouraging token of the
persistence OF investment demand al
| though a good deal OF this offering has
yet to pass out of the hands of dealers.
In the stock market II was manifest
that modest ideas about profits prevailed
| among traders and realizing sales COM
blned with the small supply OF stocks
! from abroad 70 put a check on the ad-
vancing movement which set in over the
| end Of the past week. Wall street II
disposed 20 express its fundamental op-
| timism very cautiously nowadays and
observers do not profess to see signs OF
any distinct trend in the course OF quoted
values. but there is a deep seated belief
that the share list Is in a position to re-
| spond very favorably TO any influences or
| events which can be regarded az unmis-
takably favorable.
Possibly IL Is for this reason that
there has been in the last few DAYS
60 much circulation OF gossip. con-
1 lecture and rumor about the chances
OF an early termination OF the Euro
pean war. When put to the question
Wall Street confesses that there Is no
evident basis for peace talk. but the
/ operations in the Dardanelles are be-
ing closely watched and a large impor-
lance is attached 10 them
Adjournment OF Congress certainly re-
moved a factor of irritation from the
financial and business situation. The
conclusion of the session without
ment OF the shipping bill or the rural
credits measure won for the lawmakers
n large amount of negative approval, but
business interests will be troubled for
a long time TO come by the workings
Of the laws which Congress did place
on the statute books. Recollection
OF this fact keeps the stock marke,
from expressing any great sense OF
relief over the ending OF the protracted
strain 10 which the long Congressional
s, sslon has subjected values.
There were no new developments Of n
c~onlusivc sort in relation 10 the inter
national questions with which Washing
ton Is dealing. According TO Individual
preference one could infer from the &C.
ton Of the commodity markets that they
were affected by the output of prema-
ture peace talk or by concern over the
possibilities Of interference with the
country's foreign trade. Cotton de
clined and wheat suffered another severe
break. The extreme fall OF wheat was
more thar seven cents a bushel and a.
30 cents from the top of the season wac
represented. Corn and oats were alsy
weak.
In the foreign exchange market there
were signs hat the process OF arranging
for the extension of bank credits here
TO London bankers was approaching
completion or had terminated. No in
formation was o~htainable on This sub.
ject, but sterling bills displayed distinct
irmress. The Bank Of England's weekly
return suggested. moreover. hat the
financial burden which he war Is throw
ing on London would require n resort
to outside banking facilities. The Bank
90 England's statement covered the turn
Of the month, but this was far from
accounting for the drop IN the reserve
ratio below 20 per cent. and a loss OF
almost $50. oOO, 900 gold.