The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-25
FINANCIAL REVIEW
OF THE PAST WEEK
What the January Rise in the
Security Market Has
Reflected.
OUR NEW WORLD POWER

While the January ris. in the stock
market accompanied by turn OF
strength In bonds, is familiar phenome-
non the aspects OF the securities market
in the last few days seemed TO constitute
an unusually trustworthy forecast OF the
financial and general business future.
Whatever the likelihood or extent OF re-
action according to precedent the contrast
which Wall Street offered last week to
the conditions of a very few months ago
lends an impressive character to the de-
velopment OF stock market strength and
activity and the movement OF quoted
values must be regarded as an anticipa-
ton OF coming recovery in the whole field
of American trade and industry.
February Is customarily a dubious
month In the financial and business calen-
dar and 1t would not he surprising II
securities settled back in the next few
weeks TO correspond with the slow prog
ress Of general business revival. II would
be more surprising IL they continued to
rise throughout the winter without sub
stantial reaction, but the markets OF the
kind which Wall Street has been having
lately are tustihably entitled to considera-
tion as preliminary indications of the I'M
derlying tendencies OF values in reflection
VI TIE lllHuPuNtS MIltn seem llhtlN 10 DO
controlling this year
There has been an investment demand
in bond department dealings on the Stock
Exchange and I'm business over the coun-
ter which is Of more genuine promise than
any investment inquiry in twenty years
This inquiry made Its first unmistakable
appearance in December and has been
rowing stronger ever since Had II only
run a week or ten days in January Il
would have been deemed nothing but a
seasonable manifestation incidental to the
interest and dividend disbursement period
over the turn of the year. The demand
has been OF such different sort as to IN
vite comparison with other infrequcnt oc-
casions, decades or more apart. when a
tremendous absorption OF fixed charge Sc
curities has laid the foundation for per-
manent betterment In all lines OF eco.
nonic endeavor.
Speculative as some OF the sign. OF
tho January stock and bond market
have been they do not on that account
merit suspicion and distrust More than
speculation has been operative in the
broadening out OF trading 10 the Longest
list of Issues and the largest totals OF
transactions since the Stock Exchange
reopeninR. There has unqucs Iona bly,
been accumulation OF good stocks rs well
as bonds for boxes and had {. no, been
for the supply OF securities furnished 10y
European liquidation X can hardly he
doubted that the advance In the quoted
values would have been much more pro-
nouuCed.
Moreover, the investment movement I'm
bonds has given validity 10 the strength
in stocks. and the action OF the market
for corporate shares has testified con
vincingly to returning confidence in the
financial community. Corroborative
tokens OF this are also furnished by the
disposition OF bankers to engage IN I'M
dertakings designed 10 put corporate
crlpples in the way or convalescence.
What all this means for general business.
Is that the ground is being cleared for
engagements In the category Of new en-
terprse later on when the vast resources
OF the present money market will seek
employment in expenditures for the ex-
ploitation OF profit promising projects OF
commerce and manufacture