The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-23
FINANCIAL NEWS
AND COMMENT
Trading in Industrial Stocks
Expands-Many Large
Advances.
MORE OF OTTAWA GOLD

Speculative optimism expressed itself
in yesterdays stock market in the most
emphatic fashion since the reopening OF
the Stock Exchange. There can be no
pretence that IT was an investment de-
mand which caused the price movement.
Dealings in stocks increased to "A total
of $4,000 shares, one OF the largest
aggregates of business since the restora-
ton of the open market. but there wa
no corresponding gain of activity In
bonds. Moreover the preference ac-
corded to non-dividend paying shares.
in continuation of the features Of the
past fortnight, was an unmistakable
token of speculative interest. In the
course OF time the market which Wall
Street has been having will Justify or
condemn itself. but for the moment II
can be taken for what & is worth as a
symptom of flourlshing hopefulness in
the financial community despite the
handicaps of general business depres-
sion and the strain Of the European
war.
With no particular exceptions the
trading Of the day was again directed
toward the industrial department. Rea-
sons for this favor have become familiar
by frequent repetition OF late, but what
are called specialties did not monopo-
LIE attention. Business ~broadened
throughout the Industrial list and in
cluded a variety of issues somewhat more
influential han the descriptions which
have been most conspicuous in the last
few weeks for their advancing strength.
by contrast the general run of railroad
stocks and what might he called the
more seasoned portions ~ the list looked
almost heavy. and, as In the case OF
Reading. there vas some weakness.
Whatever this was TO I've attributed to,
the prevailing business depression, the
actual or potential liquidation from Eu-
rope or the like, Il was conjectural also
that some shifting of speculative COM
mitments to stocks more Immediately in
fashion was going on.
In the quarter of greatest activity
there was very little setback or recession
until the last hour profit taking. and
ever then the market as "A whole closed
not much below the best figures OF the
session. Total dealings under the cir
cums,ances OF practical Limitation 10 a
part OF the list were rather remarkable
and naturally suggested TO observers
the possibility hat the market had
reached "A volume day which might mark
a eliminating point in such a rise as
has been going on. A test OF this could
easily be furnished In the course OF the
week.
Bethlehem Steel once more provided
the leadership Of the list. advancing vio-
lently against an absolute lack OF any
explanatory Information and against a
reiteration of Official statements that
the management contemplated the use
OF all financial resources for develop
ment OF the property and not for div
idends. The copper metal and automo-
bile groups shared in the strength OF
the day. and the broader character of
~ l.. ~ ..slA
improvement OF National Lead, United
States Rubber and other stocks which
ceased long age to be specialties.
It would be difficult 10 relate the as
poets Of the share market 10 market
wise intelligence over the week end or
during the day. The speculation did
not seem 10 he taking account o: any
thing except the tendencies which the
market itself had disclosed, but in a
sort of "A Wall Street imagined
that quoted values were rejecting re-
ports of perceptible general business
betterment here and there, and was
also sentimentally inclined to feel that a
favorable turn in the military situation
abroad was being anticipated II not dis
counted. The one sided nature OF the
stock market did not c%orrobnrate any
constructive conclusions drawn from Eu-
ropean advlces, but the prevailing tenor
of the foreign news lent Itself 10 bull-
ish deductions. Al all events the fan
OF Przemysl and the posture of political
and military affairs in southern and
southeastern Europe suggested impend-
ing developments which might hasten
the termination OF the conflict.
In other respects support for Wal
street speculative exploits seemed to h,
furnished by the tirmuess vt the cottoT
market and the weakness OF the grair
market, both OF which could he con-
strued as a response to European por.
tents. Furthermore the mouey market
in its international department worked
to the advantage OF constructive posi-
tlons Total engagements of s3,J00,00t
gold for Importation from Ottawa were
announced, bringing the flow OF tbs
metal TO this centre for the year VI
to about S29. 900, 900.
Foreign exchange emphasized the in
creaslng international ~ascendancy o.
American finance. Sterling remittance
by declining f~ractionally below 40 fOi
demand bills, made a new low price II
the descent of the exchanges during
the war. French exchange was alsc
quoted al the weakest figures yet. will
francs at 5.32 for demand The increas
ing release OF gold from tie Bank o.
England's reserve at Ottawa seems e
answer the question as to the arrange
ments OF credits here for Great Britain
For the time being II rs apparently thu
British policy D. postpone borrowing AZ
long as gold settlements of tnternationa