The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-28
FINANCIAL NEWS
AND COMMENT
Stocks Resist Pressure and
Rally Further, Clos
ing Strong.
--------
FEATURES or THE WEEK

Stocks seemed to give evidence OF
something more than short covering In
the strength the market displayed yes
Serday. Probably the general opinion
of Wall Street was that no very favor
able reply to Washington's latest notes
about the treatment OF neutral shipping
IN the war zone was to he looked for.
Also the financial community hardly
anticipates any ,7"crful events IN the
war itself Boz the ,c"y u,-r future. Ne
cordingly tho iWulir2tiuu Of quoted
values in the brief Saturday s.ss on was
that the February reaction had dofc a
good deal OF discounting of wal inhu-
ence, at the moment. The fact that
the market displayed so much firmness
prior 10 the weekly recess emphasized
the good impression which II made.
After some desultory drifting about
OF prices In the first hour there was =
sharp application OF pressure apparently
In the nature OF bearish attack This
carried tho list on rapidly, but the de-
elmo encountered resistance md In the
last hour stocks reboundcd vigorously
n moved upward to a strong close.
New minimum prices were announced
for Atlantic Coast Line and Louisville
and Nashville. but the market il be-
coming more Or less accustomed to the
frequency OF reductions for special
reasons. Trading was on a fairly active
scale and an interesting circumstance
was the attention paid to advces that
financial sentiment at London was dis
t1nctly better on account OF the feel ng
that the war was progressing satisfac-
torily for the Allies.
The weekly bank statement showed
that the moderate improvement Of imam
cha activity in the past two months
has been sustained. Just now the eN-
pansion of the loan account is more
worth rega riding than anything else,
The increase of SI0.5oO. 900 in this item
shows that business impulses toward
contraction have not become pronounced
The ease OF money and the small de-
mand for commercial purposes are. how
ever. turning lenders temporarily to a
larger employment OF funds through the
purchase OF corporate note issues. This
may affect the character of a good deal
OF impend me- corporate financing, esre-
cially as the bond market has lately lost
mos, of It's edge.
Early in the week the stock market
and the bond market were carried down
10 the lowest Levels since the January
rise. This level. indeed, was about the
same as the low figures of December and
the prices Of Jus 80 last. The upturn
in the last half OF the week seems to
suggest that this level il a strongly
based point Of resistance against all
tho factors of depression. At the sanS"
time securities as a whole are in ar
uncertain area rejecting the uncertain
ties OF the war. and In banking circles
tho attitude toward the immediate fu-
ture is one Of extreme caution tempered
by an optimistic regard for all the
fundamental reasons which support con
structive positions.
There was not much good news dur
ing the week. hut IL was assuredly not
demonstrated that new methods OF sea
warfare were going to change MA
terially the balance Of military ad
vantage. Careful observers. however
are keeping in mind the probability tina
the war will h. waged this spring wit
desperate ferocity. which may hav,
uneettling reflections.
Like the securities market the agricul'
tural commodities markets have made
nervous response to the dubious rorteni'
Of naval operations, but II has not bee
Indicated hat our export trade is Coln'
to be seriously interfercd with ant
cotton and grain have displayed under
living strength. II the Allies succeed
In forcing the Dardanclles wheat pricei
cannot hold. particularly in face OF IN
opening of the new crop year. but Their
would be nothing Of public detrirncn
IN a LOVE r market Tor ccredis,
Foreign exchange has been yer
much disordered, continental remit
lance has sold al unheard OF declines
hut sterling has held around $50 70
demand. and banking interests are en-
"a ged in negotiations which will nm
ouestionably assure an adequate mar
cial provision for the preservation O
the country's foreign Abou
$4,000 900 more gold has been I'M
torted, mist of II coming from Ottaws
hut IL 10 not through gcld transfer
but through the extension OF cred
that international trade Is going to b
fostcred,
Washington az usual made a contr
button to the arguments against e,
cossive confidence. The country's pros
pect for business recovery can be hop|
fully regarded. but recovery Is not a
sisted by smuggling a vicious rur;
credits neaSurC lnto a regular appr'
priation bill. by trying 20 Jam throuG
the very i'll advised shipping hill &
hy such disappointing nominations 4
have been made for the omnipotei