The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-14
FINANCIAL NEWS
AND COMMENT
Wall street Has a Day Of Inter
esting Developments
Stocks Sag.
NEW Low MONEY RATES

Matters Of importance and interest were
not lacking yesterday and The financial
community found much to engage its atten-
ton outside the stock market Call money
loaned as low as Ia per cent and re-
newed at 2 per cent. and six months
loans were made at 80 per cent, the
bottom levels reached so far since none
tary relaxation set In. Foreign exchange
was firm relatively but dull. and striking
transactions In gold. including arrange
ments to bring In 100000 French coin
from London and about 100000 of the
metal from China, emphasized the eXtraor-
binary position that this country has
acquired in the International exchanges
The dissolution Of the Copper Producers
Association was feature Of trade news
Bonds continued in strong demand. es-
pecially over the counter. Dealings in the
bond department OF the Stock Exchange
tended to decline little in company with
the continued lessenng activity in stocks
The share list sold of somewhat further.
but irrespective OF closing price changes
the movement OF quoted values during
the day was Irregular and the market
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Sentiment remained hopeful and Wall
Street was rather willing to await such a
test of the stock market situation as might
be afforded by an interval OF compare
tive dulness. The appearance OF the list
was not unfavorable to professional ex-
pcctations that the recent pace OF moder-
ate Improvement would be resumed. Cana
dian Pacific rose sharply on limited deal
ings and its advance seemed TO advertise
not only the general scarcity of stocks
but the lack of any foreign selling pres
sure
An important step was announced by
the governors OF the Stock Exchange ar
ter the close OF business. IL was voted TO
restore joint account arbitraEe trading
with foreign markets. practice which
was summarily ended "a year or so ago.
Presumably the action taken met with
opposition Of the fosslized kind with
which the Stock Exchange has had to
contend lately in all its efforts to do
progressive things, but the step decided
upon Is In the right direction.
The governors might very well go fur
ther and allow domestice arbitrage trad
ing with every regularly organized aud
reputable stock exchange In the country
which maintains market for securities
that are listed on the New York stock
Exchange. Arbitraging broadens markets
makes prices more stable enlarges the
community Of financial interests and not
only does not diminish the amount OF
business FOR any one market but Increases
the total volume for all.
The dissolution Of the Copper produc-
ers Association came quite suddenly. but
the trade has been getting along with
out its figures ever since the outbreak OF
the war. Whether the refinery statistics
were an aid to speculation or detrimental
to business. they have never been alto
gether accepted as adequately Indicative
Of tho market for the metal. but the de-
cision to suspend their publication for
good inaugurates an experiment which
will be interesting in view of the condi-
tons to which they have accustomed the
trade In recent years.
Apropos Of copper, II is understood
that there have been some very heavy
purchases Of tho metal In the last few
days. one sale OF 100000 pounds for
export Is said to have been negotiated an
- large interest is credited with having
sold 100000 pounds since last Thurs
day. As a result. the copper market is de-
scrbed as being pretty well cleaned up
at the moment. The weekly reviews Of the
situation In iron and steel did not have
much to say about prices, hut reported
that steel mill operations were on the
Increase. rising In some cases toward 80
per cent. OF capacity.
Not!or was attracted by the foreign
trade figures issued from the Department
VI commerce anu LltbOls hlElhll-
canoe could be no more clearly pointed
out than by saying that on the average
scale OF the weekly export excess since
the latter part Of November the coun-
try's trade balance is accommodating at
the rate OF one and quarter billion dol
lars "A year.
1t is small wonder that foreign eS-
change shows no rallying strength de-
spite the tricltlng quotation of Ameri-
can securities from abroad and the pro-
vision of capital and credit which our
bankers are making to foreign coun-
tries Financing of this sort has Just
been augmented by the establishment of
"A credit OF at least $4,000 600 for Russia
TO cover short term acceptances and IL
Is said that Russian financial emissares
are on the way here to arrange for fur
ther accommodation.
Possibly. the French coin importation
which has been negotiated Is In the ma
ture of special business. Something OF
the same quality may attach to the un-
precedented engagement OF gold for inn
portaton from China which hardly ever
sends gold ont OF the Orient even 20
London. China seems to be poor
place from which 10 expect gold q come
but almost anything IL posslblevhowa-
days when the international money mar
ket has been turned upside down, and
the United States. although still So
called debtor nation, is coming upper
most as banker TO every country.
The movement OF gold from China
, probably does not testify convlncingly
that we have as yet achieved undues-
toned ability to draw gold from the
uttermost parts OF the earth, but II
does testify 70 the extent 10 which the
international exchanges are in process or
establishment. An exclamation advanced
for the gold shipment from China Is that
It represents the withdrawal OF German
funds from the Far East.