The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-09
FINANCIAL NEWS
AND COMMENT
Specialties Display More
Strength-Standard
Issues Sluggish.
FOREIGN EXCHANGE WEAK

Exaggerated strength in special de-
scriptlons continued to characterize the
stock market at the opening session of
tho new week What Wall Street calls
the real stocks without dlsparaging the
actual or conJectural merits of less sea-
soned and more mysterious Issues con-
tinued to be more or less inert and I'M
der obvious pressure OF persistent sales
from abroad. Trading was in moderate
volume, but the list displayed generally
a firm undertone, even though the con-
trast between special strength and gen.
e7nl sluggishness has not impressed ro-
Elective observers favorably Of late. Clos
~ prices showed very little recession
from the best figures OF the day and
standard stocks hardened little in the
last hour.
Foreign affairs n term which includes
many cautionary developments and sit
uatione, did not obviously enter into the
professional dealings which made up the
stock market. Wall Street attention
was chiefly fixed on the working out Of
speculative campaigns In particular
shares OF the speciality group and in the
response which the list ms n whole might
make 10 corporate action in respect 10
some important dividends during the
week The prevalent idea was that a
tone of greater strength would be inn
parted II none OF the dividend reduce
tons rumored n few days ago were or
dered.
II is rather unusual 20 find specula-
tors disposed to bull stocks on tho dec
laratlon of regular dividends, but Wall
Street Ia swallowing n good many anom-
allies at present and IL not inclined
to be too critical OF stock market phe-
nomena. The first OF these dividend
announcements came along late in the
afternoon when news was received that
the Canadian Pacific would make the
regular quarterly disbursement OF pa
per cent. on the common shares, al
though there is competent opinion for
the statement that the road may be
strained 10 maintain its customary pay
ments for any great leng h Of time.
II was In way one OF the hest
tipped" markets that Wall Street has
had since the reopening OF the stock
Exchange. American Smelling promptly
proceeded to bear out promises OF an
advance, but the bright particular leader
OF the day was Bethlehem Steel. The
refunding bonds Of the Bethlehem Steel
Company can DO bought to yield 6ia
per cent. on reasonably we'll secured
interest return. What the stock can
he bought to yield depends on q variety
of things.
The same might be said about a mis-
cellaneous assortment OF specialties in
which speculative operations for the
rise are being conducted, partly on a
basis OF good earnings that have resulted
from war business or the flush OF pros
perity in the grain growing farm sec
lions of the country and partly on the
assumption that the exceeding redun-
dancy of the money market assures pools
against any serious disturbance OF their
ha h.. mn N
in specialties provokes some uneasiness
and n good deal OF SUSPICION all tho
more so because II does not lack EVIL
dence OF those manipulatlve tactics
which not very lately made the Stock
Elvcra ngA the storm centre of dema gogic
! clamor.
The best ground for speculative OPP
! timlsm was furnished over the week end
| by cheerful reports about improving
conditions in the steel trade, but even
here favorable facts seem to be eX-
cessively emphasized Rising operations
NJ the steel mills have so far only car
ried the employment capacity slightly
higher than hard time levels In the past
decade. while output Is being produced
( at a minimum OF profit. There is am
Pile warrant for investment confidence
/ in the long range future of general
! business and quoted values, but con-
siderable appeal is being made NJ the
moment to speculative credulity.
| The most significant feature OF the
I financial day was the renewed weak
ness in foreign exchange. To an eN-
tent this measures the certain increase
of strain abroad and IL therefore an
implication Of the eventual distribution
of Eurcpe's burden TO the shoulders OF
American finance. but the fall in ex-
change is assuredly not adverse to our
I position. Sterling bills sold ut the low
est level they have reached since tho
panic Of 1907. and despite the steady
selling OF American securities by Ger
many reichmarSs declined almo@t to
the low level OF last November. token
of the economic difficulties which the
war has produced.