The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-12
FINANCIAL NEWS
AND COMMENT
Prices Of Stocks Rise Further in
a Market Of Broader
Dealings.
RAILS SHOW STRENGTH

Trading In stocks broadened out yester-
day and the market was strong all
around under the leadership Of so-callea
standard issues. railroad shares being more
actively htm than In the last few days.
although tho recent rising industrial Is.
sues were not neglected. In fact the more
substantial gains Of the session were
made In the industrial department. but A
large number Of rails. among which Nor
thern Pacific and New York Central wee
conspicuous. moved rather firmly upward.
Union Pacific and United States steel dis
played some advancing strength.
To such initiative tho general marte,
could not be indifferent. especially when
Wall Street sentiment had bor gun TO take
more hopeful color, and while the price
movement had an Increasing appearance
or operative efforts directed from some
Influential quarter it evoked an IN
creasing response. Business still seemed
to be largely professional despite the
symptoms Of investment buying. and the
outside support attracted was not obvi-
ously Of public character. Indeed /;
might he supposed that spevila live
profits. made iu the tremendous rise
IN grain were beginning TO aud their
way into stocks very much according to
precedent with which Wall Street r. "a
milan
As for selling NOT much was heard
about II In the variety OF bullish advices.
both particular and general, with which
the stock market community WIS per-
vaded. Nor did selling seem to have
much effect on quoted values. although
liquidation might be suspected on the
theory that forchanded purchasers are
likely to act according to the rule that
the time 20 sell is when there is a mar
k't en- which to sell. Il was, however,
the continued failure Of any unmistakahlc
supply OF stocks to come from abroad
which encouraged purchasers To follow
prices upward.
Optimistic arguments were derived from
the considerations which have induced q
more cheerful feeling lately. including
the countrys increasing export trade. It's
command NJ the iu. irrational money
market and the plethorlc ease Of the
domestic money market which rs espe-
cidtly reelected iu tn. demand Toy bonds
AMI other Investment securities. To this
list there We're adlcd over the " elk end
the fact thlt the Inter stat. Commerce
Comm ssion's supplementary order tn the
East rn rate ease had directed equaliza-
tons which might make more than =
per cent. advances In many rates and the
assertion that trade and industry had
definitely turned the corr r.
This may Ice questioned iu face OF
the winter uncertainties yet to be-
gone through. but the United states : eel
Corporations Unexpectedly large gain
IN forward ord rs last month was cited
~ proof Of ~. contention OF industrial
Improvement. even though the United
states Steel securities were not remark.
ably huoyumt TIL pace Of trading was
checked q little in the afternoon and the
volume FOR the day did not make Il
much larger aggregate than on last
Friday. certainly not enough or total
TO suggest the cun,imtion Of rhe present
movement Bonds were active and strong
both on IN floor and over Tn" counter.
No disposition was manifested 20 take
account OF uUftvoruhle features or pos
sihilitirs The expected change In the
Baltimorr and ohio dividend may. II II *
mad. provoke questions OF the dividend
status OF other corporate shares, but
Wall street IL more inclined 20 make hay
while the sun Is shining than IT. Is 10
borrow trouble on any account. The war
was not exactly sighted. but Is seemed
20 Doe forgotten for the moment II for no
other reason thnu tlui foreign hn"Hc"l
aug.Us~, Sutu as lNOSr ftIhltlE 10 lir
/ .oudun absorption or IL. French Treas
ury bills offered there and ia" progress
OF the Dutch loan iu the home market.
were at least noderat ~ cheerful.
Because the preliminary British answer
TO the Washington note Of protest was
attention did not engage
itself much with the failure OF the an
swer to indicate any material change IN
maritime conditions, ana there would seem
TO be "A disco rnnble possibility OF the cor
developing some irritating as
pects There were rumbllng echoes OF
president Wilson'S indianapolis speech,
and more may bc heard Of h .iter IN
because il has no; been At all well re-
ceived in thoughtful circles. Nothing In
II could be NOR. significant than the non
sense which the President uttered on the
assumption that the farmer, who has been
selling wheat at record prices, has to pay
the export freight charges and Is there
fore deprived Of his profits.
The cotton ma rket was firm, but wheat
and other cereals continued to decline.
Wheat closed at a net loss Of 81! cnts
a bushcl following last Saturdays break.
There was a lot Of market talk about
the possibility of opening the bardn-
ncues As the cause for the weakness OF
wheat. but the fan OF prices is probably
the consequence OF speculative overhuy,ng.
There was no noteworthy change In
domestic money rates and foreign ex-
change. The Comptroller of the Currency's
that only one-third Of the
emergency currency issued last autumn
was now outstanding, hair Of that being In
the South, was gratifying token Of