The sun., 1915-03-28
FINANCIAL NEWS
AND COMMENT
Stocks Close at Highest Level,
Despite Bethlehem Steel
Antics.
A WEEK OF GAIN HELD


Harry stocks were carried yesterday
to ShA highest prices Of the week. and
the market a. a whole reached q new
high level since the reopening Of the
stock Exchange This was true even
OF closing quotations. which were some
what 1Alow the best of the session In
most cases. For the falling of toward
the close the exaggerated violence OF a
rise IN Bethlehem steel was apparently
responsible. Tho share Est generally de-
vs10ped . very promising upward move
mSnt after the opening and continued to
d,uplAy strength into the second hour.
hut ti1e general tendency was checked
bv Sha exploits in the Bethlehem steel
ahngea
Tbo annual report of the company was
puo,l4shed soon after the opening OF the
masokef, and although II showed an APP
prspadation Of almost the entire amount
Of 0urplus earning for expenditures on
ira nruperty. and thus bore out tho Of
ArfeS declarations of an anti-dlvidend
policy Ak the present time, the exhibit
for f1,e year demonstrated tho large In
crease Of equities accruing TO share
holders. Earnings available for divi-
dAnds on the common in the last years
have segregated not far from so per
cent
while such q showing explains ths
strength which Bethlehem Stool has
been displaying In the last few months,
eSpecfaliy in recent weeks. II does not
altoxether account for nor Justify such
stock market operations as were carried
on yesterday. Presumably new short
interest was subjected 20 q squeezing
prucess. bat Wall Street does not IKE
fireworks in the stock market, ana an
unfAvorabls response was given to the
spectacular Jump Of Bethlehem Steel
over q range Of nine points to q now
high figure.
Had Il not been for the excellent
poe,tion Of quote ed values generally. the
response might have been still more un-
favorable. A IL was, the underlying
strength Of stocks in the main seemed
TO be further demonstrated by the COM
paratively email setback toward the
close. Indeed. the Wall Street session
testified TO the persistence OF the forces
which have been mak1ng for expan-
sion in quoted valusa
After 20 much activity in the fret
half OF the week. accompanying such
q rapid all around rise. tho last half
might have been much moro react'onary
without provoking distrust OF the up
Turn Despite rather extensive profit
talc,ng by traders and continuation
OF foreign liquidation on q substantial
scale, the net result Of the weeks deal
ings was to leave the market somewha;
higher than when purchase were more
unmistakably In control OF the price
movement.
Apart from the Bethlehem steel re-
Ia rlsaf fuvis ~ ha "
end session was meagre. The stock mar
ket community found ENCOURAGEMENT for
constructive views In the tenor OF Sd-
vices from Europe respecting military
events and in the indications that large
credits would shortly be negotiated for
foreign Government borrowers. witch
can have only the effect Of sustaining
our foreign export trade and so help
domestic business. Foreign exchange
was practically unchanged ror the day
The weekly bank statement showed only
q moderate increase IA loans. slthous h
there was an SIS. 100000 gain in de-
posits. The large gain in cash seemed
TO account for the deposit Increase and
surplus reserves were augmented by
more than $lo,OOO.0Oo.
Altogether the most important feat
ure OF TIE financial week, the develop
'n~nt OF speculative activity in the stock
InArhe's WAS e'nDItSlZeu bN yesterday
maintenance Of strength. Wall Stree-
~ least has afforded evidence that con
fdence In the business future is IN the
way OF revival. however frequently 70
may he chilled by occurrences N the
coming months. Neither IS IL true -
some observers have believed. that Wal
Street has pr~maturely engaged In dis
counting early peace in Europ"
Events may be working towari .
ts-mina ton NJ hostilties hut Wal
Street is only in a long range way ~.
posed to anticipate the end OF the war
What the stock marke, strength has
heen based upon has been the growing
revelation OF the Increasing strength Of
American financial and commercial
conditions during the war and very
largely on account OF II. with more than
an implication that this strength will
hs augmented in the post -helum pros
pecf. Cons .dcrat ions OF this sort were
only a"c-ntuated by news in the last
few davs
Enfagements OF about sl5. 900 900
gold for import were announced and
the February statement of the country :
foreign tra'1H showed an unprecedented
export haldnc. OF almost $4,000. 900
while according 10 currsnt figures this
months export excess will not fail very
far short OF that astonishing total De
low level but recovered fully two cents
In the course Of tho wesk as a reSul,
OF security sales here and the Arrange.
. ments making for the provision O,
credit. 10 European and other foreign
borrowers. The agricultural promise o.
tho year was advertised in various
ways. as, for example, by the report ol
the head OF the Union Pacific system
that farmers everywhere would plant
their land for big crops
A series OF reports OF railroaa earn.
ings for February, demonstrating com
nlete control over operating "Nurnses
added 10 the reasons furnished by the
progressive change in public policy
toward the railroads for taking an op
tmlstic view OF railroad values ant
railroad shares became conspicuous for
the buying favor directed toward them
From the principal commodity markets
came evidence that foreign buying foI
forward delivery was making foI
higher prices. This was notably true o.
copper metal, steel and cotton