The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-05
FINANCIAL NEWS
AND COMMENT
Standard Stocks Under Some
Pressure-Specialty
Shares Strong.
FOREIGNERS STILL SELL

There was in the stock market yester-
day less OF The tendency toward dulness
which had characterized the sessions OF
tho first half OF the week The market
was altogether peculiar and full OF be-
wilderlns cross currents. Foreign SELL
ing was obvious In tho international list
and something like both an investment
and speculative shifting Of domestic ac-
count seemed to be going on in various
quarters.
Superfictally It looked as though dlvl-
dend paying shares were being sold In
order to put the proceeds into non-divi-
dend paying issues OF course nothing
of the kind wac going on, but there was
striking contrast between these two
catesories of stocks. The real line OF
distinction WAS between shares which
have had an International market and
stocks. particularly OF the industrial de-
scription. which have been little heid
outside of the country. In another as
pcct tho contrasts Of the market were
between speculative strength and invest
ment weakness and speculative features
of the trading were quite pronounced.
Nevertheless. discrimination was eNer-
Cised In the trend of purchases toward
speciaues, which are known TO be sup
ported by increasing earnngs. The pre-
sumption IL that the so-caled standard
Issues were simply rejecting the effect
OF the continuing sales from abroad, and
as long as absorbtive capacity is not over
taxed Wall Street Is bound to draw opti-
nlstic conclusions from the demonstra-
ton OF financial ability to tak4 back our
securities from Europe.
For the rest II has been for the past
two months the belief Of some discerning
judges of conditions that aggressive
stock market strength was not so likely
to be displayed in the International
shares as in moro strictly domestic
stocks, particularly in the stocks OF cor
porations which have derived business
from the war or from the prosperous
position of the grain growing West
Wall Street also represents Il conflict
OF opinion between those who regard
chiefly the inilatibnary factors OF the
money market and the economic advan-
tages which the war brings to this coun-
try and those who have prudent re-
gard for the contingencies OF the war
and have "A profound distrust also Of the
kind OF politics which is summed up at
Washington to-day.
Studebaker. Bethlehem Steel and In
terborough- metropolitan preferred were
typical of the class OF shares which dis
played conspicuous strength The SELL
ing of American Sugar Refining may
have been part of the foreign liquidation,
although there are current reports that
the company mas not been helped 10y tho
fluctuations OF the raw sugar market.
Pressure in other stocks. as in Canadian
Pacific Chesapeake and Ohio and South
ern Pacific, was ascribed almost wholly
to foreign liquidation. The surface
portents OF the market as a whole were
such as to make traders cautious and II
is accordingly worth noting that !ts
peculiar contradictions did not have any
generally unsettlinE effect.
President Wilson's remprks on foreign
trade and the amendment OF the laws
for the apparent benefit OF American
exporters ulu not carry any appeal iur
the financial community. His address to
the United States Chamber Of Commerce
marked no change in the Administers
TONS unComprehendinE attitude toward
difficult business problems. Wall Street,
however, did not clearly concern itself
with anything outside of the range Of
the markets in the direct field OF its At
tention.
Wheat pursued a steadier course after
its recent wild gyrations and sustained
export buying carried grain prices very
also sold up to within few points Of
the high figure OF the season ana exports
for the day. 9G,272 bales, were one of the
largest daily outward movements so far.
The state of the money market was H.
Illustrated by the action Of the New York
Reserve Bank and other Federal reserve
institutions in lowering their discount
rates, the principal change being a drop
to per cent. for thirty days bills.
Foreign exchange moved in an inter-
esting fashion. sterling selling trine
lower than on Wednesdays decline.
French remittance was very strong and
purchases of II were made TO pay for
the liquidation OF American securities
which Berlin is understood to he con-
Quoting through Holland. Our banking
progress in the accommodation of for
eign borrowers was emphasized by tho
further negotiation OF Canadian loans
here. and it was announced that the
S25, 600 900 credit arranged for Russia
was In shape to be drawn upon. The
news that the Erie Railroad Is TO put
out an issue of $4,000, 900 OF long term
bonds attracted notice because the Of
ferlng il likely to furnish more repre-
sentative test OF the capital market than
| the pennSylyanla Railroads financing.