The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-16
FINANCIAL NEWS
AND COMMENT
Industrial Stocks Resume Adj
vance--Missouri Pacific
Rises Sharply.
CHEAP MONEY THE FACTOR

without any particularly compelling
news other than the optimistic implica-
lions OF the declaration of tho Baltimore
and Ohio dividend at u higher ratio than
had been expected. or had been indicated
by the decline In the price of the shares,
tho stock market yesterday resumed the
demonstration OF advancing activity
which had been suspended since the fore
part OF the week. 1t is coming to bear
more and more OF the aspect OF u cheap
money stock market. and the considera-
tons which are commonly advanced in
Wall Street discussions as reasons for
taking a constructive view OF quoted
values lay chief emphasis on the ex-
pansive influence OF the low price OF
credit accommodation together with tho
apparent assurance OF protracted album
dance of credit supplies.
There are of course other substantial
factors which have been duly noted here,
but 1t might be added that the super
fetal influences have been augmented by
the action OF the stock market itself.
The discriminating nature of tho prln-
cipal buying movements, the moderat ION
OF the general movement. even where
clearly speculative, and the all around
winning the support of broader follow
ing and have encouraged the development
OF optimistic sentiment.
Except Canadian Pacific most OF the
stocks on tho International list remained
rather sluggish. There was, however, no
obvious increase OF tho triclSling stream
OF foreign liquidation. even though II
might have been expected that there
would he some foreign selling traceable
to the war news telling OF French re-
verses. Stocks Of the class OF Stakeholder,
Goodrich and American Can provided the
principal leadership OF the session.
Mexican Petroleum responded to the re-
port OF a British protest against the
policy of plumber which Washington II
sanctioning in Mexico and Wall Street did
not seem to think that a remonstrance
or this sort might provoke the Admin
istration to adopt sitter attitude In pro-
testing against Interference with neutral
commerce in the European war. What
seemed TO be inspired statements about
the Improvement expenditures contem-
plated by the Bethlehem Steel Company
In tho next two years or so were put IN
circulation and the inference was at least
permitted that estimates of this kind were
meant to prepare the way for "A new offer
ing OF securities.
In the afternoon trading a pronounced
feature was the sharp active rise in
Missouri Pacific and other railway issues
belonging to the same group. Rumors
had passed into the hands OF banking
interests, although II has been understood
for some time past that this control has
not depended on stock ownership Reor-
ganization OF the Missouri Pacific prop
erty has been pending for year or moro
and 80 far as the stock Is concerned Il
has been a reasonable certainty that the
shareholders would have To pay the price
of reorganization. In all probability the
demonstration which broke out yesterday
was either an automatic or a stimulated
squeeze OF the short interest which has
been forming in anticipation OF reorgani-
cation Developments
Apart from matters noted Wall Street
attention was largely engaged with the
action OF the commodity markets. Cotton
made substantial gain. but the most
important occurrences of the day were in
wheat. which rose to new high price,
representing an advance OF 10 cents a
bushel this week, and corn. which shot up
3 cents bushel. The persistence of heavy
export buying accounts for the soaring
prices OF grains and suggests that the
country will have shortly TO face a prob
lem OF deficient domestic supplies. There
were no significant changes In the money
market or In foreign exchange