The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-09
FINANCIAL NEWS
AND COMMENT
Activity in Stocks Increases, but
Prices Do Not Hold
Advances.
EXCITED RISE IN WHEAT

Features of the financial situation
which would stimulate speculation for
the rise in securities were all EN-.
phasized yesterday. especially by tn,
strength of the commodity markets
Cotton recovered sharply and held a sub.
stdntial gain. but wheat on excited buy.
Ing sold at about Size for the May on.
ton in Chicago. In all probability this
speculative interest OF the country is &c
much engaged In commodities. especiall,
In grain, as to explain the difficulty eS.
perienced by the stock market in attract.
ing public attention. Al the same tim,
1t is not speculation in other direction.
which furnishes Wall Street with Opt
mistc arguments on security values.
Wholly irrespective OF the speculativ,
aspects OF various developments. a ire
mendous change for the better has taker
place IN this country's position in tn,
last few months as a result OF economic
processes which began TO operate auto
matically as soon as the financial ant
business world had recovered its head
after the panic incidental to the out
break OF the war. Domestic money
rates continue to relax. Foreign ex
change has only paused in an iney
liable decline to abnormally low levels
The buying which Is carryisg up cotton
wheat and other staples is largely for
export, aud the higher prices reach III,
more insistent the foreign buying seemi
to become. Without considering how
other countries are going to pay tn.
debts which they are mourning here. q
"a OF increasing financial satisfaction &c
contemplate the command of world credit
which the United States is acquiring
Although the trading in stochs yester-
day broddened and included an extending
variety OF issues, and although tho aS-
gregate OF transactions was much the
largest s.nco the new upturn in prices set
IN 4 larger supply of stocks was en-
countered. The market Was more active.
but the forward movement was not 20
we'll sustained as in previous sesSio OF
the week and the list set back somewhat
ia the afternoon after further fore
noon advance. stocks looked little tired
toward the close, but the tone OF the mar
ket was hardly heavy. The best thing
| about the day was the expansion OF
trading IN bonds, not only in the Stock In
change bond department but over the
counter Dealers reported a steadily
growing and improving demand.
This is not, however. TO say that the
stock market was lacking in merit The
preference given to industrial shares was
not wholly at the expense OF rails, some
OF which displayed conspicuous hrmness,
but Present circumstances suggest that
during whatever period OF recovery in
values IS ahead of Wall Street leadership
and activity are likely to he more pro-
nounced in the Industrial qua rter. which
reflects most directly the unfolding busl-
ness prospect.
As 10 the broader questions with which
finance has to deal AT the present time Tive
days news furnished little that was in
dlcative Of a solution, although II accen-
tuated the questions themselves. Por-
tents of additions to tho number OF com
batants In Europe provoked discussion as
to their probable influence on the dura-
ton and outcome OF the war. Announce
ment that the British preliminary reply
to the Washington note OF protest agains,
excessive interference with neutral COM
merce had Seen forwarded to Wash
ington caused some uneasy curiosity AS
20 how much the maritime situation would
be altered. The strength of agricultural
commodities, especi..lly OF wheat, only
which would have TO be foliNwed In set
Ting the credit balance which the country
is acquiring through the export 90 supplies
and the provision OF funds which IL 1.
making for other nations. Whrtever
change there was in the money markets
was In the nature OF weakness