The sun., 1915-03-06
FINANCIAL NEWS
AND COMMENT
stock Market Makes a General
Substantial Rise on Broad
Trading.
STANDARD SHARES LEAD

Wan Street had ono OF tho strongest
stock markets yesterday that have been
seen since the reopening Of the Stock
Exchange last December. Bonds also
displayed increasing firmness on An
expanding inquiry. which continued to
follow prices UP. a feature being the
advance OF the st. Paul Railroads new
5 per cents.
Trading In stocks was on q we'll
sustained anle Of relatively marked
activity throughout the day. attaining
an aggregate Of about a quarter OF d
million shares. A strong closing left
quoted values AZ about the best fg-
urcs Of the session and the long array
VI net gains at the cloee had sub
stantisl quality no much out OF pro
portion to the volume OF business as
70 suggest tho increasing difficulty ex-
peitenced by purchas asers In fill!ng their
reouirements.
After a quiet opening and some little
setback the list rebounded sharply and
the way in which tho market rose there
after mado tho strength OF tho lis,
rather convincing to observers that Il
owed little to manipulation. Indeed
apart from unimportant pool activities
such manipulation az there has been
for some time past would seem to have
been directed toward the facilitation OF
purchases rather than sales
Accompanying the comparative ac-
tiVitv ~ the day tho dealings had much
breadth, and what was OF more inn
pprtance the market enjoyed standard
leadership. Specialized which on ac-
count OF their earnings have attractive
dividend possibilities have been usurp-
ing attention. but few OF them were
conspicuous yesterday, although the
speciality group was Hrm. Stocks with
an Investment record came In for most
favor and Wall Street was naturally
impressed by the absorp.ive capacity
which carried issues like Union Pacific
and other Western railroad shares,
Reading. United States Steel and Anal
gamated Copper TO the front.
A circumstance which operated in be-
half OF the railroads and was OF gen raj
market support was the progress OF
hearings in the Western railroad rate
case before tho Interstate Commerce
Commission. which a few months ago
gave evidence II the esta bli Shment Of a
new policy OF railroad regulation which
conduces TO rehabilitation OF railroad
credit. What there was back OF the
buying in United States Steel could only
~ surinIs.d. bu. II IS a reasonable con-
lecture that a disposition exists 10 dis
count the decision which may come
along this spring in the Government suit
against the corporation.
Apart from any particular reasons for
a stock market manifestation OF com
structive inclinations thr trend OF Wall
Street opinion continued 70 favor a hope
ful view OF the impending developments
In the European war. The treatment
OF neutral shipping seemed TO be less n
bugaboo and more stress was laid not
only on the portents OF the operations
IN the Dardanelles but on the ,ndica-
tlons OF banking effort to arrange for a
rectification OF the foreign exchanges.
While there was unquestionably
further short covering Of n miscellaneous
sort there were unmlstakable tokens OF
fresh buying OF stocks for the long ac-
count, not only by the professional
element but by outside interests. There
has been an uneasy feeling in investment
circles OF late that despite the low
level OF quoted values there would he
difficulty In accommodating any cons! Ter
able line OF stocks II there was much
competition. Except for the Offering
from abroad the supply OF securities has
been dwindling lately and the movement
OF prices yesterday was evidence OF the
effect which moderate amount OF buy
ing would produce on prices.
The aspect OF Mexican affairs was
added To- tho arguments FOR temperlnc
optimism with caution. but for the most
part the inancia, district had regard
mi, to p 1--WE
persistent firmness Of cotton belonged In
this category, as did the underlying
weakness of wheat. call money ruled
at la, per cent and the extrt mely COM
Portable position Of the domestic and in
teruatiouul money market continued &c
emphasize constructive arguments,
Banking circles were still chary OF in
formation about negotiations for the
Establishment OF foreign credits here
but possible explanation for this may
bo furnished by the conjectural nature
OF banking negotiations. The bankers
may he waiting for some Washington
determination because of the form which
T. is desired that international fnancia
activities shall take. Undoubtedly oui
bankers could grant q fair amount oi
, credit directly TO London bankers, but
Il is probable that this accommodations
would not suffice to provide tho needed
correction OF the foreign exchange stu
alton
Public loans consisting OF long term
Government bonds might be placed here
in small amounts with Washington oon-
senung. but with tho State DEPARTMENT.
approval. II It can be obtained. OF ever
without v, very eXoollcnt market
might Be- found for large issues Of Brit
iAh. French and other Government
Treasury buh running from 'sdx months
TO . year. A now British Bxchequsr loan
Of $3.50 700. 900 In oven now under way
IN London, and Y II to be noted that q
German loan Is being offered hArs foI
private subscription. Large scale IN.
ternational financing would stabilize the
foreign exchanges. stimulate our foreign
trade and supply a good deal OF pro-
lection to the market for our own Sc
curities