The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-04
FINANCIAL NEWS
AND COMMENT
General Manifestation Of
Strength i'm the stock
Market.
WAR ASPECTS 4 FACTOR

Aftef IL hau ne<n MatAirSt'H 81 NHc
initial trading yesterday that stocks
ure still scarce and that there was no
pressure despite the rally from last
weeks low level .he market turned
further upward in response to a re-
newal OF buying. offerings appeared on
advances. hut throughout the day there
was a more than adequate absorp,ive
capacity and the general movement OF
prices was In the direction OF sustained
recovery.
Trading was on an increased scale OF
activity and there was a broader diver
sifcation OF dealings. Transactions In
bonds increased. n although foreign
selling continued in this department,
the bond market displayed n tirmcr tone
thar last week. Foreign liquidation OF
stocks was moderate. short covering
was less Il feature Of the share lis: than
aggressive speculative purchases for ths
rise. with some evidence ~ more sub
stantiai accumulation. Tho close was
strong at not far from the best figures
g the session.
The character OF tho market IL fairly
well denoted by the fact that among the
conspicuous issues in the upturn were
American smelling, Canadian Pacific,
Northern Pacific, tho Maxwell Motor.
stocks, New Haven, l.ehigh Valley,
Reading. United states Stee. and Third
Avenue This was a eun'cient assert
ment 20 redeem the trading from any
,mpu:ation Of concentration on special
ties. even though the support which
quoted values enjoyed seemed for the
aloSt part OF professional origin.
In the case o. many stocks particular
reasons could be given 10 explain the
favor extended % them. New Haven
clearly reflected the January earnings.
showing u gross decrease OF s22i. 600.
hut a net gain OF $780,, 900 was testimony
TO the very effective control which has
been established over operating expenses.
The Teiigh Valley reported gains In
both categories OF income Automobile
companies are in the line Of special in
dust-ies which have not suffered much
from the effects OF the war or are bsne.
utei by il. Th. relatively heavy buying
OF Third Avenue evinced an appreciation
% The dividend possibilities NJ the stock.
although there has been no suggestion
IRON the Management that = disburse-
men. Is u matter OF the near future.
Apart from the customary impulses o;
III" spring season and the influence ot
.hc plethoric condition OF money sup
~ SIFffA hpNtll |tlNIf AiAsfNA oAAF
reason for expressing in the securities
market a somewhat hopeful sentiment
onc az these was n. resistance which
quoted values offered a week ago. vher
reaction from the January rise had car
RED them back To- the December starting
point. Another vas the winding m of
the eXasperatingly long session Of a Con-
gress, which has furnished the business
community with l!t.le occasion TO regrs,
its adjournment. What Wall Street
talked most about. however. was the on
timistic aspects OF var news.
ierinany's answer 10 Washington's
rote urging q mobilization of the sever
Ivy Of the new warfare planned on the
seas could not OF itself carry any con
viction To- financial observers that the
so-called rights OF neutrals had n very
brilliant chance OF respectful treatment.
II was hardly believed that the Allies
would meet Germany half way in this
matter. II there was anything at the
bottom of the constructive arguments
draw from the portents OF the war
II was signifed by the wider acceptance
Of the notion that the end OF the con-
fict might not be so invisibly remote.
Between the NOR" or less dubious
coniectures Of a Weakening IN the Ger
man position. conjectures inspired VI
the governmental communicating OF
food supplies. tn. declaration Of the
war zone around the United Kingdom
and Berl'r's latest reply 10 Washing
ron communications and the operations
in the Dardanelles Wall Street worked
up quite q little persuasion that mill.
tary events were likely 20 be suspicious
rather than the CONTRARY. There ma
he something premature in al this. hut
IL unques'iorably illustrates yesterdays
Stock Exchange considerations.
Other matters winch came in FOR
some share Of attention included ~
estimate or the Department Of com
nerce tha. tine February trade haiarcp
wa IN the ncighborhood Of il3J. O0o.-
600, which would he more than twice
any export excess even reported for the
month. The Iron 40. noted a quieter
tendency in the iron and steel trade
daily average production OF pig iron
increased more tina 5000 tons dur
Ing the month. while the daily capacity
~ operating furnaces. WAS NJ i4,ooo
,ons ~ the opening OF March.
The agricultural COMMODITY markets
exhibited strength all around, the in
Lmason being that paper blockade~
and war zones might not after al
warrant apprehension o. any great con
traction in export business Greater
frmness was shown in the foreign ex-
change market. az leas, for sterling
remittance. and The course Of sterling
in the last few days has been mor~ or
less corroborative o. London advlces
that British bankers have been ahlt
to arrange for large credits in this
city. Late IN the day T. was announced
THAT $1,000 oh gold had been received