The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-02
FINANCIAL NEWS
AND COMMENT
Steel Shares Find a Market
Above the New Minimum
Price.
WHOLE LIST RALLIES

Relief over the finding OF a trading
level for the United States Steel shares
was what was chiefly expressed by the
general rally in the stock market yes
terday. Other encouraging develop
ments were noted. and these were influ-
entail in the price movement OF the
day. Also there were considerations
OF which not so much note was taken
which make for some present moderation
OF expansive speculative activities. but
In the main the stock market responded
to the discovery that whether or not
the decline In United States Steel had
struck bottom the minimum price OF
IS established after tn close on Satur-
day seemed to be low enough for the
time being.
steel Itself after some early hesitation
made about as substantial an advance
before the end OF the session as did
other standard issues, and It's rise was
accompanied by "A wide circulation of
more cheerful news about trade condi-
tons. including the release of substantial
railroad buying orders and the publca-
ton OF higher quotations for various
kinds OF steel products. There was
perhaps a little too much emphasis on
the good news and constructive arRu-
ments OF the day to be altogether con-
vnCing TO cautious observers mindful
OF the fundamental difficulties which yet
remain, To say nothing of the contingent
Cies OF the war abroad. Nevertheless
It was sentimentally manifest that the
Wall street community preferred to re-
gard the hopeful phases of the financial
and business situation.
Dealings IN stocks were In fair VOL
ume. about a quarter of the total being
contributed by the transactions In
United States Steel Bonds were less
active on the floor. but investment in
terest was sufficiently absorbed In tho
highly successful Pennsylvania bond
sale. There was no lack OF stress on
the possibilities of the analogy. fur
nlshed by the similar undertaking of the
same company in 1908. after the panic
Of the previous year, and the outcome
Of the Offering OF Si9.000.000 OF AZ
per cents yesterday had distinctly en-
couraging Implications. The large over
subscription will prove an incentive to
negotiations for other new financing.
and IL our railroads can at last fund
their requirements with long term bonds
there is reason for anticipating progress
slve business betterment
Some further changes in minimum
prices were announced by the Stock EX-
change committee. hut no leading issues
were affected. and for the moment Wall
Street attention has been diverted from
the embarrassment of artificial rcstrlc-
ton OF weakness in the share list In
the first hour prices hardened all around
the room, and from then TO the close
their movement was upward. stocks
like Reading, Union Pacific. United
States Stool and New York Central
provided leadership which the market as
a whole naturally followed. Sears Roe
buck, on account of tho declaration of
a 30 per cent. stock dividend. was a
conspicuous feature OF the list of spe-
cialties, which showed sustained Arm
ness In the main.
Short covering was responsible for the |
uplift in many directions and appeared
TO lie the principal source of purchases
in United States Steel but that stock
showed signs OF important support which
tended to induce the retirement of bear
block OF Steel shares had been taken
over from Holland at a price below the
minimum were heard by everybody and !
believed by some. For the rest there !
was further liquidation, although not in |
oppressive quantity.
II is likely. though, that the European |
happenings OF the last few days may |
provoke an increased selling disposition |
abroad. and in view OF foreign occur |
rences there seems 20 be "A little too |
much local inclination 10 ignore the po- |
tential disturbances which the war may |
inflict here. The desperate character OF |
the conflict has at no time been more |
impressively demonstrated than In The |
submarine raiding OF British commerce. |
Developments Of this sort together with |
the various angles OF controversy TO !
which the shipping bill at Washington I,
gives rise and the malign propaganda OF
hyphenated Americanlsm must temper |
somewhat the mood OF optimism which |
our conditions otherwise warrant.
Not much Wall Street comment was
made on the European military situa-
tton. Nor for that matter was the stock
market following disposed TO consider
that the actual state Of business Is stu
very much short OF the financial inn
provement which has taken place and
has h,sn reflected in quoted values. De-
cember railroad exhibits were on the
whole quite as bad as previous returns
for the same month, although the New
York Central was able to make a net
Increase Of $685.. 900 for all lines despite
"A gross decrease OF S2,52O,O0O. II must
still be some time before the contT'ac-
ton OF railroad traffic can be overcome,
No change was observable in tho
domestic money market, but foreign ex-
change hardened for sterling bills, pre-
sumably as a result of the threat OF
commercial arrangement by the torpe-
doing OF British merchantmen. Wheat
jumped five cents bushel to $1.57 for
May and the rise in cereals Is reaching
a point where Its bullish aspects are
coming to be qualified by the thought
of the strain which is imposed on domes-
tic pocketbooks. In the case OF cotton
there are no offsets OF this sort as yet.
The staple made another gain in price
and exports OF about 80, 900 bales for
the day represented the largest OUT