The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-11
FINANCIAL NEWS
AND COMMENT
Stocks Show a Turn of
Strength, With Signs Of
Western Initiative.
CANADA SENDS Us GOLD

indications were discernible In me
stock market yesterday that the concern
trated Initiative on the bulllsh side.
which has been lacking or in allegiance
lately, was being supplied from some
aggressive quarter. Conjecture prob
ably would not go far astray II II as
cribed constructive effort OF this sort to
Western interests. especially OF tho
speculative order. with headquarters at
Chicago. In all probability the January
rise was promoted from the same sources
and signs have been noticeable recently
that a new attempt was in preparation.
good deal OF the optimistic news
OF the last week or so respecting trade
and industrial conditions, especially In
basic industry, has been emanating from
Chicago. Not a little OF u has been
exaggerated, but II Is characteristic OF
Western business speculative or other
wise, when II undertakes anything to
do II In a whole hearted and rather
reckless fashion. Apparently much
speculative money has been made In
Chicago out OF the rise In wheat and
the possessors OF such funds are prone
sooner or later 10 turn their attention
10 stocks As solid arguments they
would have at this time the various
favorable matters which Wall Street
has been hopefully regarding and In
addition there is the flush of prosperity
which the grain growing regions OF the
country are beginning to feel.
II the Wall Street share list 10 being
affected by Western operations for tho
rise, including Investment PURCHASED an
Interesting situation will result There
Is substantial body OF important
mi m Inn hav. tasnN ,R
tive Views about the immediate prospect,
although finding In the country's foreign
trade, In the foreign exchange position
and In the proof of general fundamental
soundness In the last few months excel
lent reasons for hopefulness about the
ultimate course OF values
According 20 this opinion tho financial
strain abroad and impending military
Developments may cause considerably
disturbance and unsetticment here and
must qualify forward reckonings. Once
the West, however, makes up its mind
about conditions IL Is customarily reck-
less OF Eastern opinion, and indeed is
very likely to run deliberately counter
TO IL. Seaboard banking sentiment Is
always Influenced by international ques-
lions In peace or war times which the
West rarely takes the trouble TO appre-
ciate.
The stock market session was n gee
saw. with downward movement IN the
forenoon and a strong turn upward In
the afternoon, with a strong close. BEAD
Ing and Lehigh Valley declined sharply
In the morning and upset the rest OF the
list Their fall was readily ascrlbed TO
oeari.h attack, but they did not rally
with the general market later. Special
ties were prominent features of the
afternoon RISE with "A particularly spec-
tacular display In Pittsburg Coal pre-
ferred to the accompaniment OF rumors
about the revival OF plans for paying of
the accrued dividends
United States Steel was. however. IN.
real leader of the list even though n
DID not make an extreme gain. The fact
tlat II persisted in the slow, stubborn
advance that IL has been making since
the reduction of the minimum price TO
IS seemed to be regarded as of more
consequence than the extent OF It's re-
covery. Naturally enough II exercised
a wide Influence because of the rooted
traditions which are asNoca ted with
turns In the iron and steel trade and tho
news OF the day under this heading was
The steel Corporations tonnage state
ment showed a gain OF $4,000 tons In
forward business In January, which Is
about twice the average OF preliminary
forecasts. This made A net Increase OF
$4,000 tons for the last two months and
brought the aggregate OF untitled orders
On the companys books to dhe largest
total since last March. Although the
question or profit az the present level of
going prices cannot he answered salts
tactorily the increase in activity in the
steel industry and at steel mills Is a big
Improvement. The Iron AGE in Its
weekly review emphasized this point and
had other encoura ging things TO say
even though IL observed that railroad
buying was backward despite the glow
ing accounts lately given Of the piling
up or railroad purchases of equipment
and material.
For the moment at least the near at
hand offsets to the more cheerful In
SEPARATIONS OF the day seemed to be over
looked. New York Central was under
less pressure, for example, but the mar
ket test by new financing has hardly
as yet begun. The high rate of the
interest fixed for the 500, O00. 900 OF New
York Central debentures "a likely to
make new financing more expensive for
the large number OF borrowers that hays
yet TO come in for loans.
Wall Street confidence was not stimu-
lated by the proceedings at Washing
ton relative TO the Administrations ship
ping bill. Neither IL the local financial
community ready TO dismiss from mind
the issue involved In the problems of
neutrality that have been raised. Tho
stock market, however. reflected moth
ing but matters noted above, with the
addition OF foreign trade returns and
foreign exchange Developments
The record breaking export balance
for the first week OF February, amount
ing TO more than sS7. 900, 900, was simply
another item explaining the fall OF the
foreign exchanges, The announcement
that 100000 gold had been released
from the Bank OF Englands reserve at
Ottawa for shipment here, with ln,ima-
tions that $40 00O. 900 In all would com.
in on this movement. was evidence that
British finance Ia trying to adjust a posi-