The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-21
FINANCIAL NEWS
AND COMMENT
Stocks Relatively Active. but
More observation-disclosures
Pacific the Feature.
ASPECTS OF THE MARKET

Some little uneasiness seemed to he ev-
hihited In wall Street yesterday morning
over the possibility Of an adverse stock
market response to the German airship
raid In England. but the market testified
that military utilities in this category
are rot likely to he financially regarded
In all probability it will require very
consequential developments in the war
Tor the war factor to evoke an immediate
RESPONSE from securities.
The Stock Exchange session was in-
tcrcsting hut uconclusivc Trading was
ON relatively active scale bat Ia some
what loscsr volume than on Tuesday The
mo cmcnt of prices was quite irregular
although In the main the tone continued
strong. There were, however. some con-
spcuous features which suggested that
strength was iu many respects stimulated.
Dealings I'm the bond department were
the largest since the reopCnug Of the
stock Exchange and while expansion owed
WrUh to the business done iu speCula live
issues. which were not uniformly free
from weakness, tho genuine demand for
suo' bonds, especially over the counter.
lend an aspect Of validity TO the sustained
advance in the share list
We're the stock market going ahead a.
fas as % has been gaining in volume il
would probably Ne said Of b. that 10
was going ahead altogether too fast This
week speculative opergtlous have seemed
10 uc somewhat out or proportion To the
NOR, substantial accumulation OF stocks
ard the movement OF the market has AT
-.mes cooked less automatic than mcrhaui-
cat " Is recognized. however NAV quoted
values are low, especially when they are
compared with the prospect far ultimate
bushes recovery and eNpJrsiuu which
seems to he unfolding before the country.
and that Investment purchases are not
confined To bonds.
T. the early trading selling va- quickly
overcome by some effective buying which
carried prices sharply upward The rise
had the leadership OF standard stocks.
but later on the market was more or less
usuIped by low priced railroad Shares.
which were affected by the aggressive
strength Of Missouri Pacific. The ac-
ivlty Of thes" stocks induced cautious
attitude on th" part Of discerning uu-
servers VII, noted tho contrast offered by
the shares OF railroads which are NO,
10 difficult stra.Rhts
However there was before the clos,
some sharp bidding mp ~ recognized lead
crs and Do could not Dee said that Nh,
underlying tendencies OF the share list
had obviously changed. An increase OF
foreign selling was reported and there
Wa. an appearance OF some larger selling
ot local Importance under cover OF .na
special -trf0~th which was displayed in
various directions.
Missouri Paoihcs determined advanc.
which ended FOR the day with another
substantial net gain WIS the chief fea.
lure of th' session. Improvement iu th,
Missouri rIciil. boUd- seemed TO max,
The course pf the stock more tnsrliorfou.
although Wall Street was -till inclined 10
wonder nj the way loo which purchases
of the shares followed prices up In view
o. the prevailing conviction that stock.
holders are facing heavy Assessment ODD
It's equivalent Ia order to provide tn,
FUNDS for the icadj1stmeut Of the Missouri
Pacific finances The property ucverthc-
less ST valuable one, aud not only &,
light thrown on the Missouri Pacific iuu.
Axiom by the announcement of canvass
for proxies but Nv. disclosures are OF six.
niicdncc for corporate conditions in gtu.
er3l.
An impressive committee has bceu
formed TO enlist the support Of the share.
holders iu "a 'hOrouEhgOiug rcurEunIzl.
ton 81 Missouri Pacin, affairs and the
banking support which is In turn indi-
Gated for the shareholders is of promising
omen. no' only for the Nj -souri Pacific,
but for the whole structure OF Corpor.tt.
enterprise. L. is a disclosure OF blukiur
attitudes which !s of optimistic bearing
and the impression which will undouht
cdly Ice produced 100 the financial commu,
nifty is striking evidence Of the uoueeus,
ONLY lately aired about the menace o
banking interests i'm corporate manage
ment
in the cours" Of the day Wall Street
found various things To- comment upon
Is hopeful. one w.,s the Inference Iron
the British Treasury announcement ahou
Nh conservation OF British capital fol
home use that the Governments policy
mi Int lessen the pressure on British funds
Etth the result Of diminishing the FOR.
"ign liquidation OF our securities ~
apprt heusiuu seemed To be felt that IN.
matter OF the purchase Of the STEAMSHIP
DaciI would become a cause OF disturb
iug international controversy. Ou IN.
contrary, IL was thought that Washingto,
and London we're simply making up
test case for the judicial and diplomatic
determination Of question decidedly
worth settling.
Weekly reviews OF the iron and stee
trade noted signs of strengthening iroI
market In Great Britain, which Nigh
be the forerunner of bettermcnt here on
er3tious are increasing at the steel mills
but there has been no great increase o
domestic buying, The Amalgamatcd Con
per dividend was declared at the rat
of . per cent. a wear. established Few
months ago Foreign exchange held abou
the level OF The past week, but the do
nestle money market was dstlnctll
softer. Cotton exhibited strength an,
the grain market recovered sharply uude
the leadership OF wheat Whdtave
Washington may think politically abou
iha prices of agricultural staples the un
mstakable facts are that prices are beln;
made by an export demand which Is will
| ing To pay any price for satisfaction.
RAILROAD EARNINGS.