The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-24
FINANCIAL NEWS
AND COMMENT
Most Active Day in Stocks
Since Resumption Of Open
Trading.
GENERAL RISE IN PRICES

ifNtt Va V'NFFNF
shares in stocks on a strong upward
movement of prizes extending through
out the share list made yesterdays ses-
sion the most important and interesting
since the restoration of the open mar
ket. Dealings aggregated almost n
third more than the previous largest
volume In the last three months and on
the former occasion prices were declin-
ing. Yesterday was distinctly q day of
advance in which the new upward
in a fashion not altogether indicative
OF Its termination. The average OF
quoted values was carried higher than
on any day since the February re-
action from the January rise. and while
in the late trading there was some re-
cession from the best figures profit
taking sales were well absorbed and the
close was strong.
Undoubtedly the bulk OF business
don't was of a speculative order, but
speculation and investment when the
market Is at such a relatively low level
and when events are laying fresh EN-
phasis on continuing factors which have
for some time been operating TO restore
investment confidence. In any event
speculative manifestations are In line
with recent developments which have
combined to make an advance in prices
the line OF least resistance. Short
covering. particularly in standard
shares. was unquestionably responsible
for the vigor Of much Of the further up
turn. but new buying for the long ac-
count was evident in many directions.
Industrial descriptions. which have
been SO much in favor lately, were more
or less checked by real. zing sales, but
the tone OF the market was taken from
the spread OF buying to the railroad
department and TO influential issues like
United States steel. which have been
more or less inert for weeks. TIL lead
ership Of the list was exercised by the
stocks named and by Cnion Pacific,
Lehigh Valley and even Reading. which
had seemed 10 be undergoing liquida-
ton for a month past. The course
Of the International list invited selling
from abroad. but foreign pressure was
o enough to prevent "a convincing dis
play OF all around strength.
Weakness in foreign exchange favored
al lilNItdSt VI LulpIfd4i AAuluaNlbl phA
ny the same token Il was evident
that offerings OF stocks from Europe
were not being made In sufficient guam
ti;y 10 save foreign exchange from
weakness. II Is cvnjectural ( ON the Of
fic.al attitude OF British finance that
II desires the automatic workings OF the
international mone market to cause
The British holders OF American securi-
ties TO reduce their lnves.mcn 5. but the
-.- A-l 80, A.HH- . Z
10 q disappointment OF this policy.
Moreover the Wall Stree; viewpoint has
changed and II is thought that the
return o. our securities from abroad IS
not likely TO be more than a brake on
recovery instead of being the insui-
mountable barrier which was Hppre-
Tended early in the winter.
Advices OF all sorts, domestic and
foreign. encouraged the Wall Street eX-
preston of a more optimistic sentiment,
The fall of PrZemysl stimulated con-
lecture OF varying sorts about the prob
able duration and outcome OF the war,
and even II this was premature II
served to denote the hopefulness OF the
financial mood. The Hood OF gold Inn
ports. which is evidence OF our increas-
ing international financial ascendeucv,
was augmented by the engagement OF
$500. 900 more for shipment from
OTTAWA, There was nothing in the
movement Of foreign exchange 10 suc-
gest that our bankers could avoid
large further receipts Of the metal even
ii they should prefer some other imme,
diatc fashion of adjusting the interna-
tional credit balances which the nj
try is pilins m.
Demand sterling sold down practi-
cally 20 IS. Il cen helow the previous
low level of last month, but there
was yet no sign OF any undertakings
To- furnish London with credits 10
rectitY the foreign exchange position
which is now so much against Great
Britain. Rumors were current of a
large loan negotiation by Argentina.
however, n nothing is more certain
than that in the near future our bank
ing strength will be used to finance the
requirements of foreign countries on a
remarkable and expanding scale.
The suspicious aspects Of the fore
going were accentuated by the foreign
trade news OF the day. The February
statement published at Washington
showed an unprecedented volume OF ex-
ports for the month and an EXPORT bal
ance OF S73,60i, 900, which was more
than twice the previous record balance
In February, 1905. AT the same time
figures for the week ended March 90
showing an export balance of about
s3O,O00.0O0 indicated that the EXPORT
excess OF the current month might be
In the ~ne!ghborhood OF F~ebruary's phe-