The sun., 1915-03-10
FINANCIAL NEWS
AND COMMENT
Halt in stock Market Move
mcnt-Priccs Set Back
Little.
SWISS LOAN TAKEN HERE

Stocks paused yesterday in their proc
ess OF recovery from the February reac-
ton which succeeded the January rise.
Mondays further display OF strength
had carried the March upturn to new
high levels on the average and for all
Observers could see some setback was
not only overdue but might have been
carried further without being dispropor-
tionate to the extent Of the rally which
had already taken place.
Spccialties became stronger. as stand
ard issues were subjected to profit TAX
ing and an increase OF foreign selling,
although pressure from abroad was
more marked In the bond department.
Some features OF rather exaggerated
frmness were not particularly convinc-
ing but the general tone was ono OF
underlying strength. The belated per-
sistence OF various short positions was
indicated by the action OF New Haven
and other shares Missouri Pacific re-
sponded enthusiastically to the result or
tho annual meeting in the election OF
new directors for the Missouri fac'hc
system In the interest OF those who VIII
undertake tho financial reorganization
OF the pronerty Although worth noting
however been a matter OF expectation
FOR some time
The not result of dealing. for the
dav was moderate decline In the
share lis. An interesting circumstance
was the fact that IN the forenoon, when
selling was most general, trading was
on the scale OF 300 600 share session,
whereas IN the last three hours busi-
ness contracted. II was more reason
h,e to attribute the movemen; OF prices
to ordinary market Influences. but Wal
street always likes TO invent cNplana-
tons from news and profcssed to ilnd
ono In the hesitation conjecturaly inn
. parted by the developments In Mexican
AFFAIRS Of these 1t may he said thai
from tho financial standpoint II would
. not he regarded as adverse 10 values
hu- tho contrary. II the Mexican situa-
ton should become bad enough TO COM
ucl Washington to take the necessary
long delayed steps t. end the intolerahle
weltcr of anarchy. destruction and cha"'
. below tho RIO Grande.
As matter of fact there was no OBJ
D yipus CONNECTION between marketwise
news and the course Of quoted values
There was nothing In European dos
patches to affect WAL street cunsidcra
lions As fur ,m-stic factors Mon
days supreme Court decisions. pariicu
urly tho ruling and opinion hande,
down iu the West Virginia minimum
passenger fare case. provided con
Struciive argument for securities Thes'
decisions We" IN I'm" with the scrie'
Of recent ,veu.S which have sIrgeste
that the prospect Tor improving rai
road equities was growing brighter al
the 'me
bomcst., trad. r.poris had II that ~.
Tinted Siatcs steel Corrora'ior's
monthly statement to-day would show a
gain Of 100000 tons in forward orders
during February and accounts Of a
further increase OF operations AZ stce'
pI,u's we're published The Depart
mont Of commerce announced mat In
,oniplofc returns from customs Il strict'
showed 4 foreign trade export balance
If about sos.00O 600 in tho first week o'
Tho rev. month Although the export
EXCESS has been shrinking little OF late
there is every reason TO believe that me
couuiry's external commerce will con-
t.uue 10 yield satisfactory results toi
prolonged period.
Thor. has been no decrease ~ foreign
demand for our goods and commodities
The wheat market alone is proof Of that
l. rs not speculation which is causing
the rcrcwcd strength in grain prices. L
Is cash buying for foreign account whict
has nut cash wheat AZ a premium of
cents a bushel over the May option II
chicago. an extraordinary position a
this season.
Moreover. ther. is every token q
ar,nci,I arrangements which will In
sure "A sustained and even an increased
eNpnrt trade The foreign exchange
are ructu3tirg without significance. hu
our bankers are busy with negotiation
for the provision o' credit to other coun
tr.cs which will enable them TO go OF