Evening star., 1915-01-10
LITTLE STRENGTH
SHOWN IN MARKET
Short Session of Exchange
Fails to Produce Any
Marked Changes.
GENERAL BUSINESS TONE
Is MORE ENCOURAGING
Railroads Placing Orders for Equip
4 ment and Steel Mill Untitled
Tonnage Increases.

NEW YORK, January 9.-StockS fall
ed to develop any pronounced tendency
in the course of todays short session
of the exchange. The opening was
again irregular, with more gains than
losses, but thereafter prices of impor-
tant issues were disposed to .recede,
with an uneven close. Certain special
ties were moderately strong, notably
U. S. Rubber, which made immediate
response to Britain's removal of its
embargo on crude rubber by advancing
smartly. A few other stocks. chiefly
in the railway division, scored recov-
eSies from recent declines, but the
movement as a whole was without sig
ni1cance.
General news of the day included the
receipt of a small amount of gold from
Canada, in no way connected, it was
declared, with the recent decline in eX-
change on London. There was also
small engagement of gold for South
America, which was believed to repre-
sent triangular transaction for ac-
count of London interests and without
bearing on the recent financing here
for Argentina.
General Trade Improvement.
Latest trade reports confirmed those
of the early part OF the week respect
ing general Improvement, particularly
in distributing channels. Attention was
drawn to the better state of the steel
industry by the December report OF the
U. S. Steel Corporation, showing an IN
crease in unniIed tonnage tor that
month of more than 5lZ,U00 tons-a
gain much in excess OF all eApecta-
tlons.
London reported a more cheerful SEN
timent, the French treasury bills be-
Ing well taken. American securities
IN that market again inclined TO heaVl-
ness, Canadian Pacific. Pennsylvania
and U. 5. steel being the only excep-
tlons.
An actual cash gain of almost sS,-
o0U,00U. with reserve increase OF
about $65OU,00O, were the chief lea
lures of the bank statement, loans
showing a moderate decrease.
Bonds were relatively firm, with larg-
er dealings in several issues at ad-
vanclng prices. Total sales (par value)
Government bonds were unchanged
on call.
Spectators Are Hopeful.
Snecu,atiye sentiment as disclosed in
the new years first week OF operations
on the stock exchange was distinctly
hopeful. Sales for foreign account
continued in evidence, though not
greatly affected by the reopenlns of
the London exchange to regulated deal
Ings. The fall in sterling exchange to
the lowest level since the panic of
1907 offered inducements to foreign
liquidation here. The effect of artt-
ttcial credit measures abroad was seen
in the failure of low exchange to move
more than slight amount of gold to
here to establish a deposit credit for
the Bank of France.
Quick absorption Of the Argentine
loan and similar undertakings proved
the strength of this countrys credit
position in the exchange market, and
was hailed as good augury for ex-
tension of South American trade. Fed
eral reserve banks, lacking demand for
discounts, were authorized to invest in
municipal warrants, pending the taking
up of surplus facilities of member
banks. Success is thus promised for
the years large corporation refunding.
Bond issues were announced by the
Pennsylvania and st. Paul roads, with
others in prospect.
Business Betterment Shown.
Buying orders from railroads, exten-
sive resumption of mill and factory
operations in various fields, estimated
reduction of copper stocks in Decem-
ber, with some recovery in the price OF
the metal and expressions of confidence
by many trade authorities, directed
special attention to the apparent i'm
nf