The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-01
FINANCIAL NEWS
AND COMMENT
Many "War Order" Stocks Rise
Extensively in an Excited
Market.
A MILLION SHARE DAY

Al no time IN the last six weeis has
the stock market been quite a. excited
in some Of It's aspects as II was yester-
day. Moreover. there was q greater
conflict Of buying and selling throughout
the list than In the most two sided
session previously witnessed this month.
What 10 commonly called the general
list Of standard stocks was obviously
under pressure. to which II yielded some
what. although displaying a Arm UNDER
tone and In tho main holding very we'll
against persistent selling
Material declines despite the irreGu-
larity OF the price movement through
out the day we're not numerous and
did not begin TO compare with the
number and extent OF net gains. The
Industrial department presented tho fea-
lures OF strength with a dozen or more
stocks In the lead on known or con-
jectured benefits derivable from war
orders" Industrial descriptions which
advanced we're not all OF this character.
For example. the motor and ttre stocks
showed more than rising tendencies.
dominating movement of the day. how
ever. was that which was participated In
by Westinghouse and miscellaneous
array OF railroad equipment and manu-
featuring issues.
More or less definite reports or war
contracts placed with the corporations
represented were in circulation. and
while Wall Street looked rather vainly
for definite announcements, there was
less disposition to manifest incredulity
respecting the size or prohts or this
war business. II seemed TO be under
stood that exact information as 10 the
placing Of war orders wac hardly
likely to be forthcoming. but II was
taken for granted that the stocks were
being bought for we'll Informed &C.
count. Naturally the public following
accepted the cue, and much OF the SELL
ing OF standard issues was attributable
to shifting OF speculative positions
into the stocks that were moving up
ward
Total transactions aggregated about
million shares. and while the excited
characteristics OF the market and the
contrast which offered between mod
crate heaviness in important quarters
and feverish strength in others ordi-
narily less influential induced much
sales for the decline, the market In the
main conveyed an impression OF funda-
mental strength. Ii IL not the first
time that quoted values have withstood
excitement. but they had 20 endure a
large amount Of II yesterday.
Rock Island stocks hardened sharply.
apparently on favorable deductions as
to the prospect for reorganizing dis
tressed railroads drawn from the indi-
4 -. 4.
plan would he successful In comma nd
ing the support from the security hold
ers and the investment public which so
;horoughgoing project for financial
reimbursement deserves. The INTERIOR
ough Metropolitan stocks were unset
tied by the proclamation OF IA Public
Service Commission inquiry into the
plan for rcarrangng the capital affairs
Of tho company. but the shares were not
weak enough 70 suggest any apprehen-
sion on the part of the management that
the plan would fail TO receive official
approval.
Weakness in Canadian Pacific was
evidence that foreign liquidation played
"a considerable part In me backwardncss
of the standard railroad and industrial
shares on the international list. inClu1-
ing the coppers. The copper group was
also affected by cable advices from Lon
don reporting a decline in the metal,
but all the indications were that this
reaction was the resul; Of "a speculative
unloading ~ copper warrants.
Signs We're visible also of n fairly
widespread selling OF long stocks by
holders who had been tired out by the
halt OF the general market In the past
fortnight. IL any movement OF this
sort has been going on in the last
few days. as seems TO have been the
case. II should serve 10 strengthen the
technical position OF the market. Some
uneasiness was aroused by the curious
war news about the bombardment OF
Dunkirk and the contradictory nature
OF the advices concerning II, but It was
not apparent that the stock marke,
session was much influenced thereby
Nor did the Wall Street community
take seriously the proceedings started
In Wisconsin 20 endeavor 10 have a
judicial ban placed on the manufacture
and shipment of war supplies
An encouraging circumstance was the
fact that the Missouri, Kansas and
Texas management felt able 10 pro-
nounce the note extension plan effec-
tive. The Union Pacific report OF earn
ings for March showed net decrease
OF 900, but current railroad re-
turns have been moro or less ignored
in making Wall Street calculations for
the future The foreign exchanges still
remained In a state where II seemed tc
be worth while to draw internatio iona
political differences from them instead
OF strictly financial conclusions.