The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-12
FINANCIAL NEWS
And COMMENT
General and sharp Rally in
stocks Maintained Through
out the Day.
SHOWS STRONG POSITION

More as reflection OF the vastly
improved technical situation In stocks
than because Of any real change in the
considerations which have been most
influential lately the Wall Street mar
ket yesterday rallied rather sharply in
all departments and most descriptions.
Tho bulk of the gains were made in the
early dealings but the last hour was a
period OF renewed and further harden-
ing after long interval OF dull firm
ness.
One OF the best features OF the market
was its comparative quiet The close
was strong at not far from the best
tgures, but the superficial disposition
of speculative opinion to infer that the
forces which worked for So pronounced
a rise throughout the early spring were
about to resume their control OF quoted
values did not seem to be altogether
warranted by the facts OF international
affairs. The trend OF optimistic specu-
lative feeling has been rudelv broken
for the time anyway. and although the
status of the share list has been r. stored
to remarkable soundness the momentous
questions Of national policy wth which
/ Washington IL struggling do not seem
to he approaching a speedy and final
answer
Short covering induced by the prema
ture constructions placed on President
I wilson's speech In Philadelphia was re.
spunsible for making range Of ad.
Ndhced prices at the opening OF the mar.
| ket which the traders were inclined 10
regard a. altogether too high. Buying
. TO tn" long account was not attracted
/ by t. and a good deal OF long and
short stock was supplied on the over.
I night jump Quotations reCedcd. hu,
traders were obviously disinclined to fol.
low prices down with purchases or
sales. Until we'll into the afternoon q
desultory hardening went on IN Vsriou.
. directions. but the general list rema ned
more or less stationary In the last
hour. after IL had become evident that
there vas no pressure on the list. early
sellers for the f+ll proceeded to retire
short contracts, and there was quite q
little marking up ~ prices all around
the room without much opposition.
II would be- unsafe to infer that tn,
session testified to anything more sub
stantial than the great strengthening o
the technical position OF stocks as q
result OF the tremendous cleaning on
: Of weak speculative commitment. tol
the rise which has been effected In IN.
last few days Intelligent observers arr
persuaded that the underlying factor,
I OF Improvement in volumes and value,
have not been impaired materially by
the recent disturbing events In the re
lations Of the nation. but they thinl
/ that these factors must for while b.
. subordinate TO the acute uncertaiutie,
. Of foreign affairs. which involve th'
Z United States more deeply than at any
time since the outbreak Of the Euro
pean war.
Tho Presidents Philadelphia speed
about a country being TOO proud q
. fight" ana SO right that Il need no
fight stimulated hasty Wall Street con
clusions that the address amounted I,
a declaration OF policy applying 10 M
sinking OF the Lusitania and other re-
cent issues raised by the desiructiv,
activities OF German submarines. Tn
Presidents statement in Washington
during the forenoon modified these pre-
mature deductions. but the stock mar
ket community in the afternoon was IL
a temper 10 treat the lack OF news fol
lowing the Cabinet meeting as goo'
news. Reflective judgment suggeste,
that there had been no change in tn
critical gravity of tire internationa
situation.
All the routine marketw.se news wa
Of rather favorable bearing except tn
stories OF Insect damage, which con
tributed 10 sharp rise IN the grail
market. The Maxwell Motors Compan,
by declaring An initial quarterly divi
dend on the first preferred shares AT III
regular rate and providing for a dis
bursement on account OF accrued divi
dends was added 10 the list Of corpora
tons which have been taking construc
tive action this spring. The weakness
OF sterling exchange drew attention {
the we'll sustained foreign trade move
ment denoted by the estimate OF an eN
port balance exceeding $50, 100000 10
last week, raising the export eXces
since September to the aggregate q
S72I 900. 900. an amount unprecedente
, for any full year In the country's his
tory. The steadness OF financial pur
pose was also evlnced in the announce
ment that bankers rad taken $4,000, 90
of ten year per cent. debenture bond
OF the Province OF Alberta TO he offere
To the public On a $40 basis. while IN
| announcement that the Pennsylvania
| sos. 100000 bond issue had been NOR
| than subscribed was a gratifying SUI
r,ris. on account OF the circumstances {