The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-29
FINANCIAL NEWS
And COMMENT
"War Order" Shares Lead I'm a
Renewal Of Stock Market
Strength.
TRADING MORE ACTIVE

further recovery toward the million
share level. and a significant feature
OF the day was return OF strength
with the increase Of activity. This
was particularly true OF Industrial
shares. In which transactions were par
ticuiarly large. One stock alone. West
inghouse, counted for almost one-fifth OF
the total volume OF business. Coincident
with the aggressive vigor displayed in
out OF interest in bonds. and the aegre-
gate OF transactions In the bond depart
ment was In excess OF 1000. 900. the
largest since the middle Of 1903.
investment demand ran strong, as was
shown by the jump In the New York
Central .debenture 6s. which was en-
planned nv the announcement that less
than $4,000, 900 of the s100. 000. 900 issue
had failed OF subscription by sharehold-
ers or owners Of warrants and that this
relatively small balance had been readily
disposed OF by the syndicate. The prompt
closing OF the subscription lists for toe
issue of $4,000, 900 of A., per cent.
notes by the Baltimore and Ohio was
additional testimony OF II gratifying ma
ture ~ TO the excellence of the in
vestment position and an encoura cement
TO the view that the times are bcom-
ing prOptious for rehnancing and new
financing which will conduce to the bet
terment OF general business.
All told. the Wall Street day tended
TO corrobordte Impressions forming in
the last few days that values were still
under the persistent control of influences
making for further Improvement. For
the third time ttis week stock market
decline. All the Indications pointed to
operative efforts to force selling from
long accounts. either to break the mar
ket for the benefit OF the short interest
or TO facilitate accumulation for the rise
Hut the share list offered much greater
resistance to pressure than on Monday
! or Tuesday, and instead OF general
slide of prices with a more or less pro-
nounced upturn toward the close there
was only brief dip. General selling was
not induced and about the middle Of the
last Lour stocks hardened all around
From then on to the close prices moved
upward vigorously and the final tone was
| strong.
Railroad shares were for the most pa RI
| sluggish and rather neglected during the
day. They participated in the final ad-
vance. but an unmistakable preference
was accorded to industrial stocks. Some
| ton. so that 1t Is not altogether the in
| ternational factors which are directing
| the trading. There seems to he a proc
ess OF switching from railroad to in
! dustral shares. and the large public
| following which the market has at
| tracted has heen going in for industrial
/ issues because an increasing number Of
! industrial concerns are making good
! earnings and not altogether as the re-
/ suit OF war business alone.
The hrmness OF United states Steel,
! following the publication OF the state
ment for the March quarter. was token
! of the optimistic confidenc. with which
/ the industrial outlook is regarded. al
! though 1t must be said that war order
| stocks dominated the session. II has
become the fashion with adverse cri0cs
| o" the market which Wall Street has
been having TO belittle the war business
| that IL now being placed here. but IL
| cannot reasonably he doubted that this
business is creating forces for domestic
trade expansion. II is highly profitable.
/ A good deal of 1t has been taken and
| there seems 10 he more OF it in prosps.'t.
| That il why such variety Of equip
m-nt issues under the leadership or
| Westinghouse exhibited so much rising
| strength yesterday and why their
strength provided impulses to improve
| nient In other quarters of the list.
Copper shares showed the effect OF
some profit taking, hut the market for
| the metal constituted no argument for
! sales Of copper stocks. Rock Island rose
| convulsively in the afternoon without
any discoverab,e basis excepting rumor.
! hut it's action served at leas' to Illus
! trlte the unchanged character of specu-
| lative confidence The InterborOugh Met
ropolitan stocks responded strongly "a
| ;he very strong statement made by the
| company indorsing the plan for a read
| justmen' OF the shares.