The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-25
FINANCIAL NEWS
AND COMMENT
Stocks Display Strength In the
Week End Session
Here.
q. s. STEEL rs A LEADER

nounced In tho stock market yesterday
than symptoms OF weakness. Early
trading continued the bearish efforts
which had been carried on since the
FIRST OF tho week, but again sellers for
the fall made little Roadway. Cnderly-
ing resistance was manifest and In the
second hour the list hardened generally
under the leadership OF influential issues
like Reading. Union Pacific and United
States Steel. The steel shares. which
have been q particular favorite OF bear
ish traders, rose TO the accompaniment
Of rumors forecasting the Federal
courts decision in the Government suit,
although prophecy confined itself to the
prediction OF tomorrow as the date for
the decision and dij not profess to out
line the nature OF the courts find-
\inss.
I II is rather difficult to believe that
there could be anything more than con-
lecture as n basis for such ruinors al
though In the natural course of things
II has been assumed that the decision
should be looked for at any time this
spring. What the circulation OF the
rumor did. II II was NJ all responsible
for the buying OF the Steel shares. was
20 show that the market was probably
In n technical position OF great sound
ness and ready to respond TO a resump-
ton of bullish initiative. Copper stocks
continued firm TO strong and there was
even a rally In Missouri Pacific. while
o variety OF specialties advanced az
Grcssively conspcuously Mexican Petrol
leum.
The action OF prices as a whole In
the second hour suggested the exist
ence of a sensitive short interest, and
indeed the sessions OF the last few days
l.nx.a taI tfns ha. viot.
was In process OF formation without
other warrant than the notion Of the
volatile trading element that the market
had gone stale and must seek n lower
level before the forward movement
could he renewed. As to this II might
be said that quoted values have dis
played impressive stability under pres
sure and the tendency OF the dealings
20 contract on the moderate recession
OF prices during the week showed that
II lis not easy TO force sales from long
accounts. That the market paused dur
Ing the week Is clear enough. but all
the evidence which the dealings fur
nished justified the conclusion that. to
borrow n phrase from another field OF
contemporary endeavor. the spring rise
in prices had consolidated its position"
rs 1t went along.
Trading yesterday was on a somewhat
more active scale than on Thursday and
Friday and II was a matter OF COM
ment that activity tended to recover
with the firming up OF prices. Bonds
were strong and the renewed demand
FOR investment securities has been one
OF the weeks encouraging features The
stock markets close was the strongest
OF the week and the fact that the
demonstration Of strength lacked excite
ment made ii all the more impressive
The weekly bank statement showed a
loan expansion Of a little more than
$4,000. 900. but ,he gain in surplus was
about sI3.0OO.00O.
Wall Street had some contrary sa,-
tors to deal with in the week which
ended yesterday. but there was nothing
20 show that influences for the improve
ment of values had been more than tenn
porarily checked by adverse occurre noes
or considerations. The Rock Island re-
ownership evoked some critical camor
and was made an argument for bearish
operations in stocks. but after all t;
came to be generally perceived that
there was no other way out OF the Rock
Island difficulty.
Nor was 1t possible TO create anv
marked depression OF sentiment by
pointing 70 other distressed railroads
such as the Missouri Pacific. which might
also go into receivership. The financial
community has acquired the conviction
that constructive period has opened
and this conviction il fundamental. Any
thing like the Rock Island bankruptcy
will he generally construed "a prepara-
ton for corporate rehabilitation. The
plan to readjust the PETERBOROUGH
Metropolitan stocks was a week end
sign Of the constructive purposes which
are beginning TO prevail in finance.
Appreciation of the expansive influ-
sncs of war business in the domesti,
trade and Industrial situation is grow
ing and the week furnished fresh ndica.
tions that forward buying for domestic
account was on the increase. Purchases
for domestic consumption had a good
deal TO do with carrying copper metal
to the level OF ISL. cents a pound and
the enlargement of the Pennsylvania
railroad systems rail and equipment
expenditure 10 100000. oO0 encouraged
the opinion that railroad buying would
soon afford great industrial stimulus