Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-05-02
WAR ISSUES STILL
MARKET'SLEADERS
Fail to Register Gains, But
Hold Prominent Place
in Trading.
SESSION OF HALF DAY
SHOWS PROFESSIONAL AIR
Absorption of Recent Railway Flo
tations Disclosses Money Market
in Sound Condition.

NEW YORK, May I'm it's main as
poets, today's short session Of the stock
exchange was largely d repetition of
recent days, in the sense that a very
considera BILE part of the turnover was
again in so-called war stocks and al
lied shares. Westinghouse and Others
in that class constituted the most
prominent features, although they fall
ed to make new high records, and, in
fact, reflected selling for profits at the
end. Studebaker was strongest of the
motor group. with a new high record
on rumors of dividend prospects.
Standard stocks We're more or less
neglected throughout and for the most
part fell under yesterdays lowest quo
tations. though showing some better
ment at the close. United States Steel
was the only one of the speculative ia
vorites to show relative steadiness. ris-
ing to its best in the final dealings.
Professionals Rule Market.
The market was more than an ordi-
narily professional affair, much of the
trading, which exceeded half million
shares, representing weekend settle
ment OF outstanding contracts The
course of prices from time to time sug-
gested a renewal of bearish opera lions
in some of the more vulnerable issues
General news of the day, which dealt
with improved conditions in MANY
lines of trade, particularly textiles and
steel. together with latest war de-
velopments. played little If any part in
the days operations
The bank statement was in line with
expectations, showing a large actual
cash gain, with an expansion of over
sS0.000.000 in loans, the latter a natural
reflection of the weeks activity in the
stock market
Total sales of stocks amounted to
sos, 900 shares
The bond market was even mora ir-
regular than the stock list, on a mini
mum of trading. Total sales (par
valued aggregated S2.25O.0OO.
United States coupon and registered
2s and Panama 3s decilend u per cent
on call during the week
Revival Of Speculation.
Seculative tendencies in stocks re-
vived during the week, but with less
prudence and restraint toward the end
of that period. War orders were again
the main Indictment. but to this infiu-
ence was added the conclusive evidnece
and the benefits thus promised by sup
plying capital needs.
The most striking example was the
contamination of New York Centrars
sale of 100000, 900 of debenture
bonds. the largest issue of corporate
securities ever placed in the United
States. Quick sale of Baltimore and
Ohio's $4O,O0o.0oO of A.: per cent notes
market.
ferred railroad reorganization plans
was taken as additional evidence of
the increased facilities of capital. The
recent course of bank loans also was
taken to prove a process OF absorption
of previous undertakings of bonds. |
Bond market revival-the April turn
over was the largest for any mon.n
since December of 190e-is one of the
most Significant expressions of imam !
cial confidence yet manifested.
Foreign Offerings Taken.
Free offerings from abroad of both !
bonds and stocks were readily taken
here. These and further exports of
gold made little impression On de-
pressed foreign exchange rates. Ac-
tive negotiations continued for addi-
tional foreign credits in this market
The heavy export demand for all kinds
Of war materials, including foodstuffs,
copper, cotton and textiles, left no
room for difficulty in explaining these
Steel trade reports were hopeful and
confident in the main. although actual
expansion in demand is admittedly
moderate U. s. Steel's rapidly expand
ing earnings in the successive months
of the first quarter were made grounds
for these hopes. The excellent wheat
crop prospect was marred by deficient
moisture for the east.
Italy's decision engaged principal IN