The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-06
FINANCIAL NEWS
And COMMENT
Another Active Day in Stocks
With New High
Prices
MORE PUBLIC BUYING


Toned bull market opening was tho initial
feature Of the Stock Exchange session
yesterday. Sceptics who have not been
in sympathy with the spring rise. at lenst
in its later stages, professed to see signs
Of overdone manipurative effort in the
start OF the new stock marhst week. but
the evidence Of an Increasing outside In
,erest IN the movement OF quoted values
recently has made II doubtful II manipu-
lar1ve operations we're as much respon-
eibIe a. any time for the course Of prices
as tf,e spread OF public buying.
At all eventA on the theory that there
had been over the week end an aocumu-
latfon Of purch asins orders attracted BY
tho momentum OF tho market, the phe-
nomena which were witnessed In the frsi
half hour yesterday could be readily &C.
counted for. Many stocks Jumped vic-
lently upward and Il was some time BE-
fore the heavy selling which came In
produced any dictionary eject Durina
the forenoon the list seemed to be gov
erned by a variety OF conflicting inf1u-
ences and cross currents In the trading
and there was more disposition Il
qualify differences from the aspects ir
tho afternoon than at any time since me
middle of last month.
Never theless the result OF the sess'or
was in the main to produce an impress
sion OF well sustained resistance TO pres
sure, which found support not only II
market conditions but IN external fac
tors Of value and in the growth OF TIL
following TO which the upward move
ment of stocks had appealed. The vol
ume OF transactions was almost up q
the maximum OF last week and the aver
age of closing quotations was the high
est yet reached
A largo number Of stocks made yer!
substantial, gains Although the mos
pronounced strength OF the day wa
again displayed In the industrial quar-
ter aggressive frmress was exhibited
by some of the familiar railroad lead
ers, especially Union Pacific. The Erie
! continued In speculative favor ant
among the standard industr'als United
states Steel was consptcuously strong
selling at the highest price since IN
suspension OF dividends on the stock
. General Electric and Westinghouse
railroad equipment issues and va
riety OF miscellaneous industrials
among which Bethlehem steel. the auto
mobile group and the copper meta
/ group were prominent. gave further ad
B vertisement of the fact that the lin
/ of least resistance seemed stil TO b
/ In the direction ~ Improvement.
There was little or no news bear'n
on particular shares and al explanation
! OF market phenomena had to he sough
| In the considerations which have com
uppermost H. the Wall street mind u
/ the past month. Rock Island, Missouri
! Pacific and Mexican Petroleum de
/ clined. and the market did not lac
B further backward or weak issues, bu
+ they did not attract much attention.
4 diversion OF interest WAS furnishe
IN the afternoon by the dispatches fror
Cuba, and this may have eccounte
for the rather dull iuterval which sue
ceedsd the activity OF the forenoon
( There were those observers, howeve
who thought that despite the increase
/ breadth OF the movement the markt
showed evidences OF firing IN that
failed TO respond az II should 10 IN
invitation OF good leadership offered b
standard stocks.
Professional traders. reckoning on n
large realizing which has been gotn
on from domestic quarters together wit
the foreign liquidation. were Inclined !
.
theory OF overdue reaction. but II wa
admitted that what is called outsid
buying was apparently on n lare
enough scale 10 maintain the market
! ahsorptlve capacity. In the late tradin
there was a d stinct tendency 20 harde
| throughout the lis. and many descril
| tons closed at the best figures of u
day
News Of general bearing furnished 7
novel arguments against constructi'
views. Notice was taken OF the ne
movement started 10 enlls. public syn
pathy aga!net the so-called war bushes
which the country Is doing but the 1,
depreciation which Wall Street prompt
placed on This was that I; represents
a new phase OF the hyphenated prop
ganda to commit the country in beha
OF n national policy violative Of ne,
trallty. Some conjecture was indulge
IN as 70 the nature OF the washingtc
note TO the Allies regarding the law
blockade, but little credencs was plac,
In the suggestion that the Administr,
lion had reversed Itself by limiting at
ron-intercourse act in retaliation for e
cesSive heiligerent Interference wi
neutral commerce.
General business reports at the outs
; OF the week suggested firmer tone
an increasing number OF lines II
agricultural commodity markets we
steady, with some strength in gratr
Tho Government crop report
: Wednesday Is looked forward 10 wi
some interest "a possible eupportiI
Influence for the structure OF vnlu
which Wall Street has been rearin
The foreign exchange market was pra
tically unchanged, even francs RENAL