The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-31
FINANCIAL NEWS
AND COMMENT
Most Active Day in Stocks
Here So ~Far-Highest
Prices Too.
INDTSTRIALSI IN THE LEAD

Speculative impulses continued in
OF the stock market yesterday,
although c~onservatively disposed fol-
lowers Of tho market supplied stocks TO
il freely. All the cautionary reasons in
the situation did not suffice to prevail
the rather excited optimism
which was induced by recent discov-
cries OF the strong position which this
country has been building NJ in the last
fev months. Nor was there anything
N the foreign advices 10 alter specula-
tive moods.
Germany's submarine piraclee did not
seem to advertise 20 much tho des-
perate character OF tho European con-
nict as 10 constitute an argument for
regarding the German cause as a losing
one and 80 tending to hasten the con-
rlusion of the war. Presumably with
mnny OF the now come traders IN Wall
street the more or less frothy talk about
early peace has been an incentive TO
the purchase OF shares a. rising prices,
and accordingly the dispatches telling OF
the scale OF wagers at Lloyd's as to the
date FOR the windup of the war may
have contributed TO the further buying
of the day.
In more intelligent opinion the present
stock market could not be justified as
an effort TO discount peace abroad. but
il might he In some degree warranted "a
"a reflection OF the factors hat ave been
accumulatinC for an expansion OF our
domestic business. According to such
opinion there was a bullish argument In
tho indications that arrangements for
extending a substantial amount OF
credit TO foreign borrowers with which
10 purchase our goods and commodities
were In the way OF completion. The NO
got!ations that have been going on are
simply additional proof OF our growing
financial strength. which needs no pre-
mature peace talk 10 support Il.
Aggressive frmuess prevailed in the
sock market from the opening TO the
close. The strength of quoted values
survived renewed shocks from specu.
lttive eNcesses. and although It il more
than likely To become evident sooner
or later that Wall stree, is now en-.
gagged in OVERRIDING Its antic,pations Of
immediate business Improvement, the
movement of stocks only gained momen,
! Ahllll NA-llbAlA loS4IlE ultdillU. nN NOlh
| of transactions was about 100000
! shares. The largest volume on any on,
day since the opening OF the Stock TX.
change, and closing prices were th'
+ highest reached In that period.
Again no international list and TN
( general run OF standard stocks. for tn,
most part rats, but with some indus
trials included. showed signs OF liqui
dating pressure. hut aid not yield ma
trrially. The industrial department
VAS IN the main very stronI. win t,
the course OF prices IN certain group
ard spec!altics. Union Pacific an,
southern Pacific were Arm enough {,
prevent any DEVELOPMENT OF unset'le
meat, and there were no signs tina
anything more than normal realizing plui
som" persistent sell.n from Europe wa
going on in the railroad quarter. II
which last weeks advancing leader
ship was found. Selling OF the sor
Vas facilitated hy the way IN whiCi
Industrial shares have again come for
ward, hut some OF the railroad issue
figured c0nspicuously IN the dealings.
Tie shares OF the old Rock lslanC
Railway were particularly prominer
and the most acceptable explanation
tor their rise was that interests whici
had lost heavily in the Ill fated Roci
Island Company were buying into IN,
railroad with a view TO az ultimate re
coyery o. their losses. On the whole n,
explanation Was required for the VIC
lent advances IN various directions
sim higher prices for copper meta
were somewhat 70 account for the wa,
IN which copper shares tool Leadership
IA the afternoon, but for the rest IL wa
manifest that the market WAS anecte.
by a widening public response to tn
speculative appeal which Il has bee
mak!ng in the last few days,
Trading IN the first hour was on
scale OF what Wall Street calls a millio'
share session. This was the period o
greatest activity, and although yer
heavy selling was attracted prices dl
not set back much. In the last hou
there was another outbreak Of act!vit,
although the fresh turn OF strength wa
more or less confined TO Industrial.
rails remaining p%orceptibly sluggish.
In the days news budget was IN
cluded tho statement of foreign trad
for the week ended March -. shown
a falling balance, The aggregate wa
about $4,000. 900. but a total OF per
h1ps 100000, 600 FOR the month IL In
d.cated, making something like $3.50
0oo, 600 for the last four months, a
amount which would have been r.
Earded ms a cred!tabie balance for an
iul' year hitherto, Further returns c
railroad earnings FOR February Shove
material not gains all along the line, a
though the comparison must allow u
mora favorable weather last month tina
a year ago Cotton was firm and IN
grain market was strong. A respecte
private authority estimates the wintc
wheat outlook as fully as promising a
AT this time last year.