The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-26
FINANCIAL REVIEW
OF The PAST WEEK
No Indication Of an Impaired
Position in the Stock
Market.
RISE TESTED BY A HALT

IL the stock market had been placed
in a particularly vulnerable position by
the rise In prices in a broad scale Of
trading activity such as has not been
seen in years II might we'll have dis
played decided weakness last week. AZ
II was the reactionary symptoms which
appeared after the announcement Of the
Rock Island receivership were not par
ticularly pronounced and ell the indca-
tions OF the market were that there had
been no change In the constructive
forces which have been controlling IL
or it's ability to make a further response
to them. Two sidedness developed In the
dealings. but after the early part Of the
week the proportion OF real selling to
operations for the short account seemed
to diminish. Bearish effort became more
manifest. but operations for the fall
made only slow and not very extensive
Roadway, which was further testimony
to the status OF the market at the stage
to which the spring rise had carried II.
A wholesome sign was the subsistence
OF feverish excitement. and while an un-
mistakable check was administered to
the movement Of quoted values by the
Rock Island recevership episode. by the
considerations connected Herewith and
by the bearish operations which II
inspired, very reasonable doubts were
expressed by discerning observers II
more than . temporary check would be
sustained by the share list or II any set
| back which occurred would 80 very far.
| The influences which have boon working
| for Improvement In stocks and In gen.
| eral business arc not losing. but are
gaining effectiveness a. time goes on. II
the stream OF tendency in the stocN
market u forward. ~ II seems to b
trading performances against values
cannot produce much impression ant
thsy most certainly cannot alter thu
direction Of the current.
Transactions in stocks last Monday
expanded to the aggregate OF about a
million and a half shares This was
the measure Of the most active session
| in The bullish period which Wall Stree
has been having and turned out to bt
| volume day" for the time being.
variety OF circumstances combined e
| call a halt on the rise, but halt wa,
| timely anyway. Otherwise II liz very
| improbable any OF the matters which en-
| gendered a somewhat reactionary MOOD
last week would have had any such ef.
! feet. Prices cannot rise continuously
| nor can business be maintained on ar
ever broadening scale. In any market
movement there must be an occasional
pause while the market takes its bear.
ings and something OF the sort occurred
| IN the last few days.
| II would not be fair to say. though
! that the Rock Island recevership and
related matters dominated the Wal
| Street situation last week. There was
marketwise news in other quarters such
as the strong advance In the price OF
copper metal to the level Of Is cents a
pound and above. the further d,ssemina.
| ton OF facts about war orders" which
are being placed with American con-
Germs and the renewed weakness Of the
| foreign exchanges to furnish remind
ers OF the persstency OF the forces con-
trfbuting 10 the Improvement Of volumes
and values. not only In the securities
market but in the general business
field. From trade and industrial cir
Giles came reports not only Of better
feeling but of increased activity in for.
ward lines. while Wall Street took par
ticular note of the fresh appearance
Of a demand for satisfactory investment
securities.