The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-15
FINANCIAL NEWS
AND COMMENT
Heavy Sales Are Absorbed by
the Stock Market Mt Ad-
vancing Prices.
MILLION SHARES AGAIN

the stock market after the close last
night In terms OF an overdone advance
and were looking for a substantial set
back to interrupt the movement which
had carried the average OF prices up
about a dozen points In the last few
weeks with hardly a halt at any stage
Of the rise II could still be said Of
the market, however. that nothing had
occurred within or outside Of II to
show that It's position was materially
weaker on the higher than on the lower
level.
The fact that while a slightly harder
tone has been impaired to the money
market the great activity In stocks
has brought relatively little increase Of
business to bank lenders on collateral
security would seem to suggest any
thing but an overwhelmed speculative
position. Moreover, the continued re-
Spouse Of indifference TO unfavorable ex-
ternal developments. such a. the con-
troversy involving tho Treasury'e
dealings with tho national banks and
the maliRn aspects OF Germany's at
titude toward the country's policy OF
neutrality, permitted a reasonable in
ference that the structure OF quoted
values which has been raised was not
shaky
There was no difference In the quail
ity ~ reactionary sentiment or the
output OF reactionary argument from
the moods and comment exhibited az
previous stages OF the spring rise. As
hitherto the reactionAry view derived
announcement from tho manifest vol
ume Of profit taking sales. or AZ bearish
traders call II, distribution. II was
unquestionabiy heavy selling day on
the Stock Exchange. but splendid
market was at all times furnished for
stocks, and the Impression which the
session gave was ono OF undlminished
capacity for the absorption Of offerings,
especially at very modest concessions,
The market was the broadcast yet wit
messed on the movement. Total deal
ings once more passed the million
share mark, and the average quota
ton Of representative issues was left
at new high figure Mt the close de-
spite the last hour sag
Bond dealers reported that the bond
market was showing genuine improve
,nent and that the hrmer tone lately
displayed was being followed by live
Her demand for good investment issues
A token Of this was the advance OF one
quarter of per cent. In the syndicate
Offering price Of the New YORK state
A., per cent. bonds.
The first hour trading In stocks was
on an enormous scale. and although "
attracted heavy selling OF realizing
nature very little sottenirg Of prices
resulted and eventually the market AZ
a whole established itself at levels o'
material advance. The International lis
had to contend with persistent foreigi
liquidation. but a large variety OF stocks
found that the line OF least resistance
was upward. II was in the main da,
OF substantial realizing, but there wa'
no visible slackening OF outside and pro
fcssionai demand for stocks and II wa:
not until late IN tho day that prof
taking caused general recessions from
the highest prices. Nor was there an,
late change in the apparent underton'
OF sustained strength.
Amalgamated Copper and the coppei
metal group furnished influential leader
ship in the advance. The Interborough
Metropolitan issues were strong features
to the accompaniment OF rumors abou
the early announcement of plans for ad
justing their dividend status, but with
out explanatory advices OF any kline
other than facts and considerations
which have been urged on attention II
the last few months many descriptions
Of a standard as well as OF specia
sort made and held good gains.
bethlehem Steel fuctuated over Al
extreme range OF thirty points and 1
was not obvious that its antics wcr'
particularly detrimental. although i
was less obvious that they were helpful
to the rest OF the market. II IL a ques
ton which should 10 taken seriousl,
by the Stock Exchange authorities
whether stock Of relatively so small
a total amount as Bethlehem Steel az
ter having presumably become closel!
concentrated on rise to more thar
an investment level. should remain o'
the list while the uncertain status o
reckless speculative exploits at a tim
Apart from developments In tn
stock market the financial communit,
did not direct much notice 20 infor
nation and happenings OF marketwis
bearing The weekly reviews Of iro'
| and steel conditions emphasized tn
growth Of foreign business. but re
ported that production was still keep
ing ahead OF forward ordering. Their
was a violent display Of strength Il
| wheat, with which other grains sym
pathized. but despite more or less alb
| surd explanations put out TO account TO
| Il tho exhibition In the grain marke
seemed to be the speculative sequel 4
| the unwary extension Of an overconti
dent short interest Foreign exchang
was somewhat flrmer for marks as wei
as for sterling. possibly a reflection o
recent liquidation OF securities here, blu
most modest reflection at that.