The sun., 1915-03-27
FINANCIAL NEWS
And COMMENT
Railroad Shares Continue to
Risc-Markpt Rcsists
Selling.
NEW HIGH PRICE LEVEL

Trading in the stock market YESTERDAY y
was on about the same scale as last
Monday. The volume was materially
reduced from tho maximum OF trans
actions when prices we're rising most
rapidly. and altogether the market
In general 1t continued the process Of
establishing itself at the level Of the
advance made in tho past few days,
and ite prevailing character is shown
by the fact that representative average
prices at tho close we're the highest
reached since the reopening Of the stock
Exchange. The further gain was owing
chiefly TO the rising strength OF rail-
road shares. which continued TO enjoy
most favor by purchasers and crept UP
gradually during the session.
In the lato afternoon the NOV emen;
Of the rails became more aggressive
under the leadership Of Reading. Trad
ing shorts were driven to cover and
some fresh buying for the long account
was induced in quarters where some
thing in the nature OF an extensive re-
action had been awaited. The increased
confidence OF speculative sentiment was
again exhibited by the course OF non
dividend paying issues like New Haven
and In the markets evidence Of absorp-
tive capacity furnished by the resist
ance offered to persistent foreign l.qui-
dation II there was any other pressure
except in the nature OF proht taking by
traders II VAS not apparent.
The industrial department was steady
and IN some directions quite frrn. bat
II was less prominent than the rail
road list and some OF the specialize,
were at least moderately heavy. Thi:
was normal development in proper.
tiun. as standard rails and industrials
tended to attract more attention. Bonds
maintained their tone Of renewed firm
ness communicated from the aspects o'
more speculative securities. but business
In bonds did NOT pick up materially.
wall street seemed for the most part
to "oucern itself Nth tho indication,
Of the stock market itself than will
external considerations ~ marketwis'
bearing There was the usual amount
OF gossip and conjecture about the por
tcnts of the war si-i their tokens foI
its termination this year, hut the guam
tity Of influence exerted over the spec
ulativc community by the kind OF peac,
talk which has been heard lately ha'
been exaggerated The weakness Of tn.
grain markets was attributed TO peace
conjectures. but II could not he sale
that the foreign factor in our fnancia
and commercial affairs has undergon,
any essential change lately.
variety Of routine matters OF mo-,
or less significance was included in tn,
days news budget. II did not cscap,
attention that the annual report OF tn,
American Smelling and Refining Com
pany stated that the output of copper
had been increasing since the beginnins
OF the year. Among the railroad re
turns for February WAS the Union Pa
cific's exhibit OF a gross decrease o
S33S. 0oo and a net decrease OF Sl6s.000
The report OF Rock Island lines received
notice FOR its gains of ss27. 900 in gross
and $4,000 In net. The statemen
was made that the management hlC
been able to operate the property las
month at the lowest ratio in six years
On the known movements OF money
very large cash gain is shown by tn,
local banks this week. Foreign ex
change was relatively firm. although
sterling bills shaded after an early ad
vance. Announcement vas made OF tn,
conclusion of the agreement for the is
sue here Of $4,000. 900 OF nine month,
. per cent notes of the Imperial Ge-
man Government.