The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-25
FINANCIAL NEWS
AND COMMENT
stock Market Makes Further
Advance on Well Sustained
Activity.
HEAVY FOREIGN SALES

Quoted values In yesterdays stock
market made a further response to the
influences and impulses for Improvement
which began to make themselves mani
fest at the outset of the week. Total
dealings were in practically the same
volume as on Tuesday and although
toward the end of the day the additional
advance was not fully sustained the mar
kct lost zone OF It's appearance OF n
broadening investment and speculative
movement which might he carried to still
greater extent subject to checks and re-
actions.
Railroad shares were again features
OF the rise. u token of the impression
which has been mad by the more favor
able turn of political attitudes and by
the control which the railways have
gained over operating expenses. Stand
ard industrials were no less strong. but
specialties were more affected by reallz-
ing. The average OF prices was raised
to the highest level reached In January
and a large variety OF issues sold at the
best figures since the reopening OF the
Stock Exchange.
In the afternoon the pace OF trading
slackened and there was a more obvious
recession on profit taking. the expansion
o. foreign liquidation and trading efforts
on the short side on the theory h a
some general setback was In order after
such rapid progress OF betterment. Re
cessions Of a point or more from top
quotations took place In some of tho
leaders before the close, but the list
was still left with a substantial gain. al
though net changes made a somewhat
irregular exhibit.
An important and interesting elemcn.
in the transactions was furnished by the
increase Of foreign liquidation. Estl-
mates OF the aggregate OF this selling
since the opening OF the week we're prob
ably exaggerated. but there was no ques-
ton that II VAS substantial in amount.
In various directions prices were car
rled TO or through the level OF the Lon
don settlement of July - last. which was
enough to bring in collateral from loans
tied up ever since that period. Further
more. the strength of prices. combined
with the low foreign exchange market.
was bound to stimulate foreign selling.
The fact that the market displayed
so much capacity to take these offerings
at advances could not he otherwise than
favorably commented upon. II has 20
be recognized that securities ~liquidated
by Europe must not only he taken by
the market but must be absorbed. and
the process can hardly fail TO influence
the price movement from time to time.
Nevertheless, our situation has been
changing vastly in the last few months
and there are weighty economic reasons
why the return OF our securities from
abroad should he welcomed. The greater
firmness OF sterling exchange during the
day suggested that the fresh opportu-
nifty for European liquidation OF stocks
here was operating 10 relieve some OF
the strain which the exchange market
has heen showing.
II was not obvious that any new ron
siderations entered into Wall Street &C
~tivities. The stock market gave evidence
that the principal causes OF developments
therein We're the momentum which II had
gathered lately and the more or less
public reply ELECTED by the markets al
vertisement that constructive factors as
well as d. structive forces were presen,
in conditions now and that these were
operating on n very strong technical
position represented by relatively low
prices for stocks and a comparatively
scanty supply. except such as might bc
brought out by the inducement of rising
quotations.
Peace talk OF orc sort and another
was heard in numerous quarters. hui
Wall Street as a whole was not greatly
persuaded by it. Ideas about the early
termination Of the war by diplomatic
processes do not NJ with the persistent
placing OF orders for war supplies. MOI
with the increasing aggressIveness Of
military operations. II is OF more con
sequence that the minds OF bankers are
engaged with negotiations for the promo
ton of short time loans here for foreign
borrowers. This will assure a persisten'
export trade and provide influences FOR