The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-04-26
EXCITEMENT.
OF Street SUBSIDIES
Influences Working for Improy eImeni
in Stocks Gaining, Not Losing,
Effectiveness.
CHECK is TEMPORARY ONLY
Rock Island Receiyership Caused No
Particularly Pronounced Reaction
airy Sympto,ps--Shaking Down Re-
garded as Beneficial

New York. April 25.--The Sun to-
morrow In it's review OF the financial
situation will say:
If the stock market had been
placed in a parti ularly vulnerable
position by the rise in prices In a
broad scale of trading activity such
as has not been seen in years. 1t might
well have displayed decided weak
ness last week. AS 1t was, the reac-
tionary symptoms which appeared
after the announcement of the Rock
Island reCeivership were not partic-
ularly pronounced, end all the in
dications of the market were that
constructive forces which have been
controlling 1t, or its 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 SELL
ing to operations for the short ac-
count 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 had carried II.
A Wholesome Sign.
a wholesome sign was the subsid-
ence of feverish excitement and, while
an unmistakable check was admin
istered to the movement Of quoted
values by the Rock Island receiver
ship episode, by the considerations
connected Herewith. and by the
bearish operations which II inspired,
very reasonable doubts were ex-
pressed by discerning observers If
more than a temporary check would
be sustained by the share list. or If
any setback which occurred could go
very far. The influences which have
been working for improvement in
stocks and In general business are
not losing but gaining effectiveness
as time goes on. If the stream of
tendency in the stock market Is for
word, as II seems to be. trading per-
formances against values cannot pro-
duce much impression, and they most
certainly cannot alter the 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 ses-
sion in the bullish period which
Wall Street has been having, and
turned out TO be volume day" for
the time being. A variety OF circum-
stances combined to call halt on the
rise, but a halt was timely anyway.
Other Elements in Situation.
1t would not be fair to say, though,
that the Rock Island recetvership and
related matters dominated the Wall
Street situation last week There
was market-wise news in other quar-
ters. such as the strong advance In
the price of copper metal TO the level
OF 1s cents a pound, and above, the
further dissemination of facts about
war orders which are being placed
with American concerns, and the re-
uewed weakness of the foreign ex-
changes. 10 furnish reminders OF the
persistency of the forces contributing
to the improvement OF volumes and
values not only In the securities
market but in the general business
field,
On the news of the Rock Island re-
ownership, and indeed In palpable an
ticipation of IT, there was a large
amount OF nervous profft-takfng in
stocks caused by apprehensions that
the receiverships would deal blow
which the price structure could not
endure without collapse. Very pos
sibly the Rock Island bankruptcy and
the suggestion that others we're i'm
pending In the railroad world broke
the continuity OF puilisH sentiment
and action. but it does not follow that
interruption will be prolonged.
So far as actual reaction was con-
cerned. the. week showed less of III
In prices than in the volume OF deal
ings, Long accounts were not easily
shaken. and the disclosures of a can
vass of the commission houses I'm
piled that the technical strength of
the market had not been appreciably
impaired by the remarkable expan-
sion of trading while prices were ad-
vancing 1t WAS n reasonable pre-
sumption that prices were much more
sensitive at the new level than they
were two months ago. but there were
no signs that the market was likely
To have anything more than shak
ing down which would be beneficial.