The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-02
FINANCIAL NEWS
AND COMMENT
Good Business Done in Market,
but Trading Is Less
Exciting.
DAY GIVEN TO REALIZING

Yesterdays two hour session was a
relatively unimportant AFFAIR. A good
round total OF business was done. but
~1e sensational features to which the
financial district has become more or
less accustomed were lacking. Activity
continued In the industrials and particu-
larry In that group known as the war
stocks" and the market, therefore. still
presented a somewhat lopsided appear
ance. Westinghouse was again heavily
dealt In.
The day was given over to realising
and evening UP transactions and the
character OF the market during the
greater part OF the session was reac-
tionary. The fact Of the reaction and
the manner in which II was conducted
were on the whole satisfactory. There
were no big declines In the general list.
which in the main held up well. At the
close sharp recovery suggested that n
considerable amount OF strength has
been held in reserve. A few stocks OF
the speciality type. which have lately
been rushed up furiously by pool opera
lions. fell back rather easily. This
feature. however, was favorable in that
II Indicated healthy correction Of
speculative excuses
The news OF the day. what there was
Of II, did not exert the slightest infiu-
ence upon quotations.. As has been
said before, price movements seemed TO
be wholly guided by technical condi-
lions. The March statements OF the
big Eastern systems aroused some lit
tie interest because of the prevailing
impression that railroad earnings ought
soon to he showing the effect OF the
Improvement in business. The big de-
creases In gross reported by the Penn
sylvania and New York Central were
not construed as disappointing. II Is
known that the betterment has been
slow, but not less distinct for all that.
Other more M to date indications show
that II has been progressive and that
the pace now tends to quicken rather
than not
There were several important devel-
opments during the week which might
have made distinct impression upon
financial sentiment had not all consider
atlons been overwhelmed by a continu-
alton OF the furious speculation In in
dustrials. This movement centred upon
Westinghouse Electric and several other
eo-called war stocks and was carried
to lengths that surpassed anything since
the days of the wild excitement In
American Locomotive and Bethlehem
Steel. These spectacular advances are.
II Ia true. based on real orders for huge
quantities Of war munitions. The orders
arc admittedly highly profitable Never
theless. 1t may be asked whether the
extreme profit may not have been I'M
mediately translated into stock prices
and VIII, Their in this process specula, tive
excuses have been INDUCED in which
will have to be paid for sooner or later.
One constructive step taken last week
was the bringing out OF a definite plan
~ reorganization for the long harassed
Wabash road. The new plan appears 10
he drastic enough to satisfy any one.
and 1t was presumably on this feature
that the Wabash securities spurted en-
couragingly. The expectation is that the
plan will go through without important
delay and that there will be a new era
for the company. A second favorable
development WAS the successful arrange
ment for renewal of the Missouri.
Kansas and Texas notes The company
thus escaped receivership an alternative
which. in view Of the tremendous dim
culties now involved in such proceedings
and the prospect for a return OF gen.
eral prosperity. would have been pity.