The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-23
FINANCIAL NEWS
AND COMMENT
Strength and Activity in
Stocks Maintained TO a
Firm Close.
TRADING r. BROADENING

Improvement in the stock market was
well sustained In yesterdays short ses-
sion. The aggregate OF dealings showed
an increase OF trading activity which
was rather evenly distributed. although
business vas a little more brisk in the
FIRST hour. when the price movement
was also more uniformly strong.
An interesting circumstance was the
broader character of the market. Spe-
cialties In the war order group. led
by Cructble Steel, made the most con-
spfcuous further advance. the prevail
ing speculative consideration being the
sHpAnsaon Of the military supply busi-
nsnD expected to follow any spread OF
- scope Of hostilities such as was
Dortended by Italy's rapid approach to-
Wafd participation In the war, with n
s~oaoonable probability that other coun-
tr1ss would be drawn In by her example.
AZ b same time q better appearance
~ given to no weeks resumption of
rtD1ng tendencies by the more agrees
Reading. Union Pacific. United States
Stool and the copper metal issues, al
though In the case of the Industrial
shAres In this category the speculative
Argument was more or less the same AZ
In the case OF the war order specialties.
Front taking made for some irregular
fty in tho last hour. IN there was in
the late dealings some uneasy selling In
spired by European dispatches sug-
sestive OF a public attitude In Germany
which might not indicate a concilia-
tory Berlin answer to Washington's as
sertion OF the rights OF neutrais. How
ever. the recession OF prices was slight
and reaction was stopped before the
chss. which was hrm In tone with an
extensive array Of rather substantial
rains for the day. Tho fact that the
laN hour selling was not heavier might
be as a sign OF a good deal OF
confidence in Wall Street that develop-
nents over the recess would not impair
the prevailing feeling OF hopefulness re-
earding the outcome OF the WASHINGTON
Berlin negotiations. The feature OF the
late trading was the pronounced weak
ness OF Rock Island bonds.
The weekly bank statement showed n
decrease Of s1o.6oo. 900 in loans and a
still larger contraction in deposits.
which. together with "A material cash
gain. resulted in a surplus reserve in
crease of more than So 600, 900. The
foreign exchange market maintained the
iirmness which developed in Il late on
Friday. but was too quiet TO be very
significant. Weekly compilations of
bank clearings showed that the gains
which recently appeared were being
kept up. Expansion In this city has
been the chief factor in this improve
ment. but more than the stock market
in TO account for II. as New York is
the country's commercial clearing house.
The week end stock market, with its
u~nmistakable speculative trend In the
direction OF recovery, was among other
things the partial consequence OF the
dulness and stability earlier in the week.
This was taken az "A proof OF restored
technical strength. while activities in
the field Of war supply contracts. to-
gether with the unprecedented weakness
or foreign exchange, notably for Brit
ism. French and Russian remittance. en-
phasized the optimistic considerations
which we're influential In Wall Street
before the sinking OF the Lusitania tenn
porarily threw the speculative calcu-
lations into confusion.
Occurrences in Italy and Great Brit
ain seemed TO argue for the increased
advantage OF American enterprise at
this time. but Il was manifest that In
important quarters expectation was
tempered by a very prudent regard for
the large uncertainties involved In Ger
any reply TO the demands submit
ted by Washington. A good deal OF
superficial hopefulness grew up in the
financial community during the week
in respect to this difficulty. and opti-
mistic sentiment helped TO promote the
stock market upturn. but II was NOT
apparent that there was any definite
basis in fact for confident conclusion.