The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-20
FINANCIAL NEWS
AND COMMENT
Activity Displayed by Indus
trials-Bethlehem Steel
Leader.
COPPER STOCKS STRONG

Wall Street had yesterday another
such market OF one sided strength a. IL
has had on several occasions In the last
three months. The so-called general list
Of standard shares was absolutely inert
for the most part. The movement Of
pricee was almost wholly in the indus
trial department, whore the copper metal
groupd divided honors with a miscellane-
Gus array OF stocks more or less entitled
TO the description OF speclalties. The
upshot OF the dealings was a return 10
about the maximum volume OF activity
In recent weeks and an assortment Of
substantial gains by a large number OF
shares. The closing tone OF the market
was strong. but few among the stocks
which sti1 constitute the backbone OF
the list despite the favor nov extended
to speciaities were more than fairly
steady throughout the day.
New buying was evident, but 1t did
not extend to rails and to some OF the
standard industrials. There was In them
ONE desultory short covering. but pur-
chases were directed TO the stocks In
whlch there was some sign of movement.
SO marked was the contrast between the
old n new quarters OF the market that
II was again said in Wall Street COM
ment that the market following seemed
TO be selling dividend paying issues In
order TO shift the proceeds into nom
dividend payers.
To some observers the features OF the
session seemed to advertise too much
special prosperity and too little general
prosperity In the country's business, but
adverse critics OF the dealings were not
numerous. II Is not altogether mischie-
Ut
somewhat exaggerated speculation in a
Nn,ted class OF securities. Such activi-
ties in themselves testify to the exist.
ence Of a spirit OF enterprise. and this
Is what the country has TO count upon
TO get trade and Industry moving for
ward again. For the rest there has
been "A basis Of fact for all the rising
strength in particular portions IF the
share list. In most cases excellent
earnings for u PARTICULAR Reasons rave
been creating Increasing eduit'es foi
such corporate shares as have improved
Wall Street Is hardly exchanging sea
soned securities. which Offer nothing
better Immediately than a good tnteres'
or dividend return, for securities hold
ing OH, n prospect cf speculative prof.
even II at times tho market has looked
as though sorne such process were COINS
on. Nevertheless the phenomena or re
cent speculation. ever when II has pres
ent exaggerated aspects. have not beci
wholly re~prehenslble, This. however. Is
not the same thing as saying that th'
financial community as a whole feels IN
clined to cut bose from the restraints
which war factors and some adverse
domestic influences impose, Such mar
kets as Yesterdays only incline the
conservative element to take still more
cautious views of the position or quotet
values.
The copper metal group provided IN
most effective leadership for u a ris'
as took place. The explanation for thu
movement OF this group was afforded by
the rising strength OF the market Tor I'M
metal. but Il remains true OF course ina
curtailed production Ia more mar partlN
responsible for the price level or copper
In other directions bethlehem Steel va
the leader OF the list. II made an ex
,rerne advance OF moro than hHe po.nt
to a new high price and had a more OF
less ~salvanic effect on speculative i'm
pulses. Il would seem as though Beth
lehem Steel shares werc certainly get
ting INTO n position where eomethinf
mus. develop to furnish n justification
for their rise.
From the opening OF The market wal
street ignored the reduction OF LondoI
minimum prices TO the New York level
and indeed there seemed 10 be no ad
verse result from -he London price re
vision. The announcement OF engage
ments aggregating 1000, 900 more gol'
for importation from Ottawa, MAXIM
total imports Of about 500, 100000 70
the year so far. was added 70 tho con
s,rurtive arguments which the stool
market noted.
In other respects there was 10 par
ticular news hearing on values. Foreis'
exchange. with the exception of German
remittance. was rather weak, tn
known movements Of money indicat
a large lash gain by the local banks hi
week, and lending rates on collateral
security We're quotably lower. The recu
lar quarterly dividend was declare
on the New York Central shares, Their
was no novel information in the Unite
states Steel Corporations annual report
The essential facts OF which were mad
known with the publication OF the las
quarterly statement,
Advices from abroad or from Washing
ton did not Introduce n fresh clemen
of unsettlement into the Wall Street sit
uation.