The sun., 1915-03-21
FINANCIAL NEWS
AND COMMENT
Another Strong and Active
Market for Industrial
Stocks.
REASONS FOR ADVANCE

Yesterdays stock market emphasized
the features which developed during
tho week Trading for tho short ses-
Tor a full day and in those depart
ments OF the market where there has
been a real movement OF prices a great
deal of strength was displayed.
New Haven was about the only rail-
road stock conspicuous for aggressive
flrmness. For the most part the rail-
road list and many OF the standard
industrisls were strong enough to be
called steady. but they were neglected.
Tho principal action was again con-
fined TO Industrial descriptions, al
though II was not limited to specialties
United States Rubber. National Lead
and American Can were among the Is
sues which responded to the upward
leadership OF Bethlehem steel. Good
rich and other shares in the eo-called
automobile group rose SHARPLY. Cop
per metal issues were subjected to
profit taking. but did not yield to pres
sure.
Bethlehem Steel was again the real
leader of activity. II sold early at a
new high price, making gain of
about ten points In two days. although
realizing sales caused a substantial re-
action before the close. A variety of
stories. obviously rumor or conjecture.
attempted to account for the course OF
tho Bethlehem Steel shares, but the
prosaic explanation Of very large earn
iugs to be shown by the corporation
In It's forthcoming annual report was
tho most acceptable.
indeed II Is the fact Of satisfactory
earnings and excellent business with
which a considerable number OF cor
puatons have been favored. as a result
of the special prosperity Of large por-
tions of tho agricultural community OF
in consequence OF war orders or both.
on which such bulltsh Developments az
have taken place in tho stock market
are based. Speculation has found a
quarter of the list in which there ;s
something constructive 70 discount and
repeatedly. ever since the Stock En-
change reopened in December, epecula
ton for the rise has been renewed In
descriptions Of this class.
While this speculation has not lacked
reprehensible aspects II has found rea
sonable and apparently attractive argu-
y
from particular business conditions. the
vast ease of the money market and the
immunity from the direct influences of
the war abroad. which is enjoyed by go
called home industry stocks that have
never had much If any foreign distr-
button. That there are qualifying con-
sderations must occur to the least re-
Elective observer. who notes the wide
disparity between restricted portion
Of the market and tho general run of
shares which constitute the bulk OF
tho list and represent in their aggre-
gate the prevailing character Of bust
ness conditions in the country and the
effect OF war and other factors thereon.
1t was after an interval of approach
toward stock market stagnation that the
fresh forward movement. limited as de-
scrlbed. got under way. Short covering
was only partly responsible for the new
upturn of quoted values. New buying
manifestly made the largest contribution
10 the advance. Nothing which was in
the budget Of war news during the weel;
seemed to operate against the optimistic
impulses which were expressed through
the share list.
Nor is II likely. unless the foreign ex.
change market is materially disturbed
to the disadvantage of our financial
nesition. that Wall Street will respond
can be construed as adverse to values
Throughout the week the international
money market moved, II anything. q
little more in our favor and gold imports
since the beginning OF the year were
Increased 20 more than $4,000, 900
March foreign trade figures showed that
another record breaking monthly trade
balance was accommodating.
Yesterdays news included the Gov
ernment report on last years Cottor
crop. This contained no surprise in it,
disclosure T q record yield by about
400, o00 bales, Cotton export statistics
show that shipments OF the staple have
heen or scale which was not believed
possible last autumn. The weekly hanl
statement exhibited loan increase o'
sIa 900, 600, but the flow OF cash to tina
city has been heavy and a gain OF al
most $4,000. 900 was reported in III,
aurplus reserve.