The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-22
FINANCIAL NEWS
AND COMMENT
War Order Stocks Lead in a
Display Of More Active
Strength.
GENERAL LIST Is FIRM

While in some respects yesterdays
stock market could not be regarded as
bearing any important and significant
relation to the dominant factor of imme-
diate financial interest It had features
which reflected the influences for i'm
provernent OF values that are tendine
perslstcntly to assert themselves against
factors OF restraint. That the upward
movement Of prices was a, speculative
experiment goes without saying. but
the trend OF stock market effort is a
circumstance worth noting. although
Wall Street as a whole could no; feel
tina the time had arrived for a dis
regard of reasons for prudence and
caution.
From "A very quiet opening and dull
early dealings the market expanded to
comparative activity. although the scale
Of trading was far from evenly main
tanned. Throughout the day the general
list was firm but relatively neglected.
Rock Island and Missouri Pacinc were
NJ least heavy, but the principal move
ment OF stocks vas among "A rather en-
tended array OF s%pecialties which rose
sharply under the leadership of issues
in the war order group.
Crucible Steel and Westinghouse ac-
counted for about one-third of the total
transactions OF the session and made
the most striking advance. II was mani
fest that initiative in them attracted
a following and proof OF the technical
strength which has been restored to
the market was furnished by the action
OF these and other issues. At the same
time rhe demonstration was not alto
gether convincing that the status OF the
list could not be readily impaired at
this time with so much important un-
certainty in the situation.
What went on seemed to be a mani
festat!on based In part on the technical
position OF stocks and in part on the
trading restlessness ~engendered by the
recent brief interval OF stagnant sta
bility n the recollection OF the re-
markable rise in April. The close was
unquestionably strong. with the days
leaders at the best figures.
1taly's entrance into the war seemed
TO be taken for granted and Wall Street
made use OF II to argue in behalf of the
upturn In stocks that the spread OF
belligerency meant an increase of war
contracts here. For the rest the i'm
pulses for the bullish speculation were
fostered by favorable conclusions re-
specting the resolution of the pending
difficulties between Berlin and Washing
ton. The overnight character OF adj
vices In this regard was of encouraging
tenor. although the tone OF German
press comment was not in keeping with
the output of optimistic opinion. Late
IN the day reports of a cheerful nature
came from Washington. but the con-
% - 49, t.sA AV.N . - 49,
munity were not inclined 10 go too fast
or too far in assumptions az TO the
nature OF the German reply to the
Washington note n its
Meanwhile the foreign exchange mar
ket supplied additional evidence OF the
validity OF the arguments for a con-
fident view OF the future to the extent
that these ave been founded on the n
ternationaG ascendency OF American
finance. Foreign exchange has all the
week been STRENGTHENING the conclusion
that New York is being firmly estab-
lished as n world money market. al
though there are offsetting considera-
tons connected with the signs OF finan-
cial stress abroad.
Demand sterling sold down to AS.
the lowest level reached since the be-
ginning OF the war. Franc checks sold
rs high as j.fh, while sterling was
quoted at the remarkable price OF al
most &c francs in Paris. Later the ex-
change market steadied at some rally.
but II was manifest that the arrival OF
gold would be vastly increased before
long or else foreign borrowings here
would have to assume a different form
than they have been taking Possibly
the last named conjecture helps to ex-
plain somewhat the heaviness which the
bono market has been showing.