The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-16
FINANCIAL NEWS
And COMMENT
Broader stock Market De-
vclops with More Activity
and Strength.
STEEL AMONG LEADERS

Further strength was developed In the
stock market yesterday In continuation
Of the tendencies which were displayed
after the middle Of last week. There
was a noteworthy expansion OF activity
and a much broader range OF interest In
Tho dealings. Professional effort still
furnished the apparent bulk Of support
for the movement. although there were
again signs Of modest public participa-
ton and OF limited operations of = more
important sort. Explanations for tho
course OF prices and the character OF the
transactions were OF a curiously mis-
%cellaneous and diversified sort. That
the preparedness parade on Saturday
contributed to ar atmosphere or more
cheerful sentiment could hardly he
doubted. and sentiment is a material fac
tor In stock market reckoning. For the
most part tho action OF the share list
seemed to be the esponse to construc-
tive initiative permitted by a technical
position Indicated in recent weeks IN
the unwieldy growth Of a rather reck-
less short account which started In
the war order shares n extended TO
other groups and departments.
Leading features yesterday were pro
! V'0p0 Nv lIlulSNllal
classes. the largest advances taking place
in these descriptions. The greatest in
Nuence was exercised by the rising hrm-
ness OF rails like Reading. and stand
ard industrials like United states steel
even though advance in these directions
encountered checks. perhaps from Tor
c,gn LIQUIDATION. A good deal OF con
sentative suspicion that the market waf
put up to be sold with more or Iest
haste was exhibited. but oher1nss o.
ALI kinds Of stocks were Absorbed VIII
undiminished strength n the cio7s "S
strong all around.
The scepticAl accordingly wefe mo-
rewarded by the aspects Of quoted val,
ues, but everybody in the
community was not uniformly ready tc
dismiss from consideration the restrain
ing factors OF uncertainty from whicr
the market seemed to have frecd "
sel' for the time being. The adverse
possibilities Of Gcrmanyis submarine
warfare failed to obtrude themselves
on speculative attention, which more
willingly engaged itself. In the absence
Of any really disturbing news for s"N'
cral DAYS. with the daily advcr
tiscrnent by corporate earnings of tn
abnormal profits which are accrulni
to trade and industry. Mexican
difficulties are still put In the cate
CORY Of negligible quantities. Inc I'M
81 taxation schemes at Washington wa!
overlooked in the stock market esti
mates Of the implications OF the pre-
paredness campaign.
In general the prevailing speculative
argument Of the day was that neithe'
war nor peace was likely TO avail 10
the persistent depression OF securit!
prices. even though men OF ana.ri
ar. directing very thoughtful notice Il
, the establishments which must he' ex
pected when economic enterprise shift
from "A war to a peace basis. Create
superficial weight was attached to IN
official populations by British an'
French statesmen OF any desire 10 on
terrain peace proposals h To- tn
more significant fact that public me
in all the bclligcr.nt countries are talk
ing at considerable length about peac
oven if only to deny Its imminent pos
sihility. This Of course is somoth!nI
that speculative Wall street Nigh. no
readily perceive. and indeed the hurdeI
OF stock market mme Yesterday wa
chiefly about the tokens OF "A dcsnernt
proionGation Of the European conflict.