The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-20
FINANCIAL NEWS
AND COMMENT
Most Active Stock Market in
six Months, with Rails
Still Leading.
READING THE FEATURE

Dealings In stocks yesterday attained
the largest aggregate since the end Of
last October. Transactions expanded TO
about 1.250.0o0 shares in a somewhat
confused session, with violent price Nuc-
tuations and a very plainly discernib,e
amount Of conflicting endeavor. Tho
volume OF business was so large as to
suggest tho possible climax OF tho up
ward movement and professional TRADERS
sold for the decline accordingly. but there
was no apparent suspension OF construc-
tive effort OF a new kind which has come
into the market lately and has appar-
emily had the sanction. IL not the as
sistancc, of important interests.
Realizing sales were Enthusiastically
heavy and In conjunction with operations
for the short account sufiiced to make
prices set back In all directions. yet at
the close net changes were irregular in
stead of being uniformly reactionary.
Throughout the day. moreover. the list
ave a persistent indication OF underly-
ing strength even in quarters which were
subjected not only to trading pressure
but suffered from an vowed degree OF
speculative disfavor.
Il. ading once more contributed more
than n ffth 10 the total OF the days
business was again the central fea-
ture of advance. II was still supported
by prominent rails. and while foreign
liquidation affected the railroad list. alb
sorptIve capacity seemed to have in
creased In reasonable proportion to the
supply Of standard stocks from all
sources. In the afternoon coppers and
United States steel showed moro rising
strength than for many weeks past. with
a particularly large and curious turnover
In Kennccott.
Most Of the Industrial department was
under continuous selling pressure and
professional sentiment was 80 bearish
on the war order descriptions and kin
| dred shares, while commission house
| attitudes did 80 much TO "a
| shifting of commitments from industrial
specialties 10 the rails as TO cause wonder
that buyers for these offerings were
found. Yet in most cases stubborn re.
| sis:ance was displayed after recession
had proceeded at moderate length. Wall
street chatter was all about "A peace
I market" hut the explanation contains
so many incongruitieg and absurditics
as - he of no great worth as an In.
depreciation OF the market aspects of
the last few days.
The most valid conclusion that could
he drawn was that stocks had been
unduly depressed in relation Ia the en-
traord'nary scale of corporate earnings
and the strength OF the general financial
situation. and that something In the
nature Of "A rebound had been permitted
by tho diminished Apprehension of in
tcrua:ional complications which has ac-
, companicd German efforts to conciliate
neutral opinion. II has also become
more apparent that various requirements
might we'll lie met by a neN attraction
Of optimistic interest to tho stock mar
kct. among them the necessities Of for
eigI liquidation and certain needs OF
railroad nuance. Nothing In the devcl-
opmcn;s outside the market entered 20
any apTrcc;ab'c extent IN the activities
Of the Wall Street session.