The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-23
FINANCIAL NEWS
AND COMMENT
Railroad Stocks Display Indi-
cations Of Advancing
Strength.
SOME FOREIGN SELLING

There were suggestions in yesterdays
stock market of an i~ncipient change from
ihc comparatively featureless sessions or
the past week or so. All this month
quoted values have been moving rracti-
caily along one average level without
significant fluctuations except in a few
special directions. Whether or moi any
trend or tendency is developing is con-
icctural. but by tho close last night
there had been some Indications that
constructive effort was engaged on the
side Of rising prices. although II still re-
mains TO he seen " all the circumstance
Of important factors of uncertainty will
permit sustained advance and " the
market Is ms invulncrable to depressing
Influences as 1t has looked under the
tests of relative inertia.
Dealings expanded n little further
along the scale OF activity and the trad
ing included both "A very apparent in
crease of selling in the forenoon and
the existence OF an absorptive demand
which held the share list rather firmly
and afforded a basis for some hardening
in the afternoon. with the final tone
fairly strong, although In the late deal
irCs the market was quiet. While the
transactions seemed still to have their
origin largely in professional operations,
there were some TOKENS OF n DTOluenlnH
out of the market in the way in which
railroad shares were brought into the
Geld of interest.
Whether or not the diversion OF at
tentlon to the rails va wholly expert
mental and tentative Il made the under
lying strength OF stocks a little more
convincing. Wall Street has been feel
ing lately that Stock Exchange bus!-
hess was suffering somewhat from too
much specialization. and II the time
liz right all the current evlva OF ac-
tivty in Industry as n result o. the
stimulus which foreign trade and the
plethoric money market are afrording,
together with the prospects of further
expansion emphasized by excellent crop
conditions, deserves some reflection. at
least by way of anticipation, In stand
hrd shares, especially the railroads. The
fact was commented upon that railroad
stocks made a bull;sn response to com
paratively little buying on the day after
the Supreme Courts decision against the
l+ackawanna coal comblnhtion, n de-
spite the disappointment OF the veto o.
the Pennsylvania full crew law repeal
bill Nor was there any obvious stock
market sequel OF unfavorable result
from the postponemcnt OF decision In
the International Harvester case.
An impulse to purchases In the rail.
road group was provided by the SUI
preme Courts confirmation of the South
ern Pacific In its ownership of valuable
lands in Oregon, but more particularly
by the Baltimore and Ohio's report OF
earnings for May. showing n gross in
crease OF s544.00O and a net increase
Of sl.2i7. 900. This advertised possibili.
ties Of a recovery of railroad trafiC
which had been almost forgotten. Also
the presentation OF argument In the
Western rate case furnished occasion
for the indulgence OF moderate hopes
that the Interstate Commerce Commits.
s!on's policy. which had been revised
heipfully for the Eastern lines, would
be applied in a similarly beneficial
way for the Western carriers.
Canadian Pacific, which is moro
foreign than a domestic stock. was Ar
exception to the general course of rail
| road issues. 1t seemed TO be affected
by selling from abroad. and indeed the
strength with which the stock marke'
opened all around was quickly over
come in the forenoon by sales which
had the appearance Of more than prom
taking. Bearlshly disposed traders in
sisted that European liquidation hat
come In because OF the defeat which
Russia was sustaining In tho war AM
tried to argue thai the military posi-
t!on was taking a seriously advers.
turn There was no important indorse
ment OF his view, nor was there an,
manifestation of %uneasiness over GU
W controversy with Germany. Ad
vices from Berlin, for that matter,
rather portended n desire on the par
OF the German Government to keeI
relations with us on a friendly basis.
An acceptable explanation for tn,
fresh symptoms OF foreign offerings o.
securities here was provided by the sue
oessful appeal which the new British
war loan seemed likely to make to tn,
patriotic purse In Great Britain. Las
autumn a considerable total OF Amer'
can securities was marketed here undel
disadvantages to supply the proceeds To-
subscription by British citizens to tn,
frst war loan. and some exchange o
investments is bound TO result from tn,
attractive terms OF the new bonds. tn,
owners OF which will have a call OF
any subsequent issue which Is put on
at a higher rate OF interest.
Sterling exchange hardened enough
10 warrant the inference that som,
British selling Of our securities wal
going on. and there may be enough O
this liquidation for a little while 4
provide some correctives for exchange
II is probable also that subscription
for the loan in Great Britain will pu
the Government in possession OF a con
siderable quantity OF gold agains
which the Bank OF England can OPP
crate in the international money mar
ket, The announcement OF the arrange
ment of a French credit through tn
Rothschilds on the collateral OF Ameri
can securities simply confirmed recen
authoritative reports.
Routine news included the declaration
OF a dividend on Anaconda Copper a
the rate OF two dollars a year, an in
crease from one dollar a year. and
plan for the distribution Of a ESQ pc
cent, stock dividend on New Jersey Zinc
another event in the category OF wind
falls of fortune which war business ha