The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-27
FINANCIAL NEWS
AND COMMENT
Higher Prices Due to Week
End Evening Up Here
by Traders.
STRENGTH IN MARKET

The usual week end evening up
process by the professional and semi
professional element undoubtedly ac-
counted to a large extent for the higher
range OF prices in the stock market
yesterday. Developments OF the past
weak and the evident indisposition of
the stock market to move out OF its
nut have been suth az to encourage
bearish operations and the market was
probably suncrfcially ovcrsold. Never
theless. the trend of the news. both
general and financial, was of n nature
TO accelerate this movement and per-
haps to create n little speculative IN
itiative on the long side. At any rate
the volume OF dealings expanded notice.
ably and the market displayed greater
strength than Il has for some days.
Tho reports of military events on the
eastern front was an influence calcu-
lated 70 promote a moro cheerful feeling
no less because Of it's anticipated effect
uDon European financial circles.
OF individual features Reading was
most prominent. with n rise OF nearly 3
points. which put the price above $50,
az compared with 143 earlier in the
week. The second preferred was also
higher. The move in Reading was
spoken of as a drive against the short
interest. but the heavy volume OF trad
ing suggested that a long position OF
some size was being formed. There wa,
nothing to show that the movement OF
Reading was essentially different from
many similar movements in the past.
but its Importance lay in the fact that
Il %coincided with strength In the stand
ard rails generally. In fact for some
little time past there have been evil
dences Of an increase in speculative In
terest In the railroad shares, and it Is
moi impossible that the in
Reading Ia to some extent a result or
THU development. The week ends with
. rather general exhibit OF substantial
net gains in the railroad list. Steel
common rose easily on a comparatively
small turnover. There was again heavy
liquidation in Rubber stock. forcing the
price to a new low point.
The publication Of the details Of the
plan for reorganizing the a OF
the Missouri Pacific system made a
favorable impression everywhere. Mis-
souri, Pacific got down to I on scattered
selling. but there was no sign OF real
disturbance on the part OF the holders
Of Missouri Pacific securities at the
prospect now facing them. The plan
In admittedly a drastic one. but drastic
action has been looked for, n X the
proposed plan has taken some people
by surprise the financial community az
a whole has recognized all along that
the only chance Of a real and early
rehabilitation Of the property lay in
some such piece of financial surgery
as has been undertaken.
The stock market during the week
was still a waiting one. In a broad
way it showed no definite trend at all.
But the strength of the speculative
situation was exhibited in just this
ability to await calmly n confidently
the outcome OF the critical situation
between this country and Germany
and certain other purely financial prob
lens such as the state of affairs In the
exchange market. II these matters
have been a retarding influence upon
speculative initiative they have at
least furnished no incentive for liquida-
ton Of important character. The out
standing feature of the markets Is still
the undercurrent Of bullishness on the
part of the public which is manifested
on all reactions. There was a certain
amount of foreign liquidation OF stocks
here last week. although probably not
nearly 30 much as has been estimated,
since II is against bonds that the new
British financing and the exchange sit
uation hear so heavily. The manner
in which this selling has been absorbed
10 . matter for congratulation.
While there was "A lack Of sensational
features to the financial n business
situation in this country last week there
were many developments Of a kind TO
encourage sentiment. Business IL still
characterized by improvement. Trade
In indeed irregular. The weather has
been a handicap and some lines rom
tinue slow. Nevertheless one Of the
principal trade journals reports that
tho tide OF returning prosperity IL
gradually rising, The steel business Is
making good progress. as testified to by
a greater firmness of prices. Crop con-
ditions are excellent and the influence
Of his one fundamental bull factor ID
slowly but surely helping every branch
Of business throughout the country.
Better business Is reflected in railroad
earnings. The Baltimore and Ohio and
Atchison reports for May published last
week made a really remarkable show
ing, both in gross and net, indicating
that n general revival In the railroad in
duatry In probably not far off.