The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-28
FINANCIAL NEWS
AND COMMENT
Stocks Show Strength IN q SEES.
sion Of Professional
Trading.
MORE GOLD FROM FRANCE

While IN wan STREET there - . visw,
to which me underlying hrmnsss OF
quoted values lends itself. that the stock
market has discounted the most un-
favorable outcome Of the Washington
Berlin negotiations. yesterdays Stock
Exchange session was characterised. -
on preceding days lately. BY an utter
absence Of any ush to buy listed shares
before the prevailing uncertainties Of the
international situation are moro den-
niteiy resolved. The financial district
has been awaiting the clearing away OF
these doubts with . good deal Of conn.
dence, but II has been for the most par,
quite content to abide events, recognix-
Ing possibly that the d%iscounting process
would have to be done over again II the
share list were put prematurely in &
condition sensitive to Developments con
trary to the prevailing expectation tina,
the German answer to the recent wash
inston note will be c~oncil!atory.
Al the same time professional traders
continued yesterday to operate on the
constructive side Of the stock market
They were assisted somewhat by the
conclusion which seemed to have beer
arrived at over night respecting the
episode OF the steamship Nebraskan tha,
no matter what had lone the damage
whether q mine or torpedo. the forth
coming German statement to Washing.
ton was OF paramount consequence
For the rest the fact that stocks on
Wednesday had yielded only moderately
to the unfavorable possibilities Of the
Nebraskan AFFAIR and had evinced a to-
tai lack OF liquidating pressure was In
terpreted as convincing proof that stocks
were sold out around the present level
OF prices.
With the professional element nothing
cunts much In comparison with the
technical position OF securities. and or
the further indications afforded yester.
day speculative effort was naturally
directed to operations for the rise
Whether the dealings were OF any
greater Importance was not obvious.
Indeed. the session. while not altogether
dull. was quiet and the market was 90
lacking In breadth that It could hardly
have had much Significance except as a
token OF the apparent line OF least re-
sistance for the price movement
A variety OF Industrial descriptions
monopolized the bulk OF the trading and
oih Suosthitidi BdlHS WeTe mhue. In
general the tone OF the market was nrm
to strong all around and the persisten,
weakness In Missouri Pacific and Rock
Island securities was only an unin.
fiuential exception.
The news of particular bearing was
not a p~erceptible factor in the Wall
street reckoning. The Baldwin Loco
motive common stock dividend was post
poned. but the recent buying Of these
shares has been based not on tho regu-
lar business Of the company but on it,
participation In war order contracts.
Most OF the railroad returns reported
for April We uld have been rather de-
pressing II the financial community were
not looking ahead to changes for thu
better. Union Pacihc's gross decreased
more than $500. 900, while net decreased
more than $500. 900. The Southern Pa
cifc reported decreases Of $4,000 and
s426. 1000.
Owing presumably to the effect Of the
supporting operations In which banking
interests here have engaged lately the
foreign exchange market exhibited in
creased stability. Sterling exchange
hardened and French remittance waA
lively strong. Announcement OF the re-
celpt OF 100000 more gold from France
seemed TO come as something OF a sur
prise. though there had been no APP
parent reason for s%upposing that the i'm
portations from Paris would cease.
Financial conditions In Europe are such
as to make II certain that our receipts
Of gold this year will be phenomenal.