The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-06-23
RAILS REFLECT BETTER
BUSINESS CONDITIONS
Transportation Companies Are show.
ing Better Earnings Prom
Month 70 Month.
RUssra,s DEFEAT SHOWS EFFECT
Causes Increased European Liquida-
ton Of American SecurisicS--COurt
Confirms onther Pacific Land
Holdings.

New York. June s2.--There was
suggestion in today's stock market
OF an important change from the
comparatively featureless sessions of
the past week or so. All this month
quoted values have been moving prac-
ticaily along one average level with
out significant fluctuations except in
few special directions Whether or
not any trend or tendency is develop
ing is conJecturai but by the close last
niEht there had been some indications
that constructive effort was engaged
on the side of rising prices, although
il stiit remains 10 he seen whether
ali the circumstances Of important
factors OF uncertainty viii permit sus-
tanned advance. ana the market is as
lnvaIneTsble &c depressing influences
as II has looked under the tests of
relative inertia.
While the trarsa ctl0ns seemed still
70 have their origin largely in pro-
fessional operations there were some
tokens Of . broadening ont Of the
market in the way which reailroad
shares were brought into the fled
Of interest
\ Convincing Operation.
Whether or not the diversion Of at
sention 10 the rails was wholly ex
rerimental and tentative il made the
underIyin strength ot stocks a little
more convincing Wall Street has
been feeling lately that stock ex-
change business was suffering some
what from too much specialization.
and IL the time Is right all the cur
rent revtvais Of activity in industry
as a result Of the stimulus which
foreign trade and the plethoric money
market is afforaing. together with nc
prospects Of further expansion en-
phasized by excellent crop conditions.
deserve some reflection AZ least by
way Of anticipation in stadsrd shares
especially the railroads.
An impulse TO parchaS SEES in the rail
road group by the Supreme Courts
confirmation of the Southern Pa
c8fic i'm its ownership of valuable
lands in Oregon, but more particularly
by the Baltimore and Ohios report
NJ "a ruings for MAY, showing gross
increase Of s544.nn0 and net in
crease Of sl.247 600.
Russia's Defeat Has Effect
Canadian Pacific. which is more q
foreign than domestic stock. liz an ex-
ception ta the general course
Of railroad issues. 1t seems to be
affected nv selling from abroad. and
indeed the strength with which the
stock market opened all around was
quickly overcome in the forenoon by
he sales which had the appearance
~ more than local profits-taking
Bearishly disposed traders insisted
that European liquidation had come
N because Of the defeat which Rus
STA was sutain!ns in the war. ind
tried To argue that the military po-
~stion was taking seriously adverse
turn.
The sterling exchange market lard
enea enough tn warrant the inference
that some British ceiling Of our sc
ssIrities wae soirs on and there may
be enough Of this lidutdation for o
title while 10 provide slime correc'
tivea for exchange
Routine news included the declara-
ton of a dividend on Anaconda Cop
per at the rate Of ~ a YEA, an incease
form 81 year. and q plane of the dis
tribution Of 2s per cent stock 6tvt'
den OF New Jersey Zinc. another
event IN the catagorv Of windfalls OF
fortune which war business has beer
frfnfnE tn American INDUSTRY.
NEW YORK CoTvroS MARKET.
frrurnished nv MILLER q Co.. Brokers
Richmond, Val
New York June 2a-lirerpnof CAM