The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-30
FINANCIAL NEWS
AND COMMENT
0eneral List Moves Negatively
in View Of Pending De-
v%elopments.
SPECIALTIES ARE STRONG

Securities. outside Of n few specialt,es.
moved In a somewhat negative fashion
yesterday. as might have been expected
In view Of the portentous political and
labor developments overhanging the
stock market.
At the opening the market displayed
. somewhat irregular tone aud the tend
ency Of the general list was a declining
one. In such sp~ecialties as international
Mercantile Marine common and pre-
ferred, ntstillers Securities n Maxwell
Motors common. where activity was
stimulated by pool operations or by
short covering. there was no disposition
toward a reaction. and In some OF these
issues new high prices for this or any
cast movement were registered. The
fact that the turn over In four or hve
Issues made UP so per cent. Of the days
total transactions in stock Is an indica-
ton that yesterdays market was a mar
row one. Such standard issues as Read
ing, United States Steel. Union Pacific
and Southern Pacific moved sluggishly.
In conservative circles there was con-
adorable expression OF disappointment
NJ the failure OF the railroad stocks to
iSontinue their upward movement.
AZ the session progressed a hardening
lof prices became evident. whether this
was the result Of operations to help
along the activities in certain special
ties or the result OF real buying was a
matter OF divided opinion. The turnover
in the standard stocks did not indicate
that the latter was true. though the
fact that many Of these issues held well
on a day when proit taking might be
expected in view Of their rise earlier In
the week vas reassuring. In some circles
the feeling existed that a quiet selling
movement In some Of the standard issues
might be under way under the cover OF
the advance in some OF the more buoy
ant s~pecialtles.
A further advance in the price OF
bar silver both here and in London i'm
parted strength 70 the shares Of some
Of the smelling. refining and silver COM
panies. but the copper stocks were rather
IRREGULAR, and certain Of them. like Ana.
conda, developed reactiumaiy tendencies
Bonds were quiet and irregular. the
Only exceptions being the ~Internat!ona
Mercantile Marine 4hs. Distillers Secur'
tiles IS and United States Smelling. Re
fning and Mining IS. which kept pace
with the advance In the stocks Of theii
their respective companies.
Favorable March railroad earnings
continued to make their appearance
those of the Reading especially demon
otrAting q striking Improvement Owe
the return for the same month a yea
ago. The company reported a surplus
for the month Of $1,927.670 as compared
with only $633.846 in March. 1915. Will
for the nine months ended March 3
Reading showed a surplus Of sl2.364.
l0A. . gain Of S~7.470.6sl over the CORE
spending period q year & Canadia'
Pacific earnings were also satisfactory
That system showed an increase in ne
for March Of $+4s.3l5 and for the min
months . gain Of 11.664,+30.
Tho bank statement showing tn
Clearing House members actual condl
tion Indicated q decrease in the surplu
reserve from the previous week of 81,
.Oel,6l0 and a decrease OF $1s.27l.00 !
loans. Reserves In the banks ow
vaults have fallen of $5.l0s.0 900 and ne
demand deposits Ia decreased SCI $50,
600 when compared with those Of tn
week previous. Tho average surplus
now SOC, 1881, $50. which compares wit
1l7o.27s.5s0 In 1915.
In the foreign exchange market stoc.
holm checks sold at the new high recor
Price Of $685. while Italian lire check
continued their advance. Marks wer
slightly ilrmer and francs FRACTIONAL
easier.