New-York tribune., 1916-04-28
MARKET NEWS
AND COMMENT
Railroads Advance. with
Strength Sustained to
the Close.
WAR STOCKS TAKE
SECONDARY PLACE
Possibility of Extra Dividends
Outweighs Coming Crisis
in Labor Dispute.

With display OF sustained
strength such as has rot been seen for
months. the railroad list advanced yes
tcrday. beginning 20 rise in the morn
ing and closing strong. Dealings ex-
pandcd again TO upward of 100000
shares and the whole market improved.
The war group though first to start
upward after an irregular opening.
was less conspicuous than the railroad
and the copper stocks.
Norfolk < Westerns extra dividend
assumed more Importance on over
night consideration. Other roads that
were earning much more than their
dividends were called to mind and
in some instances discussion Of the
possibility of special disbursements
was followed by prophecy. Union
Pacifc's March statement received more
attention than such reports Of in
creased earnings have had Of late.
Gross was up nearly s2,500,00O and
net more than sl,5O0.000. Baltimore
& Ohio for the month showed net
smaller than the year before through
large expenditures on maintenance, but
a good gain in gross.
Union Pacific started with railroads
on their upward movement. making
marimum gain OF more than points.
Reading in the late dealings was par
tcularly strong and ended up more
than 4 points. Among the other car
riers woins Of /. and 3 points
were common. Even issues Of roads
still struggling in receivershlp sd-
vancod in spite OF the fact that II Is
the weaker lines which will feel the
burden most should the dispute with
employees, soon to come TO a head, re-
suit in the expected addition 10 eX-
penditure for labor.
There have been former efforts 10
turn speculative interest into trans
portation issues without lasting sue
cess. The continued liquidation from
abroad. the greater speculative attrsc-
tion of the war stocks. have kept the
rails in a secondary place. Whether
Yesterdays effort coming just al the
time of negotiations between the roads
and the unions will accomplish more
remains TO be seen.
In the afternoon a number OF the
copper stocks made good improvement.
The metal is selling for nearby dellv-
cry At 30 cents and better, and princi-
nal producers have disposed of their
OUTPUT for months ahead. Recently.
however. good news from the copper
trade has found little more reflection
I'm the security market than improve
ment in railroad earnings.
Yesterdays market expressed moro
confidence in the adjustment OF diff
culty with Germany. which last week
had seemed so threatening. Previous
periods of tension have passed without
a break and this naturally has made
many quick to seize on such favorable
signs as publication of the detailed
statement Of our attitude toward armed
merchantmer and the conciliatory tenor
Of dispatches passed by the German
censorship. In Mexico no further
trouble with the authorities has fol
lowed the suggestion that our troops be
withdrawn. and for the time this source
of trouble too is being forgotten.
There was little relaxation OF money
rates. call loans again renewing az 2'2
per cent with 2A the low figure. EX-
change on Paris continued 10 rise and
release of more than Sl9,0OO,OOO oy the
Bank Of France in gold indicated that
apparently under way. The Bank OF
strengthening francs in London, were
apparently underway. The Bank OF
England. however. gained less than
S5.O0O,0O0 in gold during the week.