The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-19
FINANCIAL NEWS
AND COMMENT
Railroad Shares Feature Of an
Active and Strong stock
Market.
READING LEADS THE LIST

Although the bulk Of the dealings In
a stock market OF Increased activity
were concentrated yesterday in a rela-
lively few issues. with Reading the lead
ing feature in a rapid advance TO the
highest price at which the stock has
ever sold. the session was characterized
by more substantial breadth than was
specifically apparent The tone OF the
sressivc strength In the rising descrip-
tons or Of underlying irnness In quar-
iers subjected to trading pressure. AS
\ result OF the day the average quota
lions for representative shares was car
ried to the highest level reached on the
recovery so far in the upward move
mcnt from The extreme Of decline last
month.
Excep, for the declaration that an
initial quarterly dividend at the rate Of
: per cent. n year ON bistillers Secur.-
ties. there was little or 10 news OF
marketwise bearing relating to tho OBJ
'im,stic inspirations derived from the
profits which trade and industry arr
NOtlII ~ Wv Hl'El 'tH
which Washington Is making in response
to the popular sentiment throughout
the country for measures OF prepared
ness figured In the bullish arguments or
the day. Also a due amount OF atttn-
ton was paid to the lesscning of re-
straints by the increasing conviction
that the immediate dangers Of inter-
national complications have been dimin-
ished by Germany's attitude. even
sf.4,.t, 4.,r r,S - lnt,y rnu.l.t
10 engage in acrimonious controversy
with Great Britain. The further impor-
tation IF gold on the now movement
from Canada did enter into the rcck
oning Of market factors. for there WAS
more disposition 10 infer from these
gold transfers or British, account that
they would facilitate absorption Of Al
ditional foreign liquidation OF our Sc
c~urities vn the rise.
Mos. OF Wall Streets stock market
consideration revolved round tho action
al Reading and the npward course of
! railroad stocks generally, The dealings
: IN Reading constituted about unc-Nfth OF
the days total and the stock ruse rs
though II belonged in the class Of war
! munition shares. just reaching 100 IN the
final dealings. A wealth OF rumur cir.
culated to account for its movement. hut
whatever may t%ranspire in the coisc-
quenco II was sufficiently explained for
t1u time being by the possibility which
has existed for years that some day the
Heading shareholders might heuciit 10y Il
distribution OF moro than ordinary iivi-
ionds.
Naturally interes; was engaged so eN-
tcnsjvely with Reading 1T the expense ..
! trading else where, but not ~ the ~
pense Of quoted values In other dl'ec'
tons. Norfolii and Western. In'ot
iarjiic. Eric and mJny other important
Stu,Ss Oh the railroad list furnished ~
ample body OF supper TO. lie adm
rise. willie advancing strength Wa dis
plsyed by General Electric and "thel
standard industrials. Nor wer, tU' IN
dUstrlaI speciilties Wholly la'N'nE IN i'''
lures Of strength.
The general markets iof',t."n 60 .
cd lin, leadership. wh.,h d.
t'urn.ial. was obvious. b.. not crt'"'l.
conclusive. NeVerth, .eSs there Wa Il
SUES rstior IN ne Reading n othc, rail-
road dealings y. more important malho
initiative OIL the constructive side than
tNe operations Of professional traders
and indeed the professional elemen: re.
?laircd somewhat antagonists, althous.
Il ,oa,eutfd itself with hesri>h 'Aieri'
m.'its among the Issues IN the wal
st.h category. Accompanying the do
't.bIl'l'lllr ~ NIA i'll'SN ~ -
was at expansion Of a~rtiNit! IN -
1onGs Of the so-cailed junior grade. in
Guiding various dehcntu'c and con
Nertible ISSUES.
Wal Street INDUCED largely hut With
Out much conviction in talk of a 't,-''
market There was no clear line -
cleavage 20 warrant Siica al at'TilItipn
and for that mater the Noluun" Of cur
rent contracting for military supple"
makes the financial community rain"
.eeptical II the immediate necessity a
~discour:,ng tho termination Of the Eti
ropean conflict. In the main the sesslo.
4uggested a degree of constructive II
for, based on thr large improvement
81 the technical, market position of re
cen, months and on the strength "
the general financial and business stu
alton. How much persistence viii ~
iach to the direction of such effort I
issues which foreign Liquidation la
hitherto prevented from adequate
measuring the country's prosperity re
mains to he seen, but sustained str-ugt
in the railroad quarter might r"tdil
conduce to a broader market. Tor IN
dus.rial stocks customar,ly follow IN IA
wake % the rails. although tn" c"ntrar