The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-24
FINANCIAL NEWS
AND COMMENT
stocks React Irrcgularly. hut
Prices show Underlying
Firmness.
MOTOR ISSUES STRONG

I,cac,ionary tendencies characterized
the stock market yesterday. although the
reaction was manifested more conspicu-
ously in n reduction of the volume OF
business than in the price movement.
Tho first hour was Il very active period
of aggressive buying md heavy selling.
tho total of it's dealings comprising more
than n third Of the transactions for the
session. Thereafter trading proceeded
~ n slackened pace the course or
prices became irregular. Net changes
At the close made an irregular array
bu, the tone in the late dealings was
one OF sustained underlying firmness In
most directions.
hallway shares. under the leadership
of Reading and Union Pacific. continued
in the early forenoon TO attract most
attention. When they receded the rest
of the market offered less resistance TO
pressure but considering the liberal
profit aklng sales OF the last few days
the market might have displayed weak
ness without exciting surprise. PROBES
sional traders were disposed to contest
advance. even In the railroad list. but
their experiments with "A view to testing
the markets position were conducted
cautiously and were restricted to a very
limited scope in the afternoon when II
was evident that offerings of real stock
were not following prices down. The low
est average OF quotations was reacheu
AZ about the beginning OF the last hour
and partial recovery generally ensueu
when In the late dealings the group OF
motor stocks. including motor issues on
the curb. moved strongly upward.
On the whole the action or the
market had no more obvious signin-
canoe than attached to re~actionary
SYMPTOMS plainly ~foreshadowed by the
price movement and dealings OF the past
week. It still remains for subsequent
sessions to demonstrate the position
more clearly and disclose the trend OF
quoted values. There was continued
evidence OF an increased direction OF
interest to stocks. but the prevailing
mood was one OF observant curiosity
and buying was still deferred by the
laggard heaviness of influential issues
such as the copper shares. AS Tar as
concerns the new constructive enori
which has been evinced there was nc
token that il had been abandoned.
Peace talk waned noticeably. This
was one effect OF the declarations OF
attitudes given hy official Spokesman for
the Quadruplc Entente. The expansion
of the areas in which desperate ftghtlne
is taking place also discouraged ideas
of an early ending OF the war and more
notice WAS taken OF the ClTCuIilstdiNa
reports about the large supplemental,
contracts for munitions which have beef
and are being negotiated here. lh'
stock Exchange community at leas
was inclined anew to make Its calcula
tons on the lines Of a stubborn pro
longation OF the conflict and the specci
Of the British Premier. when the ad
ditional war credit OF 81 500. 000. 900 wa
moved in Parliament. emphasized an un
changed policy OF preparation TO provid
everything necessary for a protracte'
struggle.
Incidental feature OF the news o
marketwise bearing included the South
.rn Facilic's report OF earnings 70
= April. showing "A gross increase u
so1S7,oOO and a net increase of $500,
\ 600. II this return is representative IN
strength which the railroad shares hav
been displaying requires no other eN
PLANTATION. In the foreign exchange mar
. ket sterling remained unaffected by tn
" increased receipts OF gold from Canad
s and the most direct result of the net
gold movement has been to lessen re
!. s,ralnts on the purchase OF internAtiona
? stocks. Just as was the case last yea
Wall street looks on the shipment q
gold for British account a. PRACTICAL
provision OF funds with which I
facilitate the absorption OF Britis
liauidation 81 our securities.
An interesting development OF the da
was the vote Of the curb associatio
! Cor a more formal organization whic
= should surround the unlisted securitie
market with better protection for III
tho public than II has afforded in IN
mast.