Evening star., 1916-05-06
MARKET CL0SESSTRONG:
MANY GAINS SHOWN
Buying Is Free. But Rails and Cop
pers Are Again Subordinated
for Specialties.
Motor Shares, Mexicans, Oils, the
Smelters and War Stocks Fea-
tured the Session.

NEW YORK. May 6.-Today's strong
and exceedingly active market doubt
| less had it's ba sis in an increasing con-
| viction that the crisis with Germany
| had passed.
character. although representative
stocks were again subordinated to the
demand for specialties.
Mercantile Marine and United Fruit.
as well as the oils, motors and cop
,. pers. were most conspicuous in the
dealings, together with such war shares
as Crucible and Lackawanna Steels,
American Can. American Locomotive
and Westinghouse.
Gains in these various issues ranged
from to points.
Mexicans featured the final hour,
Petroleum making an extreme gain Of
over s points.
The closing was strong.
Opening Dealings Noteworthy.
Opening transactions in United States
Steel. Crucible steel and Mercantile Ma
rine were especially noteworthy. Unit
ed States Steers first offering was
block of 4,5o0 at s3s4 to s3A. against
yesterdays close of SO. and Marine pre-
ferred's opening consisted of $500
shares at SO. two-point gain, with
1000 shares of the common at maxi
mum advance of n. Crucible Steel, at
SO. showed a gain of az.
United Fruit. which was the feature
of yesterdays heavy dealings, with
gain of almost ten points. rose rs to
its highest price of recent years.
Auto issues were higher by to
points under lead Of Willys-Overland.
Studebaker and the Maxwells. Aside
from Lehigh Valley. Southern Pacific
and New Haven, which rose point,
rails were again neglected.
Profit-taking helped to reduce gains
before the brief session had gone very
cessions.
Demand for stocks was renewed on
broader and larger scale in the final
hour. Mexicans then attracting most
overnight gain Of s1s: American
Smelling also rose 2% points.
Total sales Of $4,000 shares were the
largest of any recent week end.
Week Irregular and Nervous.
Waiting on the German note consti-
tuted the chief feature of the irregular
and nervous week in the stock market.
Other developments of lesser impor-
tance included an expansion of domes-
tic labor disturbances, Improvement in
the Mexican situation and changes. po-
1itical and military, among the entente
powers.
When Berlins reply was finally re-
ceived prices broke with some violence,
but recovered with surprising vigor,
afYording ample proof of the markets
strong technical position The rebound
seemed to be based on the belief that
cessions to this country's demands. thus
staving of severance of diplomatic
relations.
1t was generally realized, however.
that the final outcome Of this pre-
carious situation rests with Washing
ton. where official opinion respecting
Germany's note seemed to be much
divided.
Confident Tone of Buying.
Wall street was plainly disposed to-
accept the situation in liberal spirit,
as was demonstrated by the confident
tone of the buying which followed the
publication OF the message.
Aside from demands of labor. some
of which were readily met. home con-
ditions lost none Of their high promise
of recent months. Leading transporta-
tion lines. including the Pennsylvania,
New York Central and Reading rail-
roads. submitted brilliant statements
Of March earnings.
The copper producing companies re-
ported unprecedented increases for 1915
and the first quarter of the calendar
year. and the American Smelling Com
pany increased it's common dividend.
In the stock market itself shipping
shares furnished the most conspicuous
feature, Mercantile Marines attaining
new high records, with later move
ment of Impressive proportions in Unit
ed Fruit. The activity and strength Of
these issues were accompanied by re-
ports of a merger or consolidation of
the more important American Marine
interests.