The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-26
FINANCIAL NEWS
AND COMMENT
Industrials Strongest stocks
in the Market-u. 8. still
q Feature.
REACTION AT THE CLOSE

Toward the close Of the ma rket yester.
day stocks were suddenly subjected "a
heavy selling pressure which altered the
character Of the session by rather sharp
declines all around and the final tone
was heavy with irregular price changes
for tho day. The selling movement,
coming at the time II did ami following a
long stretch OF rather quiet advancing
nrnness. suggested a trading drive and
Old not seem to have much relation
either to the present position OF the list
or the trend Of quoted values.
The moro signifcant featuree Of the
day seemed to be the fact that the
volume Of business was sustained AT the
average OF expansion which has been
esta blished In the last few weeks. while
Il general rise In level of quotations has
been maintained on the whole despite
the daily direction of attention to the
liberal offerings Of stock encountered
whenever advance took place. These cir
cumstances suggest the recent entrance
INTO the market Of more important con-
structfvo efor than could be ascribed
to the operations OF the professional
trading element. even though the dealings
so far in the May upswing have involved
chiefly a professional anticipation.
Up to the late reaction the leader.
ship OF the list was asserted by Industrial
Issues. some OF the rails we're agrees
sfvely Arm. but notice was most en-
gased with the industrial descriptions,
ranging from standard shares to war
order speclalties. United States Steel
moved upward more vigorously than Cor
a long time past and exercised a ma
teridl influence over tho whole market.
u n Nu.- - "
comotive. Mercantile Marine preferred
and Industrial Alcohol we're among the
stocks of rising strength. but after the
early forenoon business IN all directions
tended to contract. Indications were
AFFORDED that buying was still deferred
BY the backwardness OF influential shares
notably the copper stocks. and many
observers were Of the opinion that unless
these issues should show distinct signs
OF improving general confidence In the
constructive side Of the list would no,
be expressed III any considerable public
interest in the market
When the late selling moN emsn,
turned stocks sharply downward its as.
r-cts as n trading were ar-
parent enough 10 call Cor no explanation
by the circulation OF profuse argument,
ranging all the way from the proln!.
memo" 80 peace discussions IN various
parts % the world 70 'he failure OF the
Baldwin locomotive directors TO take
any action on the om'nuu stock divl.
, dsnd. The approaching conferences n
the railway labor controversy were also
idduced So far a. regards peace pros.
poets there is no important body o!
opinion which regards the end Of the
European war as in sight. and 1t 's din,
! cult now 10 make possibilities Of peace
n depressing consideration. A. for the
railway labor difficulties there would
seem to be sufficient reason for bel!ev-
ing that they have been discounted.
Ono item of ne" did seem To ~ vi'N
the closing change III the stock market
This WAS the announcement by -hs
British Chancellor Of the EXch.qucr -.
a plan to tax incomes from American
securities IN British hands an extra II
per cent. Wall street would hs UuIt,
apt 20 jump At the hlSty conclusion
that this meant q large increase Of for
eign liQuidation of our stocks. but ron,
trary deductions are warranted. rhe
plan implies that tho British Govern.
meat has been unable To mobilize N,
American Investments Of British subject.
very rapidly Moreover, the stock mar,
EAt record is proof that foreign l,qI.da
tion does not tax abscrptiNe capacity
Tn. failure Of sterling exchange to rally
lately during tho opportunity aforie,
by tn" rise IN railroad stocks TO liqul
date British commitments IT, some uIea
sure Of the present volume ~ this liqul
dation.
Finals rho April foreisu trade state
meut comes to hand with an ample sup
pl.nl.ut of evidence OF our ability :,
tax" over our securities from abroad
Exports were - tritlc less than the re"
ord breaking tiguIcs for March. I'm
ports were = triilc more. An eNpor
balance Of Sls6.Sn".0U resulted. making
the balance for the last ten month
si.61S. 900 600.
Included in the days news bulge
Neye several brilliant returns of .Apri
a-nings by important railroad sys
tens. The Inion Pacific. for example
r,ported a gross gain OF about S21Sj, ooi
and A ret gain Of Sl,i23 Goa.