The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-02
FINANCIAL NEWS
AND COMMENT
Stocks still Inactive, but Dis
play a Good Deal Of
Firmness.
RAILROAD SHARES RISE

Although there was no stock market
change yesterday In respect to an in
crease Of activity. the total Of trans
actions being maintained at about the
average Of recent aggregates. there was
a continuation Of the display Of anima-
ton in special quarters which has char
acterized the dealings lately. At the
strength In practically all directions with
a good deal Of advancing aggressiveness
In some descriptions. Except for q lit.is
early heaviness when selling pressure
was applied and resisted at slight de-
clines. the market throughout tho day
evinced underlying stability which
proved somewhat disconcercng to the
professional trading element
The theory that the market must await
some moro definite line on political de-
velopments. especially the results OF tho
Republican national convention. having
been generally accepted by tho trading
community, professional effort inclined
toward lower prices with a view to
forcing action on the downward move
ment, since activity seemed to v been
arrested or the advance. Yet trading
initiative. with the advantage OF assis-
lance from conjecturally adverse news
such as the t~hickcning or the Mexican
mess. the new stages of din1culty ar
rived at In labor controversies and the
like. did not find the trend Of quoted
values toward decline.
On the contrary. h endeavor seemed
to provoke some constructive operations
suficient TO discourage bearish expert
ment and induce some shift OF trading
operations to the long account. The
leading feature Of the day was the ris.
Ing leadership asserted by. railroad
shares headed by Norfolk and Western
with support from stocks like IehiGh
Valley, St Paul. Great Northern and
| Northern Pacific. Norfolk and Western
made Q lArge advance to . now high
hgure. The course Of railroad stocks
seemed 70 imply confidence that the
conferences which avs started In the
railroad labor controversy would have nc
disturbing outcome. Incidentally the re-
markable rate Of Improvement In rail-
road earnings WAS emphatically Illus
trated by the statement OF the Penn.
sylvania lines for April. showing "A gross
gain Of $T.l3?.0 900 and a net gain OF 80
$50. 0OO, while the New York Contra
lines reported n gross increase or so
$4,000 and a net increase OF s3.lSs.oOo
Various industrial specialties rose
with moro or less v!gor, there oeins
quite a pronounced movement both or
the Stock Exchange and on the curb II
some OF the motor stocks and related
| shares. Mercdllllt MARINE piVA'iiNN
was a feature OF interest all day OF
account Of the important meeting held
by representatives OF the various inter
ests concerned in tho REIMBURSEMENT o
the company's capital structure. but APP
paren,ly no conclusion was reached yes
terday.
The Agricultural Departments weathe'
report was the test weekly Statement
Of the season 40 far for practically al
sections and crops. The first MONTH!
report on cotton placed the CONDITION
below the ter year a,crage. but thi'
Is offset by private estimates or a SUB
s,antial Increase over last years acre
age. cali money hardened. but other
wise ,her" was no significant change "
the domestic money market nor I'm IN
foreign exchanges. The movement o
gold from Canada was increased b.
s3.SSo,O0O to more than se1.00O,oo AM
tho inflow has now reached dimension
which may readily conduce 10 construc
tive activity In the securities marke
II circumstances otherwise prcpitiou
are youchsafei.