The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-28
FINANCIAL NEWS
AND COMMENT
Broad Market for Stocks in a
Generally Strong Price
Movement.
RAILS AMONG LEADERS

In a session Of rather evenly dis
trlbuted activity the stool market yes
terday gave the most impressive exhibi-
ton Of resilient frmness which II has
displayed in many weeks. It was moi
subjected to very pronounced selling
pressure. but tho general upswinG Of
prices was accomplished not only against
tho adverse influences of various unfa-
vorable developments, actual or conjec-
tural. both At home and abroad. but
tude OF a rather bearish md scept!cal
character. The professional element had
begun to formulate the opinion that the
limits OF recovery were clearly reached
earlier in the week and the further ad-
vance was rather an unexpected token
OF market conditions. The subsequent
course of prices will be watched accord
ingly with all the more interest.
The market was by far the broadcast
that has been seen on the constructive
side for some time past. Industrial
spccialties established n substantial rise
carly in the day. but although they main
tanned their gain with n good deal OF
steadiness they seemed to be more sub
jet to liberal offering h the other
departments of The list. Tho rise In the
rails and standard industrials was the
outstanding feature. Reading. Union
Pacific. st. Paul and New York Central,
Anaconda and United States Steel pro-
vIded a leadership to which quoted values
generally are usually responsive. They
held strong n the close in various al
rections was made around the best
hgores Of the day.
Contributing factors IN ths improve
ment of the list were undoubtedly fur.
nished by the existence Of a miscella-
neous short account Of . trading nature
which seems to have expanded to q
substantial aggregate. As n market
leverage this supplemented the obvious
effectiveness of recent liquidation in
strengthening the structural or technical
position of stocks. Otherwise the deal
ings Of the day could he interpreted as
In part a process OF discounting the
prospect for another agreement between
Washington and Berlin. which would
avert the breach of relations that threat
cned SO ominously last week. Advices
from both capitals seemed ~ warrant
such a marketwise reflection.
The upward movement of rails md
standard industrials was regarded by
some observers as perhaps connected
with the necessities OF foreign iiquida-
ton. These are obviously Of a more
urgent and imperative sort than was the
case last year and foreign liquidation
could well be assisted by the promotion
of a buying demand for international
shares ut a time when the industrial
specialtics were less in favor. However.
Indulgence In ouch differences may he
left to those Who prefer to draw them.
\ legitimate basis for tho encourage
nlent ~ buying ~ an Investment charac-
ter Is afforded by the country's trade
and industrial situation. which is again
attracting attention because Of the ad-
'erttS"'ncnt of extremely profitable ac-
tNitN supplied in corporate reports Of
earning. The figures which the United
states steel Corporation published the
other day do not make bearish material.
Neither docs tho Norfolk and Western
dividend Increase nor the report 81 rail-
road earnings in March. The Union
Pacific statement yesterday shows a
gross gain Of almost s2.5n0. 600 and a
not gain Of about $1,000, 600.