The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-27
FINANCIAL NEWS
AND COMMENT
stock Market Trading Is Less
Active. with Sag in the
Industrial List.
rPTURN IN THE RAILS

Trading in stocks tended to decrease
yesterday from the pitch OF excited &C.
tivi;y developed in the unsettlement Of
the last fortnight. and prices lost some
OF the characteristics OF surface strength
which resulted from the process Of cor
recting the e~xtravagant depression toward
the end OF last week. In the main the
Stock Exchange session wac marked by
q sagging trend throughout the In
dustrial department OF the share list.
Of set and qualified somewhat by a little
rising movement in the railroad shares.
which sympathized with the advancing
response of Norfolk and Western TO the
Increase OF its dividend.
In general quoted values exhibited
the effect OF the heavy profit taking
sales which were conducted in the sharp
reilly on Monday and Tuesday. There
was less buying demand In the sequel
to the hasty retreat of n large short
interest and the dealings became more
obviously professional again. with trad
ing EFFORT directed toward the selling
side of industrial s~pecialties.
Technical considerations involved In
the recent readjusiment OF the markets
position were an important factor In
? influencing the days operations. At the
Nll' NA1H' NlFlF MtN ah "
feet, on Of the restraints imposed IN the
market by the uncertainties of iuterns-
,ior3, affairs. such matters as our own
Mexican difficulty and the Irish rebellion.
which has complicated the war problem
of Great Britain. were ~rclegated TO a
place of inferior importance In financial
REGARD.
Conjecture concerning the principal
pending developments OF marketwise
bearing persistently revolved about the
status of the submarine warfare con-
troversy with Germany. Adviccs from
Berlin and Washington Justified an OPP
timistic Interpretation. but Il was real
lied that while hope Of . relaxation
from the recent critical tension war
ranted a decrease Of selling pressure In
the stock market the situation was still
too much in doubt for a complete and
satisfactory settlement will Germany "a
he discounted.
\ somewhat depressing circumstance
wts the reaction OF the United states
S'-el shares after an exhibit OF earnings
which more than ever encourages in
Vestment confidence in the conditions
and prospects of corporate values. The
aston of Tinted States steel was II suf-
iicicrt Indication Of the restraints by
which the market Is surrounded. There
was some speculative talk about the ad-
verse bearing of LABOR truuhlss. nut the
shares Of the Westinghouse Electric
Company. which has an extensive strike
to dea, with. were not so heavy as many
other descriptions.
In the main the budget Of financial and
business news outside the various fields
o. politics was OF encouraging tenor. 4
good deal Of notice was taken OF Il,
Nanderlip speech. which was clearly de
signed to point out the necessity OF ar
enlightened public policy II the prosper
Gus opportunities that the country enjoy,
are to be employed for the preservation
uf prosperity.
A foo.no,e to the implications Of TN
Tinted states steel statement earning,
weekly reviews of the steel trade. ahlcj
indicated that European demand wa
st,ll a large factor IN making high prices
and that domestic forward buying wa,
falling OF because - the refusal q
manufacturers to add largely to the com
nitmeuts which they nave already mad,
Tor record breaking deliveries IN the dis
tan future.
The increase OF tho Norfolk and West
.rn Railroad dividend illustrated a some
what exceptional railroad case. but 1
had features which advertised IN a gen
e'al way the nance o youChSafcd e
the carriers 20 rchabilitate their credit Il
tr"y are NOT subjected 10 too much pc
lItical and labor union coercion.
In the foreign exchange market marks
C'Dt'rIei TO react from their recent id
vance and there was a fresh turn o
! sfrpDyth in francs.