The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-16
FINANCIAL NEWS
AND COMMENT
Steady Session in Stock Market,
With Trading Less
Active.
b. 4 o. NOTES SELL QUICKLY
Encouraging Implications Con-
tanned in the Success Of
This Offering.
b. 4 0. NOTES SELL QUICKLY

their failure TO continue the strong adj
vancing movement of Thursday. There
was some fairly brisk trading In the,fore-
noon, when there seemed TO be mod
crate amount Of selling. but the morning
was relatively the most active period of
the day. In the afternoon the market
was quiet, with some display OF strength
In speCialt'es the rest OF the list remain
ing steady. There was little or no after
noon pressure, and despite profit taking
sales In the morning and on Thursday
quoted values manifested no signs OF soft
ness. Closing prices showed small
average OF gain. and the session made a
favorable impression on observers be-
cause Of the way In which shares held
the weeks further recovery without APP
parent effort.
features in the dealings, although Anal
gamated Copper was somewhat heavy on
the annual report, showing less than the
dividend earned. The general Indications
II the dag we're that while Wall Street
has recovered more optimistic attitude
toward the prospect for quoted values IL
was indisposed as the week end drew
near to expand engagements for the rise
while there were 50 many uncertain fac
tors In the Immediate situation.
'NdNices from abroad Imposed some re-
strsint on activity, for although there
was very little foreign selling here there
WAS continuation OF continental selling
In London, which was evidence OF the
persistent disturbance OF financial posi-
lions at Paris and elsewhere. Also the
latest aspects of the Mexican crisis In
spired degree OF caution.
An encouraging influence was provided
10y the remarkable and rapid success Of
the Baltimore and Ohio motto offerings
under auspices which conveyed an init
nation of the beneficial prevalence OF
tho harmony coming to obtain In finan-
cial circles. n harmony which Is propi-
tiuus for various undertakings that have
10 no with some pending corporate prob
lens of considerable difficulty. The Bal
tiinore and Ohio issue consisted of $751;
100000 OF one year Ala per cent notes,
secured by Reading common and pre-
ferred shares. and the rapdlty with which
they were oversubscTibed at a compare
lively high price had certain interesting
bearings
Among other things. II testified to the
excellence OF the companys credit and to
the extraordinary ease of the money mar
ket, which IL n valuable assurance against
the likelihood OF severe disturbance
from shocks that might be communicated
to financial and business positions from
MANY directions. The notes were offered
on "a IA per cent. basis, but the expec-
tatiOns Of last night were that they would
promptly sell TO a - per cent. basis.
The circumstance that time money and
commercial paper SEEMED to have a little
harder tone does not in any way qualify
tile infercHces to be drawn from the cor
poration note market attested by the
Baltimore and Ohio Offering. 1t 4.
possible that lenders have begun a little
to anticipate a somewhat better demand
In response to tho signs of a more hope
fu sentiment In the stock market and
general business.
on. the known movements Of money,
the local banks seem TO have gained
about 81, 900, 900 OF cash this week despite
gold exports and the probability OF fur
Their gold outgo in the form of coin ex-
ports was Increasingly indicated by tho
rise of foreign exchange. Demand ster-
ling went 20 4.Ssas, or tho highest
level since the panic period six years or
more ago.
for an outward gold movement was Illus
trated by the statement OF exports
of domestic products. which showed q
falling off OF about sl7.5000 900 from tho
corresponding shipments last year. There
Is indicated here and In the figures ror
the port of New York. showing an export
decrease of sl1.ooo,o0o and an import In
crease Of equal amount, distinctly
unfavorable general foreign trade state
ment for April.
Most OF the matters that engaged Wall
Street attention during the day have beer
. considered in tho foregoing. The fact
| should be mentioned however. that while
the turn which the inquiry into New
Haven affairs has taken Is not expected
10 be an additional constructive factor IN
the near future. the prevalent feeling
is that benefit must accrue In the long run
from reviewing a history OF conditions
that can never be repeated.