The sun., 1915-05-18
FINANCIAL NEWS
AND COMMENT
Dull Market Of Strong Tone
Reflects Hopeful Wait
ing Mood.
EARLY GAINS ARE HELD

No conclusive light was thrown over
the week end on the problem Of major
Importance with which the financial
community Ia now preoccupied. and the
stock market gave evidence Of this In
It's contracted volume Of dealings What
the response might have been to den
nitely bad news Ia conjectural. hut there
was unmistakabfe encouragement In the
subsidence Of the feverish selling move
ment which agitated the share list all
last week. Tho duiness Of the market
was It's most satisfactory feature and
Wall Street had no complaint to make
over the slackening Of activity which
contrasted with the pace OF trading
maintained on tho rise and fslr OF the
market this spring.
Prices advanced again. As on Satur-
day, but again the gains OF the day
were for the most part made early. In
fact the opening range OF prices was
about the highest OF the session, al
though the level was well maintained
and the close was firm at very little re-
cession from the best figures. Demand
for stocks was confined conspicuously
to the first hour. After that. although
there was only desultory buying. there
was no pressure and the aspect OF quoted
values. together with the quiet which
settled down over the market. suggested
| in connection with the continued uncer-
tainty respecting the course II interna-
| tional events that the violent liquidation
| and decline In stocks this month had
been efficacious in restoring the share
| list to a position Of great technical
strength.
II was q fair inference that while
| Wall Street was obviously waiting or
events the stock market Indicated a reel
ing that there were long odds in favol
OF the preservation OF the country''
peaceful neutrality In the European war
although there was manifestly little in
clination to make extensive wagers iha
, way through fresh commitments for th'
rise. The prevalence OF an optimistic
tone in Washington advices relative Il
expectations OF the Berlin response L
the Washington note tended to promote
the mood OF hopefulness. This wa
further encouraged by the unharme'
transit OF the steamship Transylvanii
through the war zone and by what wer
taken to be favorable signs OF the pos
sible attitude of the German Govern
iment. among which were the deferred
publication OF the Washington note II
Germany and the grateful silence II
German propagandist quarters here.
Stock market indications were more II
the nature OF negative inferences, draw
from the uneasiness OF the short interes
over the tokens that the market was II
position to make great upturn
prices on definitely reassuring informS
tion. At the same time the opinion wa
generally encountered In the nnancia
district. qualified by tire small quantit
OF actual fact in the way OF news I
form n basis OF CONCLUSION. that ther
would he no troublesome consequences
the Washington note unless Berli
wanted trouble. and the banking comnu
nifty found II impossible to believe tina
Berlin wanted anything OF the kind.
Foreign exchange by Its persister
heaviness or weakness in most form
OF remittance. might have been take
to indicate international feeling as
the outcome of pending political issue
although II was more probable that III
I exchange market continued merely
reflect our own strong financial posltio
In any event. italian remittance wa
strong. which was an implication OF
maintenance OF neutral relations b
, Italy. but here too deductions were VI
satisfactory because of the tenor
advices from Rome. French remittanC
was very weak ana dld NOT III any wa
reflect the new arrangements by whic
London is to guarantee a great volun
OF credit for France in return for II
transfer OF considerable amounts of gol
from Paris to London.
A sharp rise in wheat prices resulte
from the active circulation of insect an
rust damage reports about the GROWN
grain. Wall Street noted them curiousl
but was disposed to think that the
were too seasonably familiar to justii
any great concern about the crsp