The sun., 1915-05-29
FINANCIAL NEWS
AND COMMENT
Stocks Irregular and Dull
Recess Considerations
in Control.
STILL MORE GOLD COMES

A. was to be expected. the stock
market was very inactive. In fact about
the most stagnant since the liauidating
movement in the early part OF the
month. The prospect Of recess from
this noon until Tuesday morning would
have restricted trading under ordinary
circumstances. and the additional fac
tors OF present uncertainty, with
chance of what Wall Street calls "ac-
cidents' happening during the recess
were enough to limit speculative effort
very largely to the process OF evening
up trading contracts. In some direc-
tons there was little experimental
bidding up of prices on the theory that
favorable possibilities were worth n
modest risk. but the course of prices
for the day was on the whole irregular
After some further early weakness
there was a sharp rally In Rock Island
on short covering. This was stimulated
by a somewhat dubious report OF
statement by the receivers described as
showing an estimate OF earnings from
May ] to the end OF the year suf-
fcient to yield a balance OF about s3,-
100000 over all charges. The figures
circulated did not, however. throw much
real light on the problem OF Rock Island
cific attracted some attention because
the fluctuations OF this stock seem fire.
quently to have had some relation to
subsequent international political de-
veiopments. In the main there was
neither particular nor general signin-
cance In the features OF the share list
apart from Its general underlying firm
ness. which was encouraging In view
Of the important uncertainties Of the
moment.
Advices from abroad to the effect
that the German reply to the Washing
ton note, or what was designed to be
the predatory chapter In the reply
would be transmitted to-day were
quite adequate to keep the stock market
community from doing anything There
was no obvious change In the attitude
OF hoping that the German statement
would be conciiatory. but the financial
district was not at all disposed TO ant!ci-
pate conclusions on this score. The
feeling OF caution was stimulated by re-
ports that Germany would take n par
liainentary stand and II was doubted II
the Washington response would be alto
Rether cordial to proposals for pro-
tracted debate.
Possibly the feeling in this respect
owed something to the dispatches tell
ing that the American steamship
not hit a mine. although the informa-
tion was not definite and final. The
further exploits against merchant ship
ping by German submarines naturally
served to provoke little uneasiness
respecting the forthcoming German in
dication OF policy.
A variety OF matters OF more or less
marketwise interest filled UP the news
budget. Judge Garys address. declar-
ing both the need of n new governmental
attitude toward business and the signs
that it was being adopted. was n con-
tribution to the Wall Street fund OF long
range optimism. So also was the dec
laration OF increased dividends on the
porphyry copper stocks Included in the
list was the resumption OF dividends on
Ray Consolidated. and as result OF
the high price OF zinc the Butte and
Superior stockholders are to receive an
extra dividend OF $3.50 for the quarter
Tho suggestion that these events had
been discounted because the affected
stocks tended to sell of was not al
together meritorious in view OF the i'm
mediate circumstances OF the market
There was irregularity in foreign ex-
change, but no pronounced alteration OF
pricc levels. Receipt of s2.500,0 900 gold
from Ottawa was announced, and the
talk in foreign exchange circles was
about a large continuation OF the i'm
portations OF the metal. May wheat
made further sharp decline. The Of
hcial statement OF the country's exports
OF domestic products last month showed
an increase OF s7s.00o,0o0 over the April
shipments last year. the gain being
chiefly in foodstuffs