The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-20
FINANCIAL NEWS
AND COMMENT
Stocks Dull After First Hour
With Few Features-Tone
Generally Firm.

in yesterdays stock market which were
obviously not altogether professional. tho
business OF the day resulted for the most
part from the operations Of the trading
element. The volume Of transactions
continued the process OF contraction
which has been in progress for several
days and what semblance Of activity the
market had was confined to tho frst
hour.
Chesapeake and Ohio wa under pres
sure on dividend doubts. Missouri Pa
cifc was sold on persistent ~uneasiness
about the extension OF the maturing note
issue. Mexican Petroleum was l~iquidated
to the accompaniment OF various rumors
which suggested some bearish effort.
On the other side there was a little bid
ding up of s~pecialties, notably westing-
house. Pressed Steel Car and OF Butte
and Superior. for which the highly
profitable price of spelter was the al
legged cause.
In the main the manifest disposition
OF the stock market following was to
do nothing pending the outcome OF the
Washington note to Germany. Quoted
values displayed a generally Arm tone.
the net result of the session being n
slight average OF fractional Gain'and the
quiet stability which was exhibited tes-
tilted further to the strength OF the gem
eral conditions which can endure the
strain OF present uncertainty without
active expression Of apprehension. As
a matter OF fact tho attitude of the
financial community is. while waiting
on events. one OF confidence that when
the best or worst is known II will be
found that the controlling impulses IN
volumes and values have stin a forward
trend.
There was enough news unde other
circumstances to have provided incen-
tives for stock market movement. Pos
sibly Wall Street feels at the moment
that there are too many important
changes In tho aspect OF affairs abroad
for any movement TO be undertaken ir-
respective OF tho foreign matters which
affect us most. The reconstruction OF
the British Cabinet was big enough
news In itself without the signs that
Italy, followed by Rumania, was about
10 take the plunge into the war after
lowering on the brink for months. There
was no stock market response what
ever to the Italian Developments. which
was something worth noting. because
opinion has long been that ltaly's en-
trance into the war would tend 10
shorten the conflict. At the same time
Wall Street may not now be quite so
ready to regard tho widening OF the
area OF the war as having a favorable
bea and in any case Italys action
has been delayed 30 long that II may
have become rather stale as q market
influence here.
In all probability the only cons'dera-
ton in respect to all OF these things
was that they did not throw any light
on the dominant question as to whether
or not the status OF this country would
undergo soon any alteration In respec'
TO war. over night there was In Wash
ington dispatches a good deal or ron
lecture OF hopeful tenor to the eject
that seemed TO have sus-
panded its submarine campaign against
merchant shipping while making up us
answer TO the Washington note.
All this was spoiled by the informa'
ton early ia the day hat another large
British freight steamship had been tor
nedoed and by the report that the case
of the American ship Frye n beer
sent TO a German prize court However
wall Street, while finding no reason FOL
anticipating developments. adhered &c
the expectation that the Berlin reply &c
Washington would leave the doors o,
discussion open. which would be in
,erpre,ed as a token OF n wish TO find
WAYS OF keeping the United States In q
position OF neutrality.
Gold Imports to the amount OF $4,000
non we're announced. half OF II beinf
received from France and the other hall
being engaged AZ Ottawa. Judging from
the course OF foreign exchange mlci
more gold Is likely to come here unit
such time as foreign countries are read,
10 make the terms on which alone they
NAV be able 20 procure the foreign In
vestment Of American capital. Sterling
was heavy. but the real features OF tht
international money market were ruble'
and francs, which were extremely weak
The weakness Of French exchange wal
extraordinary In view OF tho supposi
ton which has always existed a. 10 III
financial solidarity Of the French Re
public
In the grain markets wheat dsoitnet
further and the wSsAiy report OF tn
Government while noting some materta
damage from insects in portions OF m
belt, told Of very favorable asricui
tural weather conditions generally. TIT
weekly reviews Of tho iron and stee
trade commented OF tho Significant laci
Of any signs OF any disturbance r
tho fresh international tensions which
have so lately been added TO the business
prnhlsm