The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-21
FINANCIAL NEWS
AND COMMENT
Trading i'm Stocks Is less Ac-
tive-War Issues Still
the Feature.
RAILS SHOW FIRMNESS

nv a decrease OF material size In the
volume of dealings in the stock market
Yesterday Wall Street paid a tribute
of Difference to important uncertainties
| bearing ON immediate financial develop
nen,s. ranging from operations IN the
war and the state OF our relations with
Germany to the progress OF events In
/ the disturbed labor situation centring
around the war munition factories. for
the present chiefly in Bridgeport. Other
wise there was very little change in the
| character of the market as compared
with recent sessions.
ON the whole the share list showed
more aggressive firmness. after offering
better resistance to pressure than on
Monday. There was again a curious
! confusion of activities and no little ir-
regularity in the course of prices, and
! the trading seemed to be more largely
professional. The market also disclosed
renewed thinness. with sharp huctua-
/ tons on comparatively small orders either
way. There was much talk OF a check
having been administered to speculation
In war contract stocks. but II could not
be said that the day showed any real
signs that this Is the case, despite the
unsetilement caused on Monday by the
Crucible Steel episode.
on the contrary. the principal busi-
| ness Of the day. even though 1t smacked
OF effort. was transacted In stocks or
this description, and the most active fea-
, lures of the session were provided for
the late afternoon advances in some or
the wal specialties. conspicuously Amer
| lean Can and Bethlehem Steel. 1t is
| true that the rails. in the forenoon AZ
least. continued to display rising ten
denotes. a phenomenon which was fav-
, orably commented upon. but they did
not get very far nor exercise much
| Influence except In imparting general
steadiness. The copper stocks also
started upward. but stopped. Desultory
short covering was a s~uhstan;ian factor
in the market. Will signs of some ener-
getic retirement of bearish commitments
In the last hour.
II was noticeable that the market in
the main lacked qualities of responsive
ness to information or TO any internal
stimulus. There was over night "A rather
depressing accumulation OF news, in
Cluding the European advices predicting
the early capture of Warsaw by the
Germans. Washington discussions OF the
German controversy in terms of critical
gravity and the labor demonstration
at arms and ammunition plants. The
net result of all this was only to cause
initial weakness. the early prices being
for the most part the lowest OF the scs-
sion and with no pronounced continual
ton of selling pressure.
Later on the market showed no gen.
eral disposition to respond to the i'm
pulses provided by rising strength in
rails or standard industrials and re-
manned rather inert in the last hour.
when Bethlehem Steel and American
Can advanced abruptly 10 new high
prices. accompanied by reports that the
Bridgeport labor troubles had been eX-
aggerated or were In process 50 OF being
brought to AN end. The most permissible
conclusion from the prevailing aspects
of the session was that quoted values
were still protected by a position OF
technical strength.
| Except for matters referred TO Wall
Street attention was not much engaged
with other news of marketwise bearing.
Crop weather reports emphasized the
lateness Of corn and the need OF sus-
tanned warmth to bring II to growth be-
fore the early frosts. There was not
much of consequence in the foreign ex-
change market and no obvious reflection
OF the first instalment payment on the
British wal loan. although some quota
tons for London discounts above the :
per cent. bank rate were received. There
were, however. renewed inquiries from
the other side for bids for American
bonds. suggesting that liquidation would
persist, although on a more moderate
scale than during the period OF sub
scriptions for the British loan.