The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-24
FINANCIAL NEWS
AND COMMENT
Stocks Display a Good Deal Of
Stability in an Irrcgu.
lar Session.
WAR ISSUES STILL DEAD

Trading was maintained on n fa'r
scale If activity IN yesterdays STOCK
market. although the session was quietcr
than since the early part OF the
week The fact thai; dealings were
not excited was very much In the
markets favor, and although the price
movement was Sill irregular and !r-
regular net changes were presented AT
the close. the share list gave a good
account of itself IN respect to the
evidences II fundamental stability af-
fOrded.
Pressure which was so manifest on
Thursday. did not make a pronounced
appearance in the early dealings. and
Dude values moved rather sharply
upward at the outset. Selling then
came IN and thereafter there was an
alienation uf moderate reaction and
advance. Fluctuations were less en-
tensile than they had been n while
certain issues were Characterized by
a uniform downward trend. Jhi,n fly In
a portion of the railroad department.
tie prevailing impression which the
AaAaNtN saw WINS olo VI itlfN'
strength. while some descriptions
rose aggrossiveiy. but not violently.
The market was strongest toward tho
close. which was "A further corrobo-
ration of previous indications that Wall
street as "A whole entertained no very
uncasy dprrohcnsions over the wording
and tenor OF the latest Washington
note to Berlin or its probable recep-
lion In Germany.
The note vas undoubtedly somewhat
responsible for the conscrvA.i i've feeling
which was exhibited by the speculative
community and the fact that "A consCr-
valve disposition developed after the
midwcck eNcit ment tended To give
N~c"erddAs market a more trusiI orthy
appearance IN respect TO the Inherent
strength which 1t displayed. so much
has been said in adverse criticism OF
~cxtravagant speculntions In specialties
and th-re have been such important
unfavorabie exit n influences as those
provided 10y labor troubles ana by the
uncertainties OF he controversy with
Germany that ,sterday's trading in
socks after Thu sday's and Wednes-
days sessions furn' shed a fairly salts.
factory test of positions
As on Thursday there was an un.
mistakahle renewal cf beer!sh effort,
nut IL was nor couspicuouSly successful
except in limited directions War stocks
remained the leaders in activity and
hrnlncsS. but the general list MAS better
win the exception OF some rails and
portions OF :. e copper metal group. The
heav1nesS Of coppers did nor look alto.
gether convincing. and the only en-
pblnation of IL was that while copper
was still selling ab.ve tie highly profit.
able level of IL cents a pound. IL had
rec-ded from the 20 cent level.
Rails in the main continued more o.
less neglected. Selling In them lately
has for the most par, represented chief,
Il shifting of commitment into indus
trials. and, Judging from the improvet
showing OF current earnings. Il Is pos
I s.ble that the excessive baCkwardues.
Of railroad shares may not endure niue
longer. This OF course does not apply
10 the small number OF railroad stock
which are afflicted by dividend unc.r
t~ainties or difficulties involved II
actual or possible receiverships. South
ern railroad shares suffer from the dim.
Culties OF the cotton industry. which !!
about the worst feature Il TIE domesti,
I business situation. u can even ce, "
into disturbing International controver
1 sizes. but il H. 20 b" noted that conditions
seem TO he adequately appreciate
abroad as well as herc, and many 81
fur;, are now being mad" looking 20
prevention Of serious trouble IN tn,
cotton market.