The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-17
FINANCIAL NEWS
AND COMMENT
Stocks Decline on Professional
Dealings-Pressure
on Reading.
GERMAN SALE or NOTES

~Issua ncs OF the British IN
Council seeking 20 establish asainst
Germany a ,and OF blockade which has
no recognition in International law prior
TO the present European war naturally
did nothing 70 promote constructive ac-
tiv,ty in tho Wall street stock market
yesterday. That 1t did not stimulate
any very marked selling pressure eH-
cop, that when seeined 10 have It's
origin IN the bearlsh efforts OF profess
eiunal traders was more significant OF
the underlying position OF quoted values.
In general the market continued TO act
very much as though there was All IN
creasing disposition on the part OF in
vestnent and speculative capital 10 do
nothing until events had mad the mill
tary situation abroad somewhat clearer
ans furnished some TOKENS OF the ten
denotes of trade and industry In this
country outside the special lines wh'ch
have benefited from the wa.
There was some moderate selling
activity on the stock Exchange, and a
little OF IL in the internationsl lis; sug-
geste3 the persistence NJ foreign liau'-
dalton. In The main the dealings ap-
peared 10 be Of professional origin and
% FtiI FNFtll rSIFl lll4tAlNh W "
a decline Reading was the particular
object OF solicitude and concerning I,
thero wa. a good deal OF willingness on
the part OF Wall Street to reduce tho
dividend. although there seeinoi 20 he
sufficient reasons for believing that 'ha
directors who hlvo the matter actually
IN charge will maze the distribution al
the regular rate.
However. the present unsatisfactory
- ,vH al sh. ..Av41ss- -a1fs ma 1 A
complications In which the anthracite
industry is involved wero urged 20 as.
count for the heaviness " Reading
shares. which was influential enough &c
impart a slight tone Of heavlness e
the whole market. A few specialize
displayed aggressive strength, but ,h'
average OF prices moved doS1lwarI and
showed a fractional loss az the close.
A calm reception OF the political p0r'
tents OF the new developments in ;hs
war while. threaten neu;ra, conlmerc,
does not mean that there Is indifference,
to the trade effects of the martin,
-eprlsals between tho beiligerents. 7; Is
worth pointing out also IN this respe,'
that our impof; trade as well as our ~
port trade Is Inenaced and that The con
sequences OF cutting of Importation
from Germany might be moro serlou,
than a contraction in II export move
mont. Wall Street. without DISCUSSING
the diplomatic features 81 pending Ques'
TONS, was concerned over the trade I'm.
pi!ratious .: the Novel departures o.
warfare abroad
l'uler the circumstances l. II interest
.ng that the Department of Commerce
vas able 10 publish record nrcaNing cN
port figures for the second Heei. II
March. our export balance apron.
...,. > Aah nm ,.,,,f, .1a aru.g 4 -.
any week in tire oountry's history. sta
tistics about cotton shipments publishe,
Z; the same time were especially note
worthy. More han 5000. 600 bales hav,
been exported since the outbreaks OF ~
war. which H. not so far from y norma
uutgo. and ~F'ebruarys shipments wor,
rNt~raordiutry. ltaly's tIlii.rs o: cotton
have he-;. large enough 20 sugg~s: tha
Germany has been getting cotton IN
directly as sell az directly.
Matters which came 20 notice laic j
the LAY Indicated that the 1retsur,
Department was taking steIs to call il
bonds from de po.'tarr hanks. IL l.
not OBVIOUS hcr .iia T-eaSe-y's essent.a
= position can b. changed IN this way, bu
the measures denoted Nigh; De reearde'
us preliminary 70 soinc public %finarctn,
before long. Ttey mag also rah" ("
- !,t-le more money market acttv'i# =
ia. near future.
In the foreign exchange market III
feature was tina further ris" 90 rei"hS
MARKS. Tu.s might very well be con
Noted with the undertaking disclose
during the uHy 20 plsc" Al issue -
$4,000. 900 OF German Government note
here. The notes are 20 run for ain
months and VIII probably 20 at some
thing less than 2 ois per cell. basis
- . ~. ..s,.t ..t - N,F.er#n-s
the ohjec, Of this financing j. no. man.
fest. but = may he for the purpose a
raising German o~Xchaug" ." 70 mo,
f.yo-,tle level