The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-23
FINANCIAL NEWS --
AND COMMENT
Trading in stock Market Con.
tracts Somewhat and
Prices Sag.
COPPER ISSUES ARE FIRM

Trading IN stocks was much less sx-
cited yesterday than II has been for
some time. The principal feature Of
the session was the tendency Of the
market to quiet down after the activity
OF the first hour. which has become
customary OF late. Total transactions.
which were rather under ZOO. 900 shares.
testified to the less feverish nature OF
the dealings, and wall Street on tho
whole was far from dissatisfied with
the change.
In the main. the course OF pr,ces was
downward. although the aspect Of prices
was at most times irregular. Strength
and nrmness we're generally limited to
the forenoon. In the afternoon such
selling pressure a. was applied to the
list. whether for long or short account.
met with less aggressive buying than
for many days and in the last hour the
whole list was inclined to sag. with some
fair sized recessiors in influential Is
sues
The copper metal group throughout
the day displayed underlying strength
and exhibited persistent stability when
reactionasy symptoms were manifest
elsewhere. Stocks OF this description
provided the leadership on the construc-
tive side and gains were made in q
variety OF specialities but at any stage
OF the session there were more or Tess
baffling cross currents A good deal
OF selling was directed against stand
United States Steel, and sales made pro-
nounced Roadway In American Can and
New Haven.
From the opening to the close OF the
market there was an increasing amount
OF reactionary talk and reactionary ef-
fort. A substantial portion OF the SELL
ing seemed TO be for the short account
on the theory that the market had en-
toyed all the advance TO which II was
entitled at present and on the assump-
ton that material distribution OF long
stock had been effected which might
have resulted In the creation Of vul-
nerable margin position on the long side
Az to that, the tales which began to
he told about the enormous business
which has been done In odd lots, repre-
absorption for cash, might suggest that
the long Interest in the market could
not be so readily dislodged. especially
when there are so many forces working
TO revive general confidence and improve
the general trade and industrial situa-
ton.
Arguments for reaction were derived
from a number OF different events and
contingencies. ranging all the way from
the Rock Island receivership to the
forthcoming report Of earnings by the
United States steel Corporation. II
seemed 70 be very we'll and widely un-
derstood that the corporations quarterly
statement next Tuesday afternoon would
make very poor exhibit, and ordinarily
II would be supposed that result so
well advertised In advance had been
more or less discounted
with regard 20 the Rock Island re-
Ownership. II can be said that attempts
10 make a fresh scandal out OF the re-
ownership itself were decidedly on the
wdne. In respect to the difficult posi-
ton OF the Missouri Pacific and the Mis-
souri,. Kansas and Texas, there Seems
no reason to believe that Wall Street
would be at all surprised or particu-
larry unsettled II these properties should
be placed under the protection OF the
courts on the contrary, receivership
for either or both would probably he
welcomed as assuring to the manage
Inents relief from the uncertainties
which have been such an irritating AZ
Fiction.
Whatever further Developments take
place Ia the diplomatic negotiations be-
tween the Administration and Berlin,
the financial community recognized the
answer 10 the German Ambassador as
masterpiece OF intelligent and effective
declaration OF the country's position.
Credit for II was given wholly 70 Presi-
dent Wilson, and appreciation OF its
adroitness did not preclude n feeling OF
satisfaction that II was so strong an
affirmation OF tho coun.ry's right 20
carry on business In war supplies
with all bell'gerents having access to
It's markets.
war business was In a way a dis
tinct influence In the stock market se,-
eion, for the increasing foreign con-
sumption OF copper has provoked do
nestle buying movement and the COM
petitive purchases placed the metal on
a level rising IS cents a pound Ad-
dltional evidence OF tho dimensions of
the foreign trade factor In our business
prospect was afforded by the weakness
Of foreign exchange following the volu-
minous sales OF stocks which have been
made here lately, Demand sterling fell