The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-14
FINANCIAL NEWS
AND COMMENT
Wall Street Absorbed in the
Washington Note to Ger.
many.
STOCKS DECLINE QUIETLY

The interest Of the financial DISTRICT
was wholly engaged yesterday in dis
GUESSING tho published forecasts OF the
general tenor Of washington's commu-
nIcation to Berlin and its probable re-
Spouse and consequences There was no
disturbance OF routine and no mani
festation Of excitement. but there could
he no MISLEADING the preoccup,ed absorb
ton OF the Wall Street community with
all tho doubtful matters pending In the
international situation. 30 far as con-
cerned the newspaper outlines OF the
points made In President Wilson'S note
TO the German Government 1t was recos-
nized that there must be a suspension
OF judgment on their effect until the note
Itself could be read. because In matters
OF this sort everything depends on tho
manner. but there was entire agreement
everywhere that the Presidents state
ment of the country's position would
command united support.
with regard to the outcome OF the
rational crisis I; remains TO be said that
the financial community Is absolutely
satisfied OF the validity OF fundamental
reasons for regarding the future OF
That ther. must while momentous mat
ters were In the doubtful stage be a re-
Fiction OF doubt was nevertheless adj
mitted. and the stock market OF the day
testified to the accuracy OF this Judg-
ment Trading contracted from the re-
cent scale of activity and the movement
OF prices was downward.
Some evidence OF the strength OF the
technical position to which the share
list bas been recently restored was fur
nshed by the comparatively light sell
ing In the early dealings. There was
no continuation OF the movement which
was in progress at the Close ON Wednes.
day. but the opening was at moderate
declines. From then on quoted values
fuctuated irregularly and more or les:
nervously. and there was At no time
any strong rallying tendency. In 4
desultory way prices hardened and
weakened. and in the afternoon there
was a rather steady sag TO the close
The further all around reCessions
were not Accomplished on other thar
miscellaneous and scattered selling and
the trend OF prices was obviously OWNS
less TO selling pressure than to lack OF
! any disposition on the part OF profess
sonal or public traders 10 buy into -
much uncertainty as attended the i'm
| mediate market This was wholly natu
I raj and quite to be expected. but IL wa,
a speculative more than an Investment
! manifestation. Competent observer,
| are persuaded that however the prevail
| ing uncertainties OF national AFFAIR,
are terminated. processes OF recovery IL
| the stock market will be instituted as
soon as important doubts are clearet
away or shortly afterward
! Very little else than the considera.
| lions connected with international rela
| tons attracted Wall Street attention
| The new Pennsylvania A.. per cent
/ bonds sold below the subscription price
but this under the circumstances wa,
not at all surprising. II was only an
other token OF the mood ~ uneasy wait
! ing which has come 10 prevail in Wal
| street. The Virginia Carolina Oh, mica
! directors declared "A per cent. scriJ
| dividend bearing per cent. interes
| against the accumulations on the pre-.
! ferred stock, a suggestion at least that
the underlying constructive attitude OF
! corporate finance had not been altered
! by recent events.
1 Announcement was made OF the re-
ceipt OF sj,000,000 more gold on ths
1 movement from Paris, making a tota'
/ OF s1.0O0.00O In all so far. Judging by
| the reported transfer Of large amounts
| OF gold from the hank OF France TO the
Bank OF England there Ia every proba
bility that the continuation OF inter.
I national gold shipments tending IN out
direction Ia to he looked for.