The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-16
FINANCIAL NEWS
AND COMMENT
General Upturn in the Stock
Misunderstanding Rather
Quiet.
NO PRESSURE TO SELL

Various influences combined yesicr-
day e diminish. for the time being al
least, the strain which Wall Street has
been rejecting in tho stock market OF
the past week. There was no fresh
adverse d~evelopment overnight and no
other occasion was furnished for a
change in the customary disposition Of
the stock market community to make
the week end session "a rather incense
quential affair.
lively moderate scale. the bulk of the
business being concentrated in the first
hour. This was a period Of very gen.
eral strength. with an "A In prices
which constituted all around rallies OF
two to four points and more from Fri
days low level. Short covering seemed
to be chiefly responsible for the up
turn, for there was no manifest inclina-
tton In Wall Street quarters to increase
or make long commitments on q rise al
this particular moment
The substantial and excellent a
sorption Of stocks on a scaledown
during the week. with heavy buying
- ehe intervals of most acute weak
No.. unq~uesuonably Afforded a firm
basis for a modest recovery yesterday
when attempts were made to cancel
bearish contracts. The supply Of stock
offered seemed to come from trading
sources and from the recent scaledowr
buyers. There was little or no mani
fest liquidation. and certainly there was
no pressure on h list. In h second
hour dealings contracted, but h list
was firm until Just before the close
when some descriptions ran on ratheI
rapidly. On the whole the market held
up we'll and the close was fairly steady.
There was SO little obvious liquidation
a. to confirm Impressions Of the thor.
oughgoing way In which the market has
been lately restored to a position OF
great technical strength by the cleaning
out OF overextended commitments fol
the rise. Wall Street rather expected
a continuation of the weeks selling
movement because Of unwillingness &c
carry stocks over the recess to tomorrow
but the lack Of such selling was al
least In part a favorable technical
sign. on the other hand. sales may
rave been withheld for the reasons
which stimulated the undoing of bearisf
positions.
Quite apart from the customary tend
ency of trading to reverse itself at the
week end after extensive operations In
one direction. the considerations con
nected with the major factor in the i'm
mediate Wall street situation worked &c
u momentary decrease OF speculative un'
easiness. Hopefulness had asserted It.
self over night In respect to the efec'
Of Washington's note to Germany. Thi,
was Enthusiastically reflected In the tenoi
of newspaper advices and conjecture a,
10 the probability OF a conciliatory attl
tude at Berlin. Moreover. the unfortu'
nate failure Of the note to reach thu
German Government formally left thu
financial district without any indication,
of the kim of public and Official re
ception which it would meet. .
More should he known In all these re
CARDS by tomorrow. n perhaps alst
there will be some definite events a
least which will show whether or no
il Is going to be possible for Italy I,
maintain neutrality in the European
war. Very much Of the tension her,
would be reduced II circumstance
proved too strong for Rome and com
PEELED Italy to take sides in the con
fiict. according to the apparent desir,
Of the Italian people.
Foreign exchange remained as re
markedly heavy as II has been in al
the last few critical days when ordi
narily the exchanges would have beer
expected to run strongly against thit
country. The fact that they nave no
done so. but a " had precisely a con
trary movement, is most striking evl
dence of the tremendous financial abillt,
Of the country to cope with any fresl
difficulties on international account
Francs continued particularly weak.
The N statement showed a loan in
crease OF less han $4,000. 600. Thi
was presumably to some extent a re
suit OF the recent transactions in new
financing. including the Pennsylvania
bond issue and the Argentine loan. IN
subscription success of both of whic1
was one of the weeks most impressiv
features. Also the heavy fall in stocl
market prices has been having latel
the predicted consequence that !, woul
lead to a oan expansion.
The Interstate Commerce Commits
sion's decision that. under the Panam
Canal act, the railroads owning steam
ship lines On the great lakes mus
dispose of them did not come entirel
40 a surprise. but In any case II wa
relatively TOO trivial a matter to fgur
u In present Wall Street calcula
tiAnS