The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-26
FINANCIAL NEWS
AND COMMENT
Traders Baffled by Waiting
Attitude Which Stock
Market Reflects.
PRICES FALL , SHARPLY

Further evidence seemed TO De fur
nished by yesterdays stock market that
the controlling factor Of the moment In
business and financial AFFAIRS Is the
uncertainty surrounding the issues OF
neutrality which have been Joined be-
tween Washington and Berlin. II may
be taken for granted that the mood Of
tho business community Is reflected In
Wan Street In the public apathy toward
the stock market which has succeeded
the keen interest manifested before the
sinking of the Lusitania So far AZ
the Wall Street trading element itself
IL concerned II has been unwilling to
venture far In speculative experiments,
while the feeling in banking quarters ID
that the situation calls for the practice
Of patience and restraint. The sound
ness Of the fundamentals Of values and
h strength OF the influences which
must operate for eventual improvement
are for the time being offset by the
doubtful status OF our international DO
litical relations.
Uncertainty alon, would be enough
to account for the stock market session
yesterday. as on Monday and for sew
eral days past. The dealings seemed
to point to only ono conclusion, but
Wall Street in the large was increas-
ingly disposed to walt for q release from
uncertainties and for some new stimulus
to sustained activity. so far as con-
Germs the pending German reply TO
Washington there was no lessening of
hopefulnssa. The new facts of the war
were urged In support OF hopeful views.
AZ were h apparent decrease OF SUBJ
marine operations In the war zone and
the suggestion OF advices from the Eu-
ropean Continent that the Berlin note
would be conciliatory. Against this.
however. was set the choice made by
Germany n Austria OF the Spanish
Ambassador to look after their interests
in Italy. This lent itself to an inter-
probation of strained relations with tho
United States actual or potential, and
the result OF all reasoning was skli
uncertainty.
While the share list seemed to prove
Its position Of technical strength, the
market OF the day was very much
in The room. Traders started 10 buy
1t In the morning. selecting Republic
Steel as a typical leader. but they found
presently that there was no demand for
stocks when they tried to sell and prices
dropped sharply all round They dis
covered also that there had been but
little OF their own buying on advances.
while theirs was not the only stock Of
fered on the market which they were
creating. The most significant feature
or the trading was that IL was hard 10
buy stocks satisfactorily. EVER II IL was
a poor market In which to try to dispose
OF long contracts proitably.
In the afternoon the traders turned
their attention to the short side and
tried TO worry about Mexican affairs
as an excuse for their efforts, but for
the most part there was no development
or weakness except in descriptions like
the Rock Island issues. for the debility
OF which the international situation was
hardly responsible. The financial dis
trict as a whole refused to take an
prehensive note OF Mexico or any other
troublesome matter outside tho WASH
in~gton-Berlin negotiations and was In
deed more interested In optimistic ad-
Vices. such as the reports that the
president OF the United States Steel Cor
poration had been expressing on the
Pacific coast encouraging opinions about
the business outlook.
In the category OF such matters fell
put w ny tnt secretary
or that the ten months OF the
country's foreign trade to the end OF
April had yielded an export balance OF
more thar 1851. 600. 900. figures which
show that the balance for the fiscal year
Is likely TO be in the neighborhood OF
sl.lOo. OOO. 600. or about twice the aver
age annual amount in the past decade.
Returns Of railroad earnings for April
showed a continued te. lency to gross
decreases. but It was also plain that the
railroads were able to sustain effective
economies. which yielded net increases.
The foreign exchange market was
unchanged around the levels OF heavi-
ness recently reached. but there was a
growing feeling OF sat!sfac elton over In
dications that arrangements had been
made for supporting sterling remittance.
Whatever conduces to stability in the
international money market should oper.
ate to facilitate foreign commerce.