The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-21
FINANCIAL NEWS
AND COMMENT
More Active Firmness Noted in
Stocks, but Early Rise
Il Checked.
STRENGTH IN s%PECIALTIEs

An aspect OF more Aggressive strength,
though not pronounced. characterised
the stock market yesterday. Trading
was on a larger scale than the aver
age of previous sessions this week. al
though abou half of the days volume
was owing to the transactions In the first
hour. The net result Of the dealings
was q small average gain. with nus
merous substantial advances In more or
less special descriptions.
Reports OF additional war contracts
were reflected In sharp upturns In war
order stocks. Among other features was
Missouri Pacific, which rallied at tno
Expense OF bearish traders when 1t be-
came rather definitely known that the
Could interest had agreed TO a deposit
OF its notes for the purposes of an ex-
tension, but Wall Street remained some
what justifably In doubt IL a financial
readjustment OF the property was pos
sible without a receivership. on the
other side OF the market the Rock Island
shares. declined without any necessity
of explanation, and Chesapeake and
Ohio continued to show weakness, which
was accounted for late In the day by
the announcement that the directors had
deferred dividend action until next
month. perhaps awaiting a settlement
OF lTtfT tllh ~
Meanwhile they authorized the
purchase OF a substantial number or
locomotives and freight cars.
Apart from It's particular features the
share list suggested generally a rising
trend opposed by the restraining IN
fuences OF the uncertainties regarding
the status which the United States Is
to hold toward the European war as the
result OF the recent Washington note
TO Berlin. Dealings In stocks did not
seem to be quite so exclusively profess
sional as they had been for some days
past and there were signs that pur-
chases for the long account were not
being altogether withheld for contin-
gencies which might, furnish more favor
able opportunities. Evidence OF a large
company on the waiting side has not
been altogether to the liking OF inter-
ests and individuals who are confident
that despite the present uncertainties
the near future offers a reasonably well
assured prospect OF general business ac-
tivity and n rising level OF quoted values
For the rest the market seemed
70 represent the conflicting influences
OF the considerations derived from Italy's
apparent approach to immediate en-
trance into the European war on the
side OF the Allies and the prevailing
doubts abou the nature OF the German
reply 10 Washington and its conse-
uuences. Overnight dispatches from
abroad reporting German press comment
did not contribute to the persistence
Of injudlcious hopefulness respecting
Germany's official attitude and WASH
ington conjecture was obviously less
optimistic. This was responsible for
a depressed opening in stocks. which
was swiftly succeeded by an all around
.ntt. clast Nn..ortn0 nprOtrtarAl nm
structive purchases and the moderate
competition Of this sort disclosed a
scan,y supply OF stocks which lasted
all day.
The news from italy seemed to be .
factor in the early recovery and further
display OF strength because II was some
thing definite for Wal Street 10 act
upon after shivering so many days over
uncertainties, and its definiteness was
widely construed as OF favorable i'm
port in that an increase in the scale of
the wal has been regarded az likely 10
shorten its duration. However. there
has been so much backing and filling on
Italy's part that even ut the last the
financial community was not disposed
10 regard its course as decided. and in
any case il was manifest that the Wall
Street situation was dominated as II
should be by the issues which have been
Joined between Washington and Berlin.
Again the foreign exchange market
presented features OF emphatic slgnifi-
canoe in their proof Of the increasing
strength OF American rance and the
increasing strain abroad. All forms OF
remittance were YEA French ex-
change was extraordinarily weak, checks
being quoted at 6.42. a price for which
recollection was unable TO recall any
precedent here. At the same time. with
sterling at Paris away up. sterling ex-
change sold In this market down TO Its
previous low level. Italian bills ex-
hlblted renewed weakness. which corre-
sponded with the character Of the now
reports from Rome.
On all accounts there was ground for
predicting q large expansion Of the gold
import movement unless measures are
adopted to finance foreign purchasers OF
our commodities and Wal supplies on
some other basis than that OF the tenn
porary credits granted by bankers. The
weekly statement of the Bank Of France
showed the large withdrawal of gold for
transfer to London and London cables
inspired rumors Of further taking OF
gold for this market. Meanwhile an
nouncement was made Of an additional
engagement Of 3l.o0O.o 900 gold for i'm