The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-19
FINANCIAL NEWS
AND COMMENT
Prices Sag Moderately in An
other Dull Stock Market
Session.
TRADING Is PROFESSIONAL

Professional dealings In a dull mar
ket yesterday were chiefly responsible
for the surface price changes. which
were generally downward. although as
in previous sessions lately the bulk of
the movement was in the first hour.
Business was on q still smaller scale
than on Monday and accordingly con-
stituted the smallest volume In two
months. H~eaviness rather than weak
ness characterised the share list and
viewed from tho technical standpoint
the market merely sasged as n result OF
being temporarily overbought by the
trading element which had covered
short commitments without support
from outside buying on the advance.
Otherwise the market responded to
the somewhat less hopeful Tenor of
over night advices from Washington and
abroad relative to the pending issues
between this country and Germany. II
opened of. but selling was very light.
In the early afternoon some little bear
ish pressure was exercised. but with
only trivial results. and a slight hard
ening took place before the close, which
was at a fractional average OF net de-
cline. About the only feature which
attracted attention was the weakness
OF Missouri Pacific to the accompani-
Y VI NNBItNFtA NouplS auoul lltt n
tension Of the notes due June 1. There
was a thin trickle OF speculative l!qui-
dalton In various descriptions. but tho
strong position OF stocks prevented
quoted values from making any display
OF real softness.
So far as concerned the diminished
optimism OF public conjecture about the
German reply to the Washington note
there was obviously no more definite basis
in fust for thu ipfarap,as Ir,un than
there was on Monday or over the week
end for the more cheerful anticipations
INDUCED Tit most specific indication OF
any sort was the Presidents speech in
this city at the navy luncheon which
was interpreted as a token that the Ad-
ministration was committed to a Arm ad-
herence 10 the stand II had taken. For
the rest there was only a small output
of unofficial opinion in Germany, al
though this to be sure was not particu-
LARRY co~nciliatory.
The action OF the stock market seemed
to suggest that there was in Wall Street
no expectation OF an unfavorable an
swer from Berlin. although 1t was even
clearer that the financial community was
prudently indlsposed to discount a
favorable one. The most severe strain
on the market at the moment will be
provided by a prospect OF delay in Ger
many's reJoinder, which will prolong I'M
certainty. Under such circumstances the
stock market has so far this week given
an excellent account OF itself. Uneasy
interest was exhibited in the conflicting
reports abou, Italy and in the signs
that the war itself was being fought
with increasing desperation. The Lon
don dispatches tended to give some
measure of the tremendous effort which
the struggle Is o requiring.
Foreign exchange inspired a good deal
OF bew!ldering and rather curious COM
ment. Attempts to read into the quo
~tatlons OF the International money mar
ket any meaning for our own political
relations did not seem to be warranted.
Sterling bills were weak. demand selling
below 479. but aknes was common
10 all European forms OF remittance.
save Italian exchange. which held its
recent slight rally.
Routine developments suh1ced for the
most part TO explain foreign exchange
features. for there II a large supply OF
export bills. and II is coming TO be
more and more a question how foreign
debtors are going to discharge their OBJ
legations unless they face facts and
arrange for something more than tenn
porary credits and pay the price which
liz always exacted OF war borrowers
French and Russian exchange sold al
new low levels and gave further proof OF
the financial strain and disorder which
the colossal cost OF the war has caused
Washington estimates an export bal
ance OF only about $4,000. 900 last
week. but while this represents a sub
s~tantial contraction from the averages
OF a few weeks q II compare NOR,
than favorably with the seasonal show
ing customary at this time.
There was weakness In the whea'
market, which obviously reflected tn
feeling that crop killers had been anN
iously trying TO boom the price OF tn
staple pr~ematurely.