The sun., 1915-03-03
FINANCIAL NEWS
AND COMMENT
Contracted Trading in Stock
Market. but Tone Is
Firm.
WHEAT OFF-COTTON UP

Naturally ire more adequate over
night presentation Of the purpose Of
Great Britain and her allies to shut of
Germany's entire external commerce was
development calculated to make for
caution in Wall Street. II was conducive
to more serious reflection on the des-
perate character of the European con-
ict. and for that reason some slgnifi-
cancc may attach to the fact that no
inclination was manifested to adopt a
selling attitude toward the securities
market In various ways the different
markets made response to the latest
turn In tho war abroad. but Il would he
difficult to draw any conclusion to which
they pointed
Tho financial community feels that
prudence is the motto At present. par
ticularly when washington's diplomatic
faculties are being taxed tn the utmost
70 deal with unprecedented conditions
Nevertheless. opinion yesterday seemed
to be that this country Will have TO make
the best II can OF the warfare that II
smashing what has been called interna-
tonal law and making its own code OF
conduct.
There was never 20 little jineoism In
war which is raging has cured many
bellicose dispositions and the President
IL helped In tho present crisis by the
country's pacific desires. Whether WASH
inEton's protest against the new forms
OF war, which seek TO ~eap tho benefits
OF a blockade without establishing any
thing OF tho sort, will receive substantial
recognition "a questioned IN financial
circles. where better than In good
I l. N..A ~
war 10 being fought with economic pres
sure as we'll as by powder and she'll
The stock market OF the day tended
toward a contraction OF trading. The
professiora element, which In chieny
responsible for current business In Sc
curlties. was obviously not tempted TO
sell the market on the overnight news.
. on the contrary a firm tone was ex-
hibited In the early transactions ana
this tons was maintained throughout
the session. Pronounced weakness in
Distillers Securities shares and s per
cent bonds attracted attention and was
not explained by conjecture Of be-
lated discovery OF the prohibition move
ment
Extension OF the Boston and Maine
notes due yesterday helped 10 account
FOR the strength OF New Haven on fur
ther short covering and an aggressive
III ontdIlD anu W Western
inquiry as 70 the possibility that a GUS
toner had been found for the New
Haven's holdings. Quoted values as n
whole showed at tho close an average
OF fractional gain. In the bond de-
partment there wa. continued selling
for foreign account.
Ordinarily the approach Of Congress
toward adjournment would engage fav-
orable notice. II is possible that after
adjournment takes place the relief Of
business interests may he tanglbly ex-
pressed. but me closing hour. cf the
Congressional session contain possibli-
ties OF more legislation disturbing TO
business confidence.
The COTTON market rallied sharply
despite tho new threat Of war interfer-
ence with commerce. but wheat sus-
tanned a further break. A. the low
level OF the day there was a loss Of o5
cents bushel from the top prices Of
the season. and the close was made at
d~cfne for the day of more than
Ave cents n bushei
In foreign exchange there was
trend toward frmness. which was quite
decided In the case OF German remit
tsncs. MARKS closing at s3k FOR de-
mand This was obviously a reflection
Of tho Allies naval programme,