The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-28
FINANCIAL NEWS
\. And COMMENT
Market Dull and Unintcrest-
ng-Pre holiday 1nflu-
ences Prevail. =.
STERLING EXCHANGE UP

rfs.hofday influences were evident In
the stock market yesterday and the gen
eral movements were therefore for the
mater part dull and uninterestins. At
tendance on the floor Of the Stock Ex-
change and In commission houses was
light Speculative activity was ex-
trsfnely limited and the greater part OF
the two hours Of trading represented
an evening up Of customers and brokers'
accounts over the week end and over
the coming holiday. The general trend
AZ prices was react'onary. both In the
industrial and In the railroad list.
Prices NJ the opening were somewhat
MIXED. but before long An easier tone
became evident and continued until just
before the close. there vas a
alight upturn. which, however. did not
suflce TO retrieve the losses earlier In
the session. Receeions were general.
although not extensive, In the so-called
war order stocks. Crucible. Baldwin
Locomotive and American Locomotive
bsing amons the heavier sufferers. The
motor stocks were generally lower.
studsbaker and wiIlys-Ovcrland espe-
cially displaying easier tendencies.
In the railroad group Reading was
particularly weak feature. that stock
declining 81. points below the previous
closing price and ending the week at
= figure 10S points below the high
Of last Tuesday. Lehigh Valley was an
outstanding feature Of strength among
the rails and closed with an advance
Of ~ points over Fridays fnal prices.
There val no special news to account
for the movement in this stock. The
Ureoter part Of its activity developed In
the last fifteen minutes of trading. when
brokers, apparently finding the floating
supply OF the stock short. strove to bid
Il up rapidly at the expense Of the
short interest.
There was little In the news OF the
day which might be construed as hav-
Ing m great effect on prices. Further
rumors Of peace. which no doubt cman-
ated from German sources. may TO a
certain extent have been responsible
for the easier ton Of the Industrial
group. but so few Of the specul ,tivc
traders were in the stock market ygster-
day that II is doubtful, u there was any
movement Of consequence TO make bear
capital out Of peace news.
About the only features of the 70 'elgr
exchange market were the strength OF
sterling exchange and the easing Of Scan
dinavian rates. Demand sterling advanced
from 4.75A to +.1S 1-iS. The reason TO-
the drop in kronen WAS the report from
Stockholm that there had been a sharp
Sise In the dollar rate In that city
Marks and lire were fr~actionally higher
The weekly bank statement continued
10 show a falling off in the cash hold
ings and the surplus reserves OF the
Clearing House banks. This develop,
ment. N continued, II is believed. mus
ooner or later make its effects felt il
tho money markets. The surplus re-
serve. according 10 the average state,
ment. Is now s67.133.o 600. a decrease o,
el6,729,140. while tho aggregate re,
serves OF sS46. 40. 900 show a decrcas.
Of 316.S69. 200. The average statement
gives the amount Of loans AZ s3.3?s.
. 1900. al increase OF sl1.37S,OO p
while the present average surplus u
o67,733,0oo compares with slS2.2I3.i 2'
in-ls15 and sis,o5e.o5O In 1914.
In the cotton and grain markets price.
Wefe irregular and generally easier
weather conditions in boti the cott"i
and grain belts being such MS to indl
cato bigger yields and therefore love
prices.