The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-11
FINANCIAL NEWS
AND COMMENT
Stock Market Trading Is Less
Active, With Prices Gen.
orally Lower.
SOME SPECIAL STRENGTH

Although there we're enough develop
ments yesterday to have furnished some
stimulus for stock market effort. the
session seemed to lack all Significance
except IN 90 far a. Il reflected the dis
position Of Wall Street TO revert to an
attitude OF waiting on occurrences.
especially in the Geld Of the large inter-
national uncertainties with which the
financial community a had TO reckon
lately. incidentally there were observers
who thought that the uncertain aspect
Of affairs more closely related with bank
ing inc business routine. such, for
example. a. the problem OF reorganizing
the International Mercantile Marine
Company. was somewhat responsible for
tho conservative tendencies OF the stock
market day.
Trading was on q contracted scale
INC its dulness was not fairly denoted
by the total volume Of business. Activity
was confined largely TO the early deal
ings. with n little return Of animation
toward the close on the evening up Of
trading commitments The course OF
prices was In tho main downward and
tho list was on tho whole rather heavy.
although there were features OF strength,
as in some of the sugar stocks and q few
industrial spccialtics which were affected
by speculative operations.
News over night did not wear any
disturbing complexion. and during the
day there were enough encouraging con-
siderations to have promoted general
speculative endeavor. but the profess
sional element refused to take the initia-
tive without moro important encourage
1900 S~.-A 49, A~NAAa - ASn0l
In the possibilities OF early peace abroad
appeared to have been lost. poaibly be-
cause the financial district is bound to
maintain scepticism as long as there are
only Tcutonic sources for the inspiration
OF peace talk. The cotton market de-
clined sharply in the late trading on
heavy speculative selling. which was ex-
planned as q response to Official British
denials that any attention was being
given to peace suggestions.
Tie announcement that the Federal
Trade Commission would conduct an In
auiry designed to prevent an undue IN.
crease OF anthracite prices following the
grant Of higher wages 10 the coal miners
was without any direct effect on quoted
values. There was equally no result OF
the publication OF the fiattering exhibit
OF a further gain last month in the for
ward business OF the United States Steel
| Corporation. The addition amounted to
almost 500. 600 tons and the total OF un
filled orders must now be about 10000
900 tons. which Is far beyond the record
aggregate before the war. Wall Street
is accustomed 10 the curious indifference
Of stocks TO tho accommodating evidence
Of extraordinary trade n industrial
prosperity. but yesterdays apathy In this
respect helped to restrain purchases.
Tho Iron AGE In its weekly review OF
the steel market conditions reported
heavy contracts for shell steel. showing
that new business IN war munitions has
not stopped. bu, II noted that "other-
wise the steel trade has slowed down.
as 4, has long needed to do" and the
process ~ advancing prices generally has
apparently been suspended.
GerInauy's acceptance Of responsibility
for the submarine attack OF the Channel
steamship Sussex was Of gratifying I'm
port. The sinking OF the Cymric gave
no indications OF promising TO agEravate
the German controversy. hut financial
opinion refused to anticipate the course
Of International events.
Mexican difficulties attracted increased
notice because NJ the extraordinary con
trast between the Mexican revelation OF
the country's military unpreparedness
and the stubborn political determination
at Washington which stands In the way
! Of adequate measures TO strengthen the
army.
There was a suffciently hrmer tone
in sterling exchange to imply that ad-
vantage had been taken Of the recent
demand for railroad shares 10 li1uidatc
more foreign holdings.