The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-21
FINANCIAL NEWS
And COMMENT
Stock Market Quiet and Cen
orally Firm-Profit
Taking.
SOME COPPERS HIGHER

TIC stock market exhibited uuie;ri
Tendencies yesterday than have been
evident during the greater past Of the
past week, The turnover In stocks was
only about the average to be expected
on a day when the races and other sports
prove such AN attraction I" those who
are ensaRed In business In the iinancia
district. There was no active bidding
IN Of spccialties Ui a large scale. either
among the rails or industrials. Instead,
there was puie, profit taking. which was
only natural after a week of advancing
prices. Generally speaking. stocks held
well. even Reading after It's recent ad
vance Of something more than 10 points
IN four DAYS closing unchanged from
Fridays final prices. The only SEN
%sational squirt OF any of the railroad
stocks Yesterday was in Canadian
Pacific. which advanced from an opening
of 1861. 10 a close Of 1873. a gain
OF 57s points over the previous close on
a turnover Of 5000 shares. On the
whole. prices were somewhat irregular.
though the general trend of the market
was upward.
Prices at the opening we're generally
higher. with the chief interest centred
In the rails. Reading opened. with
sales OF $500 shares. at prices ranging
from lo3is To i0t. u gain of from
!: II point to a full point over Friday's
lose. u failed to hold at these figures,
however. and slipped back to 1903. where
II, closed. Aside from Reading. the chief
interest In the railroad stocks centred
In Erie, which held second place among
the more active railroad stocks. II
closed at 40ia, the high for the day,
aud the highest price at which II has
closed since the present movement In
the rails began. New York Central.
Union Pacific. Lehigii Valley and 81.
Paul came w for their share ~ activity.
and for the most part gave a fair display
OF strength.
The Industrial stocks. with the excep-
ton Of the coppers. were inclined TO be
heavy. kennecott and Anaconda were
higher. oil talk of increased dividends, bu,
the gains made In these two issues were
only fractional United States Steel
"pened Arm and sold up to l, poin,
above Fridays close. but failed to hold
AZ his figure and closed at ssh. up
'. for the day. Considerable d%lsappoint-
Went was expressed at the failure OF
Westinghouse to respond to its crafty
ing annual report.
There was little In the new OF the
day that had any effect on the stock
market. Reports that the French Min
lister to Rumania had been recalled
were too inedrnite to cause Wall Street
to weigh them carefully and the news
that part Of our troops were being
withdrawn from Mexico caused no par
ticular comment.
The foreign exchange market was
generally featureless and exhibited the
customary Saturday dullness. a further
consignment of $4,000. 900 in gold was
received from Ottawa. bringing the
total exports from the Dominion to this
city since the beginning Of the present
movement up to $4,000. 900.
The weekly bank statement OF the
actual condition of the Clearing House
members showed another heavy Impair
ment OF the surplus reserve. that item
being $76.95S.3l0 n decrease OF Sll,-
s30.910 from the previous week. Loans
have increased s9.S4S. 5000 to $780,
o05. 600. while net demand deposits OF
s3.357.s37.0 600 show an increase of ga
$4,000. The average surplus reserve is
now ss4.4S2.l4O. which with
sl7s.534,slO in 1915 and $47, $685. 500 In
1914.