The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-13
FINANCIAL NEWS
And COMMENT
Trading Pressure Applied 20
Stocks Develops Undcrly.
ing Resistance.
DEALINGS CONTRACTED

Commitments IN the stock market may
he regarded with e%auanimity from the
point Of view Of investment which con.
siders real values and such things az
large yields protected by extraordinary
earnings. Speculation Of the temper de-.
veloped In the past year has rather a
trying time Of II In sue narrow mar.
kets as have ruled lately. and further
expression Of rcstlessness was given yes.
terday In professional sales for the de-
cline. Dealings remained IN a state OF
contraction and the session was dull
except for the relief afforded by trading
ventures OF a varied character. These
were obviously in the nature Of cautious
experiment and aid not on the whole
make much Roadway. The market was
specifically heavy. but fundamental sta
bility wal displayed.
Another revival Of peace conjectures,
apparently Of German inspiration. Ill
rccted attention to one OF the influences
OF a more or less permanent sort with
which the financial markets are disposed
nowadays TO reckon. In its momentary
idleuess the speculative community was
ready to give the subject somewhat re-
spectful attention. but Ii Is difficult to
relate the current apathy OF quoted
values 20 the contingencies Of ultimate
peace abroad. IL seems to be more the
notion that the desperate aspect of
the war has compelled some Wall Street
reflection.
The status OF the diplomatic difficult
ties with which Washington IL s,rug-
Cling on account OF the war has been
more talked about thar anything else.
There WAS u widc range Of choice in the
purport " Washington advices yester-
day bearing on the outcome Of the sub
marine crisis. Forecasts Of another
Washington note. ,insed with the quality
Of an ultimauIin. did not make so much
appeal TO financial minds as the sugges-
ton that the submarine controversy was
approaching anew a familiar stage OF
indccision or the way to an inconclusivs
termination in temporary o~bscurity.
While Wall Street talked about al
these things. the prevailing factor in
causing such effort as the days stock
market showed vas the stubborn unre-
sponsivencss OF stocks recently TO the cS-
traordinary accumulation OF continuing
evidence that general business Is still
pllins up profits. with n prospect OF
maintaining the process for months to
'N''''' ~ - iN' w Ni'P -
operations for the decline. n the under
lying strength Of the share list was
evinced not only in It's passive resistance
to the strain OF dulness but In the way
in which trading selling pressure was
withstood. Pressure was concentrated
on United States Steel in the last hour,
but prices had "A ~rallying tendency to-
ward the close. lille there were persist
cnt manifestation of aggressive strength
In certain quarters.
In the foreign exchange mark~t French
bills closed as low as 60li:. which was
more han a point under the level Of
eight months ago and the lowest price
ever recorded for francs. The further
decline failed to elicit any Information
o'ro'inc mcuts to change the
situation. Authoritative reports Of iron
and steel conditions told Of somewhat
lighter buying and a less fcverish mar
kct In steel lines.