The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-17
FINANCIAL NEWS
AND COMMENT
Trading Less Active in a Mod
erately Reactionary stock
Market.
TESTING THE POSITION

Trading on the Stock Exchange pro-
ceeded yesterday with somewhat dimin-
ished momentum and the retarded ac-
tivity conceded with some loss Of super
fetal market strength. Whether sig
%nificance attaches to these features Of a
session which was not In itself obviously
significant should be determined in the
event. for the market has in the upturn
which has gone on since Wall Street dis
missed Its fears of an immediate break
with Germany now reached . stage
which furnishes an interesting test Of its
position and tendency.
There has in the last week or 30 been
a renewed output OF optimistic predic-
ton which In the light Of the market
movement might suggest constructive
efforts Of moro consequence than at.
tachcs TO the %endeavors Of the profess
sional traders. While the great body OF
financial opinion holds TO conservatism.
there Is a rather powerful element In tho
financial community which pers!stently
emphasizes the influence OF the expansive
factors in the general business situation
and has not. outwardly ut least. accepted
the view hat Improvement OF quoted
values must be restrained by all the UNI
cc~rtainties involved in tho project of tbs
European war and contingent upon its
conclusion, to say nothing OF tho do
nestle uncertainties such as represented
by political possibilities.
There was nothing in tho stock mar
ket yesterday TO show whether or not
a rather vigorous upturn had been
finally ACCOMPLISHED at the expense Of
an overextended short account or
whether a momentary halt had been
called in operations moro ambitious than
the sort commonly ascribed to the trad
ers. Reaction took place, but II was
due under any circumstances, and the
dimensions Of II were no more than
the setback required by tho rapidity
and extent Of the advance In the last
few days. Pressure slackened at mod
crate recessions, but the market closed
at rca%ctionary figures. The most ag-
gressive strength was displayed In the
forenoon. but the afternoon dealings
evinced the effect of liberal realizing
sales. Industrial srwcialties provided the
more conspicuous features of the rams
actions throughout.
No great amount OF a~rgumentative
attention was apparently engaged with
matters discussed not SO very long since
az explanatory OF market aspects or
! indicative of market prospects. There
was more talk OF war orders placed
this spring and Of current negotiations
for munition contracts than of the
chances for peace IN tho European con
Met. The submarine controversy with
Germany seemed 20 ave disappeared
from the Immediate field OF observation.
but only IN the most reflective quarters
was notice taken 81 the signs portend-
ing a controversy with Great Britain
over conduct of the blockade against
Germany. n dispute which might he In
nnitely unsottling
Additional gold TO the amount ~ So
800 600 swcllcd the total receipts from
Canada So far on tho row inflow ~
about $500. 600. There were no s,rik-
ing changes in tho foreign exchange mar
hc,. hut French cNrhauro has benefited
hy tho rev gold movement. ~ y might
he concluded hat gold Is being trans
ferred here on Rritish account IN pur-
suancc Of the financial support which
London has been giving Paris.