The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-09
FINANCIAL NEWS
And COMMENT
stocks Make Another Display
Of Strength. but Close
Under Pressure.
RAILS AMONG LEADERS

In another session Of very active stock
market trading Wall street reflected the
continuation of the same set Of factors
which were effective in causing a striking
display of resilient strength toward the
end of last week. Despite the rapidity
and success Of the week end upswing. AMI
despite the conjecturally unfavorabls Inn
port of some of the news over the recess.
the list yesterday carried recovery still
further. although the market was SUBJ
tected to heavy pre- throughout the
day. particularly In the nature Of liberal
realizing sales.
Operations for the decline were o
Quoted industrlously by the trading ele-
ment. but II was not until the last hour
hat quoted values offered any signifi-
cant tokens Of reacting to the weight Of
stocks which had been supplied. Toward
the close there were manifest symptoms
that absorptive capacity. which had been
remarkably wei sustained. was some
what overtaxed. The price movement
became irregular and the Anal trend OF
prices was generally downward, although
closing quotations constituted "A substan-
tial average of net gain. A large amount
of buying power was furnished through
out the day by the miscellaneous short
interest which was disclosed last Friday
and Saturday as In a very overex-
tended position. and a good deal Of yes
terday's activity plainly represented op-
erations conducted to take advantage Of
tho bearish trading i%nclinations which
have come to prevail 20 widely in the
last few weeks.
Features OF strength wers provided BY
he railroad list and by various special
ties. including Issues affected with .
Mexican interest nj some Of The shares
IN the motor group. The course Of the
rails might have been connected with
efforts TO facilitate foreign liquidation.
hut II was none the less a logical sequel
to the impression which has been made
10y the wonderful growth Of railway earn.
ings. Also II was at least a fitting &C.
compartment to the more insistent cir
culation of rumors about powerful efforts
under way to get peace negotiations
started for a termination OF the Euro
pean war, The wa- munition shares and
the copper d.splaye ed coincident heav!-
ness. although it was not apparent tina,
peace considerations were n material In,
f'uence in the days dealings.
Wall Street was in the main disposed
to regard peace possibilities as not i'm
minent enouyn to call for urgent atten'
ton. bu, it is worth rernarkins thai
more serious notice was taken of the
peace outlopk in Europe than at any
time in the past year when peace tall
has been promoted. The German not.
which WASHINGTON received last weel
together with certain developments since
then suggests that from nov or an al
titude OF ~incredulity respecting the IN
stitutio OF peace proposals may not b.
altogether justified.
The stock Exchange session wa
probably less directly affected by th'
discussion OF peace portenis than by
the caution which the status OF gu,
own controversy with Germany inspires
The fact that Washington had decided
to make a reply accepting the German
note hut rejecting the conditions OF II!
implied concession had been fully OK
pectcd. bat the announcement advertised
the unsettled aud uncertain state II
which our relations with Germany mus
remain. AS dependent on the furthe
conduct OF submarine warfare agains
merchant shipping. A: the same tint
it cannot be said that the stock marke
itself indicated by it's slightly reaction
ary trend toward the close anythir,
more than a familiar result, Of yiolen
and abrupt advance.
The Government crop report NJ Ma!
I contained no surprises. II points Il
= winter wheat yield OF almost 500,
900 900 bushels. which although mucl
less than the great harv"sts Of III
last three years would be larger thai
any up to 1913. The other condition
figures Of the report warrant the as
sumption that granted ordinarily favor
able weather 1915 will he a satisfactor,
if not a bumper crop year.