The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-04
FINANCIAL NEWS
AND COMMENT
Share List Offers More Re.
sistance-Marin Issues
Fall Sharply.
FOREIGN TRADE HOLDS UP

Wall street furnished further evidence
yesterday Of the speculative caution which
reflects the mood OF conservative con-
fdcnce in important financial quarters.
E~ntcr3risins action, based on a careful
canvass, of profitable opportunity. does
not lack for banking and business sup
port. but constructive dispositions are
eviaccd more in the investment aspects
Of the stock market than In its other
bearings. Professional effort count
for the bulk OF the trading In stocks
nowadays. but the influence thus exerted
Oh prices covers a rather limited .feld.
The most interesting circumstance In
Yesterdays market was the very obvious
disappearance OF distribu,iye offerings
aud a decreasing volume Of profit taking
sales.
Speculative endeavor was exerted
against quoted values. but the liquidated
extent Of the genera market position
developed lately was clearly suggested
IN the decrease of activity as prices re-
coded. Declines were. for the most part
moderate. and were frequently recovered
very rapidly. In general the trend OF
prices was downward, but the movement
was rather in the nature of a sag and
several Industrial specialtics displayed
aggressive strength. The last hour was
the most active period OF the day wher
an outbu,s, W selling which caused the
Mercantile Marine shares to weaker
sharply created a little all around com
motion. but the general underlying firm
ness of the market was more apparen'
than the superficial heaviness exhibited
in various directions.
On the whole the market lent itself e
analysis as a continuation Of norma
reaction from the extreme Of a ewif'
and extensive upturn. although Wa
Street preferred to explain the reaction
as n prudential respect for the uncer
tain event Of the controversy with Ger
many over the conduct NJ submarine
warfare on merchant shipping. TIT
hesitancy Of trading yesterday was o.
more consequence thar the price move
ment and there was a distinct tendcnc,
toward a hardening OF prices aroun,
the low levels reached by this week,
reaction. Resistance was offered I,
pressure even when factors Of unsettle
ment were provided by the abrupt weak
ening OF the Mercantile Marine issue.
in the late dealings. Viewing the mar
kct as an expression OF financial atti
tudes toward the outcome OF the Ger
man controversy, the session implied
feeling Of precautionary hopefulness
The indications were that the stool
market community was more expectan
Of r Washington-Rerlin agreement thar
Of a breach OF relations. although dis
inclined to 10 much constructive dis
counting of optimistic anticipations.
Ad>ices about the contrivance OF a,
agreement with Mexico were Of cour
1 gratifying The disturbed conditions O
labor emphasized the conservative con
~siderations inspired on other grounds
hut most OF the news OF the day was o
IN encouraging tenor. The America
smelling and Refining Company declare,
Il moderate extra dividend and the an
rual report OF the Anaconda Copper Com
pany added TO the list Of brilliant re
turns which corporate industry has bee
making In metal lines. Weekly review
, Of the iron and steel trade noted som
effect from labor troubles. April n,
iron production disclosed a very sligh
falling IF from the March output. Their
Is little less forward buying Of steel an
more regard is paid 70 prices. hut Their
is not ever IA trace Of weakness in tn
steel market.
The heiated March repo-. Of the coun
try's foreign trade constituted the mos
extraordinary showing of commercial ex
nansion which has yet been published
Exports OF $40. 600. 600 We're about :
per cent. larger than March last yea
and We're 5000. o0n more than the pre
vious monthly record made in E'ebruar,
Imports increased substantially. but IN
remarkable trade balance OF SlaS 900, 90
carried the eNport excess for nine month
70 y total OF s1.i9I. 900. 600, or twice IN
aggregate balance OF the correspondent
period a year ago.