The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-14
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Lessened by
Preparedness Parade
Specialtics Rise.
STANDARD ISSUES LAG

The stock market yesterday was Just
abou the sort that was to be expected
on Q day when developments were pend
Ing that might be calculated to lessen
the scale Of transactions and attract
brokers, bankers and spectators from the
hnaAcial district. The turnover wns
small except in a few speciality issues
whSre pool operators seized upon the
small attendance on the floor as an ex.
cuse to bid up prices rapidly. There was
little activity IN the standard stocks.
The rails. with the exception Of Reading.
which sold at Il new high price for all
time. were generally neglected.
Indeed. there Was little In the news
OF the day that might he calculated to
stimulate activity on either side OF tho
market. The serious Mexican situation,
which seems to attract little attention
IN Wall Street. was practically un-
changed. AND there were nc important
developments. either Of a financial o.
military nature. to be CLEANED from the
days papers regarding the situation In
Europe.
Stocks opened strong and a general
tone OF firmness was well maintained
throughout the two hour session. As Il
drew nearer to the closing hour. how
ever, the tendency Of the market eemed
TO be to contract rather than broaden.
and attention was directed entirely to-
ward certain of the Industrial specialties
and to Reading. Sensational gains were
registered In the motor stocks. especially
in Willys-Dvcriand. S~tudcbaker and Cen
eral Motors. There was news to account
for the strength in these issues. which
owe their yio,ent fluctuations mainly Ia
the operations of certain strong pools.
49,. Etlu,, moo
motive. Crucible Steel and Westinghouse,
also displayed considerable strength,
though the tendency in these stocks
seemed to be to take profits as the clos
ing hour drew near, rather than to carry
them over sunday.
The foreign exchange market WAS gen.
eally without feature. aside from IN.
continued strength IN sterling. which was
only natural after the recent shipments
Of more thar $i.0o0,no" in gold to this
city for the account OF the Bank of Eng
land and the knowledge that heaviei
~consignmcuts of the metal were expected
The money market was practically un
changed and whatever interest did cen
ire In this market WAS generally focused
on the weekly bank statement.
The average. condition OF the Clearini
House members showed a decrease o
Sa.5aN.57O in the surplus reserve and 4
falling of ot st.3oI.O co in the loans
Aggregate reserves decreased $5.3l5, 600
while ther. Mas u drop In net deman
uepositS of S.n. u3J. o0o. In the state
ment OF actual condition OF the Clear
ing House banks the decrease in tn
surplus reserve was even more disap
pointing. amounting To- s1.1lt.91o. IL he
ing one ot the largest decreases IN sew
eral weeks. This leaves the actual sur
plus at ss>.1sT.2G0. or about one-half q
what il was a. recently as early in Feb
yuary OF this year.
The grain and cotton markets wer
generally heavy on profit taking and NJ
news which might he calculated Ia de
iress prices. Corn WIS an exception {
. the rule. prices advancing fractionall
on short covering.