The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-18
FINANCIAL NEWS
AND COMMENT
Stocks Sag Under "Tircd" Sell
ing and Professional
Pressure.
TRADING IN LIGHT VOLUME
Improvement Reported in For
eign Dispatches and Ex-
change Declines.
TRADING IN LIGHT VOLUME

While the stock market continued yes
tcrday to droop. the selling which caused
the sagging decline again resembled a
mixture OF professional pressure and tired
liquidation from small margin accounts
Tho strain of waiting for tho share list
to develop definite tendency usually
comes In time TO have some effect on
speculative positions. Trading was In
moderate volume only and the close was
heavy. at a fractional average OF loss for
the session. with an increased number OF
substantial recessons appearing in n
variegated array of stocks. ranging from
standard issues to specialties
Particular matters OF marketwise In
| formation did appear to explain the
course OF some shares. but there was
nothing OF n general nature to account
/ for tho price movement. save the test Of
speculative patience imposed by waiting
/ for the rate decision. together with the
encouragement OF sentiment offered by
4 the Wilson Administrators attitude Of
stubborn belief that business men do not
know their own business. How much
| these influences have affected the stock
market this week would he hard to de-
termiue.
| They have certainly not contributed
support to the constructive side of quoted
values. but the dealings in securities have
been too limited to warrant the assertion
that Wall Street has begun to abandon
hope of financial and business improve
| ment to follow the rate case decision and
to be based on the satisfactory progress
of the crops, together with expectations
| OF signs OF betterment abroad. The Mex
lean situation provided a topic OF some
what Interested discussion in the financial
district, but 1t IL doubtful II Wall Street
saw any immediate argument bearing on
values in the indications that South
American mediation had broken down.
| Mexican Petroleum and American
\ Smelt,rs were possibly weak because OF
the critical phase OF Mexican affairs. but
| their weakness was not much more pro-
nounced than that of some other stocks.
| The most significant course OF prices was
! perhaps the decline in the Missouri Pa
cfc securities. although It Is supposed
that some time will elapse before the
question OF the permanent financing of
the Missouri Pacific properties will he
taken up again. Lehigh Valley rallied on
the declaration Of tho regular dividend. but
the recovery was not vigorous enough TO
suggest confidence that the distribution
would be maintained in the future at the
rate now paid. The regular dividends
were declared on the Reading shares.
Stocks OF railroads In tho Northwest
were heavy to the accompaniment of ru-
mors that the engineers We're voting for a
strike, but such "A vote should be re-
garded as only the customary formality
II preliminary to negotiations with the man.
agements. The statement of domestic ex-
ports for May. showing decrease OF So
792, 00O. was far from being a. bad an eX-
hbit as might have been looked for. hut
the report of merchandise exports was OF
more consequence. Weekly reviews OF the
IL. tod M "a
business in steel this month would about
balance production on the present reduced
scale, but while seasonablo buying Is
taking place in moderate volume 1t is moi
apparent that the low prices have done
much to stimulate purchases.
The best news of the day was or ar
international character. There was
break of about u of n cent in demant
sterling. which closed around 4.ssG OF
fairly heavy selling Of bills by bankers
The aspects OF the foreign exchange mar
ket suggested that perhaps the latest golC
export movement had stopped at the az
gregate of about s50.000.0o0 20 ia
reached. the minimum limit which wa
predicted for IL recently
: To explain the international none,
market there was evidence OF bette
. tone in foreign financial communities
, Some foreign buying OF stocks here wa
reported and prices tended upward at Lon
. don and on the Continent. Prepare ton
, to put out the first instalment OF the lon
. delayed French loan were partly respon
. sible for the change In European con
& ditions and II still remains to be see
whether or not symptoms OF incipien
financial recovery abroad are anythn
more than the result of efforts to shap
|. the markets for imperative new financing
including large Brazilian loan. and t
= do acme ~WindOw dressipUb for v,,Idyao
1 balance sheets.