The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-04
FINANCIAL NEWS
81 AND COMMENT
Stock Market Closing Shows
PrepOnderance Of
Net Gains.
FOREIGN TEST THIS MONTH
Developments to Show il I'm
provemeht Prospects
Are Genuine.
FOREIGN TEST THIS MONTH

| In no direction was there anything in
yesterdays marketwise news to give fresh
emphasis to any OF the considerations
which have been uppermost in the Wall
Street mind. The foreign markets re-.
malned heavy and June promises to fur.
nish fair test as to. whether or not the
prospects for financial Improvement
| abroad are as genuine as they have lately
begun to appear. Where there was no
European pressure for remittance and no
signs or any continuation OF negotiations
| for the shipment OF gold foreign ex-
change held around the 4.SS% level for
demand sterling which has proved to be
gold export point under similar circum-
stances In the money market Money
rates here seemed to be suffering from the
Increased offering OF funds TO local Dor
rowers. and the plethpric condition OF the
credit market Is gauge OF the severity
ofo the business reaction. The monetary
situation Is In particularly striking con.
trast with the situation at this time ia
year ago when the credits were strained
to tho breaking point.
| The stock market proceeded TO recover
somewhat from Its latest reactionary
movement. Careful observers were of the
opinion that the political chill which had
seized the share list was passing away.
although this opinion was not accompanied
|
to do anything more for n while than
| indulge In a see-saw of trading fluctua-
! tions. There was less pesslmism about
| the Interstate Commerce Commissions
probable decision in the Eastern rate case
although feeling In this respect seemed
to he simply return to the general ex-
pectatons that have lately been prevalent
I In no quarter was anything said much
about politics. whether bearing on the
! railroad prospect or the status OF business
under the new legislative programme at
Washington. which denoted "A hopeful SEN
timent. The exhibition OF underlying con-
fdence was obviously related solely to the
proof whDh has been afforded OF the eff
fectiveness of business and financial lia-
uidation in strengthening the market foun-
| datlons and with the prospect for good
| crops. In this respect there was encour-
| aging news from State reports which con-
tinued excellent In regard to wheat. In
formation about trade was all In keeping
with other facts of current knowledge.
The Iron Age noteS something OF cheer
full significance in some large buying OF
pig iron, but the statistics Of iron pro-
duction for May showed a decrease Of
200 tons in the daily average compared
with April and so far as concerned steel
lines 1t was estimated that the Steel cor
poration's forthcoming tonnage statement
would show a shrinkage of at least 300.-
| 900 tons
The stock market was rather quiet all
day. dealings being about three-quarters
OF the aggregate on Tuesday. Except for
some further realizing In the early fore
noon, pressure was obviously OF a specu-
lative order. Lehigh Valley was singled
out for sale. but there was no other con-
spicuous weakness. Despite the unfavor-
able atmosphere created by the Interstate
Commerce Commissions inquiry New
Haven rallied and there was throughout
the session an aggressive display of
strength In certain specialties. Fairly &C
tive buying of Atchison In the afternoon
seemed to stimulate other standard issues
and In the last hour the market was gem
orally strong The closing tone was firm
and final prices showed a preponderance
of net gains.