The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-29
FINANCIAL NEWS
AND COMMENT
Stocks Dull, but Are Generally
Firm, With Some Spe-
cial Strength.
EXCHANGES 90 LOWER

Restraint continued to characterize
the stock market yesterday. Dealings
were on . diminishing scale and no dis
position was manifested generally to
anticipate aggressively constructive de-
velopments. although In some directions
rather conspicuous strength was dis
played. In the main the market acted
very much as one in which stocks were
being carefully and lcisurely picked up
and there was little manifest selling
tons.
While the financial district felt Won
more confident that the forthcoming
German note to washington would
carry negotiations forward sat1sfac-
torily II was also felt that a proper re-
spect for the uncertainties Of interna-
tional relations compelled the persistent
exercise OF stock market prudence. To
some little extent perhaps attention was
paid TO tho signs OF a renewal OF the
German offensive toward Warsaw and
Of the evident uneasiness among the
Allies over the failure OF operations
against Germany to make Roadway.
II is doubtful. however. II the military
position afforded Wall Street with any
thing more than a subject for a great
deal OF uniformed discussion during a
comparatively dull stock market period.
An effort was made to interpret the
inactivity o. the share list in the light
Of the latest phases OF the Mexican I'm
broglio. bu, here too explanation failed
in view Of the bviou probability that
Wall street was simply marking time
while waiting for some definite facts In
various fields of uncertainty ranging
from the war and our own relations
% Il to the foreign exchange problem
and the outcome Of the city bond sale
to-day, which. II Is expected. will elicit
a rather low average OF bids.
a particularly sharp fall in various
forms OF foreign exchange helped to
make the International money market
more q perplexing puzzle h ever. and
Under the circumstance II is worth re-
cording that II there was any tendency
In quoted values on the Stock Exchange
II was in the line Of improvement. The
close was steady after q session OF
rather narrow fluctuations in most
issues.
The list as a whole did not make much
response, except with all around hrm-
ness, TO such features OF strength as
were supplied by the copper metal
group. Reading and p. F. Goodrich. II
was not at all responsive to the heavi-
ness OF Canadian Pacific, which con-
tlnues 10 make rather wretched reports
of earnings. nor to the further weak
ness OF United States Rubber. although
Il might be said that the decline in the
Rubber shares seemed TO be In process
OF arrest. The market reflected a vi
cation mood a. much as anything else
Judging from the interest displayed IN
the petition to close the Stock Exchange
for an extra holiday on Saturday.
All last weeks fine spun theories
about the effect which British war
finance would be likely to have on the
foreign exchange market through the
stlffening OF discounts in London. the
stimulus given to the liquidation OF Brit
ish investments In American securitie.
and the advertisement OF q rising prics
for capital were knocked in the head
by the course Of International remittance
itself. As a matter Of curiosity thu
Loree figures about foreign ownership
OF American railroad securities CAM In
for notice. u II was pointed out thai
whatever the truth about European in.
vestments in the United States IL was OF
lesser Consequence than the proved fact
Of European unwillingness to liquidats
these investments.
Qulbc 'ltsiflg tlSTc mas Uccu Ho 0cli'
Ing OF our securities from abroad In the
last few days in n volume sufficient
to support foreign exchange by creating
a demand here for remittance TO Lon.
don or other centres. Nor has the Lon
don q market attracted funds from
this side. nor have the arrangements &C
far made TO establish credits here fol
foreign account accomplished very much
IN the correction OF the movement OF the
exchanges In our favor.
Demand sterling was sold ~ <.76, q
new low level by a shade and down q
cent over the week end. Italian ex.
change was quoted lower than francs
but the spectacular feature OF the market
was a break in French bills which car
ried them below $50. All Of his only
augments tho accommodating proofs tina
makeshifts will be OF no particular avail
II the international exchange market u
10 be saved from paralysis and that 4
is time for finance to devote itself to thu
contrivance of methods whereby foreign
securities can be accepted in settlement
OF indebtedness incurred by the unprece
dented foreign purchase Of our good,
and commodities