The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-09
FINANCIAL NEWS
AND COMMENT
Decline Carried Somewhat
Further in a Rather Thin
stock Market.
ON TIE RAILS

Hll'i u NtITtSStu OIlSHiut NfENfI utN
without much activity the stock mar
ket rallied and then encountered offer
ings sufficient to overtax absorp,ive ca
pacity. During most of the day quoted
last hour. when n speculative effort was
dir ctcd against the softer looking por-
tons Of the list. Prices declined rather
sharply In numerous directions and pres
was decidedly heavy. Averages were
not carried materially lower for the day.
but there was a fairly extensive assort-
ment of substantial losses. There was
an apparent Increase Of foreign. pre-
sumably British, selling Of bonds and IT
can hardly he doubted that the per-
sistent foreign realizing on our securi-
ties. which has been going on since the
PRONUNCIATION OF the new British war
loan. has been partly responsible FOR
the r~euctionary movement IN stocks for
the last ten days.
Trading was in much less volume than
on Wednesday. but the lesser aggregate
or dealings was just about as effective
on prices. \ comparatively poor market
existed for either account, suggesting
that stocks were in a position TO rally
sharply on any sufficient provocation.
At the same time the manifest lack of
a buying disposition except at conces-
sions encouraged bearish effort. which
was In obviously large ratio to actual
realizing. although operations for the
short account had n manifest leverage
or liquidation to work upon.
Advantage was taken OF the feeling
or uncertainty, with which the outcome
or the Neutrality-suspicious. regulations
has been increasingly attended. to brine
ibout Il lower range of prices. and full,
arsument1tive use was made of every
adverse point from the conjectural dis
location Of funds involved In the ABSORB
iion Of foreign offerings &c the various
depressing aspects OF the war. The
news that the steamship .Minnehaha had
been set IN fire. apparently by an ex-
plosion. served to aggrIvate a little
Wall Streets feeling of ~uneasiness. hut
the most peculiar feature Of the day
was t-e spoons made to the c%untrIdlc-
ton OF "A premature report that the
steamship Adriatic had reached Liver
pool In safety.
The amount OF professional tradin:
attention which was paid TO this matter
and its reflection In the expansion OF
stock market sales In the last half
hour constituted "A somewhat grotesqu'
episode. our securities will he in 4
very had way indeed If prices are going
To wabble up II down In the wake
of every voyage that a steamship makes
into or through the war zone.
Railroad stocks were again the weak
part of the share list. although Il variety
Of industrials yielded easily to the late
pressure, but It is a question II the
fashion of selling rails may not be too
widely and TOO readily followed. The
recent drift Of railroad earnings shows
that the carriers are doing better than
a while ago. and even in so bad a
year as the one which ended last month
the Baltimore and ohio was able TO re-
port yesterday a surplus or Sl,3S ',ooV.
after charges and "A margin above diNi-
lend payments. The regular semi
annual declaration OF 81. per cent. on
the common stock was announced.
Moreover, there was in the most inn
portant item ~ news yesterday. IN"
Government crop report as OF July l.
warrant for anticipating a further I'M
prov-mont of railroad conditions as oil
business conditions generally. Allow
ing for unfayorablc weather since the
returns were compiled. the agricultural
position NJ present remains eNccileht'
The estimate OF spring wheat has been
raised and a total wheat crop ~ &c.,
coo. 900 bushels is indicated, or 10000
OOO bushels more than the prospect
calculated a month ago. ana ample
enough to accommodate much dcteriora-
ton and leave n larger yield than last
years bumper outturn.
Oats. with n prospect of l,iOO. 600, 600
bushels. has very nearly "A record prom
Use. II has already been shown that
hay and pasture conditions have never
been surpassed. The least satisfactory
feature of the report related to corn.
which has had "A late start. The area
under cultivation Is larger by fully A.
O0O, 900 acres than had been expected.
but the Increase IL almost wholly in
the Southern conversion of cotton land
to corn. while the customary surplus
States are cut down. The condition
figure Is also low. but far from the
lowest on record. and. Furthermore. II
was from just about the same condition
three years ago that corn progressed to
the greatest outturn ever harvested.
Business In foreign exchange was not
brisk. but sterling declined despite the
selling OF our securities from London.
The BAN of England showed a gain In
its weekly statement. but most interest
attached to the report Of tn" Bank "
France. showing a gold increase of about
So. 1OO. 900. doubtless the first token OF
the public csponsc to the Governments
nnUeNl ia turn I'm gold for uotaS