The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-11
FINANCIAL NEWS ar
AND COMMENT
Stock Market Still Highly Pro-
Observation-Disclosures Are
Small.
EP%ECIALTIES MOVE UP

The stock market was still highly
professional yesterday. II there is 10
be any public response in the stock
market one way or another to the Ger
MA motto or the Steel Corporations
monthly statement 1t has yet to come.
Dealings we're too small to represent
much more than an evening up process
by that part Of the professional and
semi-professional element which habit
ually closes out its commitments be-
fore the week end holiday. a specula-
tive position of some size has ac-
cumulated on the short side during
tho past week Of declining prices and
the steadiness of the market under
fire and the failure of stock to come
out In quantity has been disappoint-
ing. Therefore when a hasty reading
Of the German note failed to yea
Any new and sensational features
some Of this stock was taken back.
There was no especial feature to the
market. All of the leading stocks
shared in the recovery. A few special
ties moved up again sharply, notably
American Coal Products, which has
been marked up rapidly.
Wall Street was not able to arrive
in the short Saturday session at any
very definite conclusion as TO the
msrketwise bearing of the country's
controversy with Germany in the stage
to which 1t was brought by the new
German note. The first superficial
impression which was expressed I'm
the opening bulge of prices for stocks
very evidently did not meet the gen.
eral opinion and such second thought
a. the financial community gave to
the note suggested apprehension that
1t might prove to be an upsetting In
fiuence. FOr weeks past financial
conviction has been that the coun-
try would indorse and support any
policy Of the Administration which
would %honorably avoid "a breach OF re-
lations with Germany. but ideas of
the effect which the note would have
on public opinion were decidedly con-
fused yesterday.
Apart from the important event at
the end of the week. the publication OF
the latest German reply to Washington's
communication, the principal occurrences
OF the week could not be regarded as
otherwise than encouraging Il mainte-
nance of a constructive attitude toward
volumes and values. Stocks declined all
the week under pressure which included,
first. larger foreign offerings of our rail-
road shares chiefly. and then domestic
speculative liquidation excited bearish
operations. There was no question that
the share list had become somewhat
vulnerable to attack more on account
Of a somewhat stale long interest than
because Of the size of the margin posi-
ton for the rise. A material influence
was exerted by the disturbance resulting
from British liquidation following the
PRONUNCIATION OF the new war loan. and
Wall Street found 1t necessary to 60
through some shifting of commitments
and ~readjustment Of prices to the new
measure of capital.
In other respects there was material
enough in the weeks budget of news
to support optimism had the speculative
mood not been so depressed. The dras-
tic plan for recognizing Missouri Pa
ciflc finances was under the circum-
stances hailed as a token OF the adver-
sites OF the railroad problem. but as a
matter OF fact 1t IA of good omen in
the purpose evinced to put corporate re-
Mobilization on a prominent and not on
o temporary basis.
Trade advices were especially Salts
factory in their reviews of the indus
trial situation. This is especially true
OF the steel business, which Is on an eX-
panding scale of activity, both in pro-
duction and forward ordering. The
commercial agencies report a steady
spread of Industrial operations, denoted
by n decreasing weekly percentage OF
ale equipment and labor. and a striking
contrast is Offered with the lull which Is
customary at this season.
Nothing could detract from the gen.
eraa excellence of the Government crop
report as of June l., II showed n
prospect OF 363. 900, 900 bushels OF wheat,
against last years actual harvest Of
S91, 900, 900 bushels. Almost a record
crop of corn is promised, even though
corn has had "A late start, Oats and
barley may make harve'ts Of record
size and a record hay crop is assured.
II the foreign exchange market there
were no important changes. The most
significant international financial deNel-
opment was the negotiation to arrange
a French commercial loan between bank
ers on the collateral security Of French