New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-10
FINANCIAL RECORD
HERE AND ABROAD
Cabinet Break Followed
by Lower Prices, but Lit
tie Active Liquidation.

Though e might naturally ne w
ferred that our country's message 10
Germany sent yesterday must be more
warlike .han those that had gone be-
fore. since . peace-lovinG Secretary OF
State resigned rather than sign IT, yes
terdav's stock market showed no I'M
rressive liquidation. The total Of
business was only slightly above that
Of Monday and Tuesday, and losses at
The end II the day were for the most
part confined 20 point or two. At the
oper;nC stocks we're offered freely al
concessions Of nearly point IN stand
ara railroads and up TO I points or
moro among the war stocks, but buying
demand az these lower prices caused
Quick recovery. In the middle Of the
afternoon there was further selling
that sen. active issues in many in
stances below the opening. The maj
trading was quiet. with closing quota
tions around the lowest.
After the overnight news from
Washington had been diFcsted It APP
reared possible that The break in the
Presidents Cabinet was the culmna-
t;on Of a long strain rather than di-
rcctlv caused by the nature Of our
fresert note. The remarkable eXpla-
nation Of Secretary Bryan, that reached
this market as il was closing. encour-
aped such an Interpretation. From this
II arpeared that he had been absolute
IN out Of sympathy with the admins
tration's position on Germany's subma-
rine blockade and with the original
protest on the Lusitania.
This attitude met little support IN
the financial district. War, il is most
certain. is not desired here. 1t is, how
ever. believed that the rights of Amer,
lean citizens must be maintained ana
that there is yet possibility OF accom-
pjshing this without involving US IN
the confic- abroad or sacrificing the
nations dignity. As to what would be
the result Of this country's affairs
should war come to us, few wou!d
nrophcsv. Business and finance had
besiteted since the sinking of the Lu-
sitaniR through fear Of this posslbil-
itv. Our shipments to the Allies. which
mean so much 10 our manufacturers,
might we'll be hampered by the in
c~casing activity Of Germany's under
water craft and domestic trade might
be further unsettled.
Beyond continuing the caution that
in the main has been governing our
security markets. yesterdays move
ment on the Stock Exchange registered
comparatively little apprehension. Sell
ing by commission houses reached no
large volume and liquidation from out
side the market was not heavy. The
upturn in war stocks that had seemed
well under way the day before was ef-
fectually checked, though in the early
recovery some of these went well above
TUESDAYS close. OF more seasoned
issues. Steel. at its lowest, was down
more than points, bat made up a
good fraction of this decline. Reading,
Union Pacific. Atcnison and New Haven
lost about a point on the day. The
coppers moved with the rest Of the
market, in spite of price Of 20 cents
q pound asked for the metal.
other news ordinarily stimulating
was also ignorod. Iron and steel trade
publications told Of the addition 10 pig
iron output carried further last month,
with active daily capacity nearly 5000
tons greater on June l. Satisfactory
progress in growth Of spring and win
ter wheat since the date of the crop
estimate was reported. The Bank If
England announced sale of $1,000, 900
in gold coin and S2,50O,000 in gold was
received here from Ottawa. Offering
was made of a 100000 corporate
bond issue. the largest since the Lusi-
tana disaster checked plans for such
financing.