The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-09
FINANCIAL NEWS
~ AND COMMENT
Stocks Decline in q Profession.
al Market After EARLY
Strength.
SPLENDID CROP REPORT

AIthouHn wall buoo VIM buppilcu
with moro good news yesterday in the
excellent Government crop report sus-
costing q possible wheat yield Of $780,
900. 900 bushels this al and although
lions which tended TO strengthen tho en-
couragement derived last week from the
decision In tho United States Steel suit,
the stock market Wal still prevented
from making any sustained selection OF
bullish factors.
There 10 no argument in the con-
tingencies OF tho controversy with Ger
many for selling securities In the face
OF the present crop position and pros
pect: the extraordinarily easy banking
situation and the all around capacity OF
financial conditions to accommodate
strain: the obvious change OF politics TO
constructive policies regarding business
and the powerful foreign trade stimulus
which has been provided for general
business recovery. Sensible buyers will
undoubtedly hasten to take advantage
OF any declines In the stock market re-
surting from such weak selling as may
be caused by apprehensions on 'nterna-
tional account. At the same time tho
uncertainty OF our foreign AFFAIRS con-
tinued to make for stock market ir-
regularity yesterday. and II was MANI
fest the speculative uneasiness over
diplomatic developments was aggravated
by signs OF a split In the Cabinet at
Washington.
Professional operations seemed re-
sponsible for the bulk OF tho days
dealings, which were again on q fairly
active scale. and as purchases for the
rise were held moro or less in abey-
ance awaiting recessions the price level
proved moderately vulnerable to prort
taking sales and bearish trading pres
sure. In the forenoon there was a gem
eral display OF advancing strength. but
the upward movement was halted be-
fore midday by realizing. and In the
afternoon trading efforts on the short
side attained some success. The close
was heavy and unsettled, and while
the net losses for the session were not
important declines from the best figures
were SUBSTANTIAL. although some good
special gains were disclosed.
In the early afternoon an extrava-
CANT use was made of advices that
the Government had been able 10 keep
before the courts uome oil lane suits,
involving no very large area. against
the Southern Pacifc's petition TO dis
miss them. The principal contention
in the Government litigation against
the company was settled last year In
the %company's favor. but the technical
poin, Just decided furnished an oppor-
tunity TO excite some selling or
stocks because the railroad list had
been commonly disseminated against
lately. This selling movement did not
last long. but in the last hour the
market fell away under the influence
OF the doubt felt about the new Wash
ington note TO Germany and It's imme-
diate consequences.
Wall Street did not pay much attention
10 the talk Of a renewal of efforts to start
pence negotiations abroad, for u could
not be seen that they had any CON
vlncing significance. On the whole. II
was inferential from the features o!
the financial day that fundamental con-
fdence in the prospect for values was
still contending against the superficial
uncertainties OF the moment.
Buying favor extended In the fore
moor 10 a miscellaneous array OF indus
trials. War stocks. under the leader
ship OF Bethlehem steel, were not the
only descriptions preferred. although
there Is reason for saying that large
contracts for military supplies are pend
ing. in pursuance of a more aggressive
policy on the part OF the Allies against
Germany. especially Great Britain.
There Was a rather extensive absorp-
ton OF stocks In the metal group, al
though advantage seemed 10 he taken
of the demand TO realize profits in
certain directions. conepicuously copper
shares. which were supported by the
rise in the metal TO about the 20 cent
level.
Washington's of,cial estimate OF the
country's trade balance from December
I to the end OF last week. which was
placed at $685., 900. 900. was n piece OF
neglected good news, a considerable
budget Of which has now accumulated
for m%arketwise influence whenever the
restraints OF foreign political uncer-
tainty are removed. In this category
there was nothing to compare with the
Government crop report for. June In
all respects. including tho returns fol
minor grains and the like. the report
denoted very satisfactory Agricultural
conditions. but the chief feature was III
exhibit for wheat.
The wheat market, which declined
further. by the way. had been discredit'
ing recent damage rumors and the Gov
eminent figures showed that the grow
ing wheat could undergo a good deal OF
impairment and still leave room for q
bumper harvest. As compared with n
year ago. when a yield OF 900. 900. 00'
bushels was indicated at this time. OF
only 5000. 900 bushels more han tn
actual outturn. the present outlook is fo'
n crop OF $50, 0OO, 900 bushels. There /,
no material here, when other hnanCia