The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-24
FINANCIAL NEWS
AND COMMENT
stock Market Heavy Under
Foreign Selling and Trad
ing Pressure.
PUZZLES IN EXCHANGE

iIiul1k hIEuHlSHtS uShilSt ~ MUM
market were derived from eriou
sources yesterday. including the fall OF
lcmberg and the further complete defeat
~ the Russian armies by the Austro-
German forces. AS a matter OF fact the
most important news from Europe in
the las, few days has not come from
the scene of military operations. II las
been contained In the authorization of
the grand scale financing Of the wal by
Great Britain and the dispatches from
the eastern front of war should he read
in this light. However. anything would
have suilced yesterday with traders as
an excuse for selling stocks. for al
though the selling was moderate In
volume the speculative community
seemed to have begun to lose patience
with the persistence Of bullish sentiment
which did not express itself In a sus
tained rising tendency In quoted values.
Trading was on n rather quiet scale
OF activity. except In the forenoon. when
the selling movement was most general
and pronounced. The net result OF SELL
Ing on prices was not extensive, al
though there were substantial declines
IN United States Rubber and some Of
the war stocks. The whole session had
the appearance OF PROFESSIONAL cUOrt
excrted on the leverage afforded by
some Increase of foreign liquidation re-
sulting from the offering OF the new
British war loan to British investors
and designed to induce realizing OF spec
u!ative accounts In commission houses.
Some small success was achieved In this
direction, but while the market had in
the main an aspect OF u~nsteadiness there
was no appearance Of underlying weak
ness.
Canadian Pacific clearly reflected
the weight of foreign sales and railroad
shares generally failed to hold the
strength which they displayed on Tues
day. Some observers thought that the
railroad department had been stimu-
lated to a little aggressive activity IN
order to facilitate selling in other quar-
ters and the ate firmness OF Read
ing was not regarded as particularly
convincing.
Altogether the m OF tho day
was more or less suggestive OF a tenn
porary loss OF trading sympathy with \
market which failed 10 go up. although
the tenor OF expressed opinion was to
the effect that there was nothing In
the technical position OF stocks or In
marketwise factors OF controlling i'm
portance to warrant expectations OF
a material setback at this time.
It might have been inferred from
the features of the Wall Street
day that there was being wit
messed only another manifestation Of
the way In which sentiment and opinion
as well as action are restrained by i'm
portant uncertainties. to which has been
added this week the various indefinable
effects and bearings Of the British war
loan with its Al per cent. interest rate.
Sterling exchange was Arm. but moth.
ing like as strong as might hav been
expected by way OF response to the fore
ing OF London discounts to a higher
level by the war loan operation. On tho
other lar the puzzle Of the foreign ex-
changes was increased by the course
OF French exchange. which dropped to
the lowest prices yet reached. despite
the announced completion OF the Roths-
child arrangements for the esta blish-
ment Of a French credit here. Incl
d~entally also. TO complicate tho puzzle,
German reichmarks fell to q new low
price.
velopments OF Wall Street interest was
an extended list Of influential dividend
declarations. among them being the
regular New York Central and Pennsyl-
vania disbursements. The Pennsylvania
company's dividend was Increased. but
on the other hand action was deferred
on the Pittsburx. Cincinnati. Chicago
ana 81. Louis preferred dividend. A
distribution OF IN per cent. was an
nounced for the preferred aha res OF the
marlborough Consolidated. the successor
to the ACKNOWLEDGEMENTS
Crop advices containing weather re-
ports were somewhat the WORST OF the
season. There has been too much rain
and low temperature over some Of the
principal agricultural sections and,corn
Is getting a very late start In large
portions OF the belt. However. tho situa-
ton is better In this respect han II
farming activities were suffering from
excessive heat and drought. Meanwhile
ofsetting news was provided by reports
from the iron inc steel trade. Export
business is growing very rapidly and
forward orders are getting materially
ahead OF production. The result Is
seen in further price hardening In vari-
Gus lines.