The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-17
FINANCIAL NEWS
AND COMMENT
Stock Market Quiet, With a
Hardening Movement
Of Prices.
STERLING BILLS sTEADIER

wall Street had . day Of rather quiet
strength In the stock market yesterday.
Nor were there n very significant
developments in tho foreign exchange
situation. which has temporarily pro-
vided some diversion of interest from
the set OF general factors working to
bring about improvement In volumes
and values.
Dealings In stocks were on q scale Of
diminished activity, but tho contraction
OF trading was not at the expense of
prices. On the contrary the market
tended TO harden On the development
OF dulness Some specialties of various
descriptions displayed rather aggressive
strength, but tho chief feature OF the
session was the n in which the inter,
national list strengthened In the after
noon.
The upturn was not extensive. but
II served TO Indicate that no particular
pressure had been brought on the mar
ket by the decline In sterling exchange,
although the effect OF the decline has
been to place an additional premium on
American securities from the point of
view OF potential sellers abroad. In
deed the market lacked pressure In
practically all directions. II suggested
tina while there had been quite a
little selling in the last few days Of
ferings had been readily absorbed and
traders who were disposed to be expert
mentally bearish got almost no encour-
aging response from operations on inc
short side.
In the afternoon the market looked
very much as though very moderate
buying would advance II sharply and the
afternoon hardening OF prices seemed 10
reflect n somewhat sold out condition
The close was generally irm at ar
average OF net gain for the day.
c instructive impulses were held ir
check by a conservative consideration
of the uncertainties Of international NJ
fairs. It is not at all n bad thing that
optimistic moods arc tempered by pru'
dence in speculative undertakings, al
though controlling influences in the field
Of values continue 70 work for m ex'
preston OF betterment through the share
list which tends to break down restraint
Wall Street attached some Importance u
1.-THE fact that standard shares rallied SC
easily and attention was especially en-
gagged by the strength OF United States
steel.
There was no particular reason urge
| for expecting the Steel shares TO return
to their former position of leadership
but trade accounts agree that forward
business Is growing at better prices
while operations at the mills OF stee
companies are increasing. The Iron
Age says that both sentiment and orders
have gained in the last week n ar
expansion Of domestic railroad buyinr
has coincided rather strikingly with tn,
placing OF foreign contracts for rain and
equipment.
After sterling exchange had sold frac
tionally lower Il steadied around anc
above 4.76H in a fashion which wa.
| taken to ind. cate a renewed extension
OF support. There was. however. no evi
\ dencc OF any plans or negotiations ft'
a substantial correction OF British ex
change nor are bankers here inclined I,
go further with forecasts than to asser
their opinion that British finance woult
lake whatever steps were necessary I,
deal with a situation OF which II wa!
the best Judge.
There was plenty OF talk about meth
DDS OF coping with the downward tren'
OF sterling exchange. but there was n
disposition to take any other view thai
that as the difficulties were London
AFFAIR overtures from London should b
awaited. The receipt OF $500. 200 NOR
gold from Ottawa was announced, blu
there Is n rather we'll founded feelinl
thar pefore WIS gold movements viii no
be possible In sufficient volume to NEE
exchange requirements.