The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-01
FINANCIAL NEWS
AND COMMENT
Stock Market Trading Falls
Off-Bonds More Active on
Foreign Selling.
FEATURES OF

With an extra long recess over the
end Of the week on account Of the holi-
day In prospect the indisposition Of Wal
Street to do much trading in stocks was
intensified yesterday. In n season Of un-
certainty c the regular week n sus-
pension Of the stock market usually has
an effect on the volume of business and
sometimes on prices. az professional
spectators even up their commitments.
II was not known until after the close
yesterday that the Stock Exchange
would remain open on Saturday. and ex-
pectation that the recess would be from
Friday night until Tuesday morning IN
fucnccd the trading.
II was not apparent that u~neasiness
over possible happenings during the re-
cess was responsible for any tendencies
in the dealings. which. indeed. lacked
definite tendency. The market was
more or less irregular. varying from
irmness to h%eaviness at different times
and closing without any particular fea-
ture. although frmness was shown by
important shares toward the end of the
session.
transactions in bonds were on rela-
lively a much more active scale than
business in stocks and Wall Street noted
with much interest the signs hat foreign
liquidation Of bonds was assuming
somewhat larger proportions. Pre-
sumably Great Britain was the principal
source of supply. although there we're
sales for continental account. and some
stocks were included In the foreign re-
al!zing. On the whole offerings from
abroad were we'll absorbed and the stock
market showed no inclination to make
any very depressing respons to the ex-
pected d~islodgment OF American securi-
ties from foreign hands In consequence
Of the new financing which the war re-
quires. Overnight consideration seemed
to lead TO the conclusion that the New
York city bond sale had been very sat
isfactory under the circumstance and
was not to be considered as having i'm
mediately adverse implications for
quoted values generally. The market for
the new city issues developed rising
strength in the curse OF the day.
Foreign exchange seemed to disclose
some results Of the recent liquidation of
our securities from London. After ster-
ling had gon to a new low level II raj
lied rather sharply to around 4.76N for
demand. Other forms of remittance.
however. were even weaker than they
foreign trade in May added nothing to
the information already v~ouchsafed to
the financial community In the statements
Issued from week to week, but II Is
worth observing that exports for the
month were more h 5000. 900 in ex-
cess Of the largest total for any pre-
vious May and the preliminary figures
show an export balance of more than
Sl3l. 900. 900. For the fiscal year ended
yesterday the total export balance OF
trade went we'll beyond $1,000. 600. 900.
We are now approaching the season
when normally the outward trade move
ment Is the largest OF the year. and sx-
porters, particularly in the grain and
cotton trade. are beginning to be APP
prehensive over the conditions in the
foreign exchange market. The situation
points convtncingly to tho necessity Of
arrangements which will substitute
something else than foreign bills for a
material portion Of tho means Of max
ing payments for our commodity ex-
ports. The logic Of tho situation sug-
gests that In some way or another verv
extensive credits should be established
here for other countries.
Weekly reviews OF the iron m steel
trade noted that the steel industry was
entering the second half of the year
with production 80 per cent. ahead OF
January l and both production and con-
sumption on an increasing scale. From
the copper metal market came reports Of
new inquiries. Crop advices we're favor
able in the main. weather conditions be-
ing still worse for corn than for other
important crops A respected trade au-
thority estimates that hay. which is one
OF the most valuable of the country's
products, will make a record outturn.