The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-22
FINANCIAL NEWS
AND COMMENT
Strength Shown in Stock Mar
ket Despite Adverse
Factors.
BIG BRITISH WAR LOAN

marketwfse bearing were not uniformly
satisfactory to Wall Street, and al
though various matters Of large impor-
lance were in a ~perplexing state. stocks
yesterday made . display Of advancing
strength, with . tendency toward In
creased activity. The net result OF the
days dealings wal q substantial av-
eraee Of fractional gain. with numerous
extensive advances in Q miscellaneous
variety OF shares. The indications were
that the market continued to reflect In
! the first place the healthiness Of Its
technical position and for the rest the
failure OF any ~unfavorable influence to
attain sufficient consequence to Offset the
favorable factors.
During q large part OF the session
quoted values moved more or less ir~
| regularly. with irmness predominating.
while waiting for the announcement OF
Supreme Court decisions In Washing
ton. The court, as usual on the eve
Of the summer recess. cleaned UP many
important cases. but Wall Street inter-
est was directed chiefly toward the
Lackawanna coal suit and the 1nterna-
tional Harvester litigation. The and
ings Of the court against the Lackawanna
/ IN ailo Sohh
an attitude which was interpreted to
be antagonistic to the general continue
ton OF present relations In the an
thracite fields among produoinS. trans
porting n selling interests. The cou
declared that tho contract between the
Lackawsnns railroad and the Lacka-
ANN coal company violated the COM
modities ciauss Of the Hepburn act and
in SO ruling reversed the decision Of the
| l1-Ar oavU4 a0olnw% thA CayAYn pnAnf
Stocks were not depressed by ths
anthracite decision. possibly because
Wall Street could see no way in which
any real value would be destroyed by
whatever arrangements may be requi-
site 10 bring the principal elements In
the anthracite industry into conformity
with the law. The financial community
also regarded the international Har.
vester casa a. OF creator moment The
order Of the court hat this case should
20 TO reargument was made known late
in tho Stock Exchange session. and
while II held out a disappointing pros
pect OF further uncertainty and delay ir
respect to the lines OF business Legality
the stock market seemed to place 9
favorable construction on the Supreme
Courts inability TO arrive at q conclu
sion on the oompanyS appeal from thu
verdict against II in the lower court.
Aik0A IA IA VctV 81 W
from their early high price. but CLOSED
unchanged. In the rest OF the list thor
was q further Strengthening Of prices II
the late trading. Throughout the da!
war stocks were conspicuous leaders I,
rising movements. Bethlehem Steel sell
ing At . new high price, with Influential
support from Baldwin Locomotive a n
| Westinghouse. while an assortment o
s~peciaities went ~ rather aggressively
including shares IN the so-cailed motto
and tire group. Standard rails and in
dustrials exhibited something moro thai
merely negative nrmnesA
Constructive arguments were defivei
from the further fall OF wheat prices
with sympathetic weakness IN corn Ant
oats. Wheat dropped three TO fou'
cents . bushel. September selling below
q dollar. and while the problem Of tn
foreign exchange situation may hav,
had some little effect lately in weakening
tho market for wheat the depressinl
factor has been principally the excel
lent crop position.
. War news, which was not wholly 4
Wall Street liking, did not seem 4
hgurs much IN stock market sentiment
The action Of foreign exchange. par
ticularly Of sterling exchange, made IN,
future Of the international money mar
ket of somewhat less pressing concern
: Demand sterling recovered a little fur
\ ther and there was q satisfactory all
sorptive demand for large amounts o
bills.
It was understood that negotiation
for q French loan on the collateral O
American securities were approaching
completion. but the chief event In financ
was the proclamation OF the terms q
the new British war loan which Is I
consist OF 81. $50. 900, 900 OF ~, per cen,
bonds At par. redeemable at the end O
ten years and maturing In thirty year
/, Tho 1880 oo. 900 loan of last autumn,
bore Interest az Sla per cent. and wa
=. Issued at eb. 1t Is easy enough 10 dray
. premature deductions from this lnanc
= ing. but Its only feature Of present heal
: ing for Us Il the extent to which tn
= second British war loan may operate I
impart stability to sterling exchang,
Yesterdays advices did not indlcat
4 whether there was any intention {
try TO place some Of he new bonds /
this or other markets outside the BIRTHS
empire.