The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-03
FINANCIAL NEWS
AND COMMENT
st. Paul Railway Shares Break
Heavily and Unsettle
General List.
SOME BEARISH EFFORT

Dealings Increased In the stock mar
ket yesterday and the expansion wa'
somewhat at the expense Of prices. al
though the movement was irregular and
extensive decline was limited to q very
few issues. The most conspicuous were
United states Rubber. which scored all
It's loss In the early trading. and Chi
cago, Milw aukee inc st. Paul Railway
shares, which had q more or less dis
turbing break. In the main the average
Of quoted values continued along the
level at which they have been holding
for a month and It could not be said
that the ehare list gave definite indica-
tons Of developing a downward tendency
even though influences were working fof
at least a temporary setback
United States Rubber declined heavily
at the opening. In response to the over
night announcement Of the suspension
OF dividends on the stock. and II must be
said that the episode which Rubber
shares have furnished lately has hardly
been q bid for public support for the
stock market. However. the general
list resisted the initial fall In Rubber
and proceeded to display more or less
strength, a conspicuous leader being
American Can, concerning which circum-
stantial reports were circulated that the
company was In the way OF receiving q
very large war order.
Late In the forenoon the market came
to a %standstill and subsequently was
upset by the special weakness which APP
peared in various directions. Stocks
were not materially weakened around
the room. but they were unsettled in
the late dealings by st. Paul's continued
slump and the close was rather heavy.
Foreign selling. presumably OF British
origin persisted In h moderate volume
wbioh has been stimulated by the nev
british VA luan and seems likely &c
continue while preparations are maktns
to provide cash for the first payment or
the loan. Stocks were In some suppl,
from foreign sources and it was s,it
that Liquidation from abroad started tlt
decline In St. Paul. Nevertheless Tho
Stock Exchange session presented
aspects Of fairly aggressive bearisf
operations by traders who have bee.
somewhat out Of sympathy with tn,
market lately because of the way II
which II has been held in check.
Wall Street was filled with rumors anc
suggestions. as well az arguments. q
a bearish nature. which were rather
symptomatic Of professional activity
Apprehension was expressed over til,
voyage Of the White Star LIN, steam
ship Adriatic, and the unsatisfactory,
pceture Of the war from the point %
view OF the Allies was made to serve a.
q point against the maintenance o.
stock market strength. when a veal
spot was found in st. Paul mare hear
ish advantage was eagerly pressed ant
under the circumstances the resistanc,
which the general market offered &
the action Of St. Paul. following the de
cline which a been going on in Cana
dian Pacific ard United States Rubber
was satisfactory.
A great deal was said about the ST
Paul's earnings. but the May Statement
showed a gross gain of $132, 900 and {
net decline OF 1850 o only. For som,
years past tho road has been in a dim
cult position compared with other West
ern lines and Wall Street was in
mood to lend some credencs to tho no
ton that the dividend might not be full,
maintained. II Il to be noted. though
that n variety Of railroad statement
made during the day setting forth op
Grating results in May. continued tn,
proof OF Improvement already furnished
~ nave DtCH III naTt
straits like the New Haven, the Rocl
Island and the Wabash reported boil
gross and net increases.
In the foreign exchange market ther,
was an arrest OF weakness. The create
firmness OF sterling exchange attrac,e,
attention and was commonly attribute,
to the effect Of sales OF our ~securitie
here. At the same time II Is more prob
able that 1t reflected negotiations re-
ported In London dispatches for the ar
rangement Of a large British credit a
this centre.
In the wheat market there was
strong continuation Of the rise which
has been going on lately. More motto
was taken Of crop damage reports an,
curiosity began to be manifested as I,
the way In which the pending Govern
nent crop exhibit would reflect tn,
weather of the past month.