The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-15
FINANCIAL NEWS
~ AND COMMENT
Stock Market Sells or Under
Weight Of Profit Taking
Sales.
BILLS WEAK

In Wall street Yesterday to
acco,r, ,or N. h.,v,r.,. ,,h,c, cboroc
.-,-~, -. - -. A.
'er'Neo '"e s'ocN "arke' !" '"o AFTER
noon after the active forenoon continu-
alton of the strong rising movement
u,b,c, wa. 4, nrovr... NJ IN. epd of
"'" a. 'o
last week. None OF tho oohsiuera'ionS
urged seemed to have much merit ex-
cent tbosa which referred TO the some-
$500, -.L.- -,
what weaver oe'""i'"' p''''o" 'e'u''-
Ing from the heavy pront taxing sales
which began Friday. were carried on
s.,... .., u.r r..,u.a ov.r 81.
'"''"' u"
week END Also some iresn ioreisn
liquidation was unquestionably stimu-
lated by the renewed weakness of for
eign exchange.
The fall of sterling bills to 4.171
for demand was altogether the most
important feature OF the financial day.
The level reached was the lowest by q
half cent during the lifetime OF the
present generation. and the course of
on London suggested that II
ua, RESPONDING IN depressins tendencies
which would force II still lower in the
absence Of corrective mea sures. The
rece,nt of a.. 500. 600 more gold from
ottawa was announced. hut the appar,
az, ~fai,,ra ~ any further support for
81. .,ar,,ny narke, was taken 10 ind,-
,ha, H. Imusd,a,e ayai,ability
20 ,,or" cold for imnortatIon in any
o]u,n,i,y was questioned.
o,,ona, IN nkers Aid not profess
70 have any very definite idea OF what
would he ths next s,ep to which London
,o,,id resor, N nro,ect British credit,
tho ,a,ea, devices having obviously
nrovea only temporarily effective. Some
,htrr nay No dorb, he done TO get our
bankers 10 keen larger credits In Lon
don for the use of British finance at a
nrice. I'M, 4, seems TO be manifest that,
reluctant as London has been to meet
,b. .i,u,,iop Nrm,y. 4, must before long
have omen recourse to the American
market for capital and credit for ac-
~ommodatio on terms which will elicit
il.
Whenever the subject has been dis.
cussed here OF late 1t has been said that
the large British holdings OF American
securities would furnish a satisfactory
basis for loan transactions IL any ON
siderable quantity OF the American Sc
c~urities in the hands OF the British in.
weston could be put at the disposal of
the British banker. There is a rea-
sonable presumption that British finance
Will not he without means 10 COTlf1duu
the use OF such securities, and it is a
fair conjecture that sooner or later the
will provide the collateral for substan-
tial grants OF credit from this market.
The situation In this respect Ii q
striking commentary on the apprehen-
sion entertained eight months or SO
ago that Europe was prepared to flood
our securities market with sales on the
reopendng OF the Stock Exchange. Now
tho Ia rather that our Sc
curities held abroad will not be forth
coming 10 render the assistance which
they could give in supplying correc-
tives for the derangement OF the In
terna,ional exchanges. To some ex-
tent the renewal OF weakness in ster-
ling exchange will stimulate British
lioIidation OF American securities. but
recent experience goes to show thai
such selling will rot be enough "a
overcome the Influences which are
forcing the exchanges more and more
in our favor.
In stock market circles some un.
easiness was felt les, the decline in
foreign exchange might denote the
operation OF factors working agains,
a maintenance OF the country's foreigr
trade. In~ternational bankers however
were not at all concerned on this score
.NtltntT was tnert any DdFtltuluT VAL
idity in the trading notion that IN,
heaviness OF stocks reflected the ru,
mors Of efforts TO start negotiation.
for peace in the European war. Wal
Street has no desire for n prolongatior
of the confict in Euroue but II doc.
not delude itself with the idea tina,
there Is any ground for expecting IN,
| early termination OF the contest h,
diplomatic processes.
SO far as regards our relations will
Germany advices over the week enc
were hopeful in tone and IL seemed
clearer h the German Government