The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-07
FINANCIAL NEWS
And COMMENT
Some Display Of Strength i'm a
Quiet Stock Market
Session.
ST. PAUL GOES LOWER

without anything resembling gen
the greater part of yesterdays session
displayed n fair amount Of strength
which was most uniform In the indus
trial department. particularly in Issue,
! outside tho international list. Towart
the end of the day the development Of
a fresh decline In the st. Paul railwa,
shares. which carried them to tho low
est price In almost two decades. proved
a disturbing influence and the market.
tone al the close was a little heavy
but without much setback in the de
scriptlons which had evinced an ad'
vancing trend.
Total dealings were on a contracted
scale and perhaps the most pertinent
observation which could he made OF
the market was that It presented as.
poets characteristic Of the season. en-
phasized by the abnormal features OF
the international situation and particu-
ing us. II is to he noted, though. that
the average OF quoted values gained for
the day and the share list as a whole
continued the favorable impression
which the market made last week. when
IL rendered a satisfactory account OF H.
self under "a variety of adverse occur
rences and considerations. II was prob
ably this impression which started
stocks upward early In the day after the
holiday recess, which happened to pro
duce nc news calculated to impart any
tendency to prices.
Reading. on account OF the favorable
Federal court decision in Il Government
suit somewhat similar to the action re-
Gently decided by the Supreme Court
against the Lackawanna properties. dis
played "A degree of aggressive firmness
which was rather exceptional among
railroad shares. Baldwin Locomotive led
a rise in some of the war stocks. and a
miscellaneous assortment of induStrialS
seemed to he in somewhat better demand.
although the light volume of trading
and it's general professionalism deprived
the price movement of much significance.
When st. Paul was offered rather
heavily down late I'm the day some bear
ish trading effort became manifest and
there was an Urgent repetition OF eNag-
gerated conjectures about the dividend
status of the st. Paul shares as well as
"A further circulation of reports OF dubi-
Gus earnings. There liz no doubt that
the railroads have been going through a
difficult period. hut the fall which started
in st. Paul a few days & seems To
have been a direct result of offering OF
the sock for sale from abroad.
British investors have in past years
accumulated a substantial total OF
western and especially of northwestern
railroad stocks. and the dislocating eff
fects of British war finance on capital
in the United Kingdom has been bring
ing stocks to the market here as well
as bonds, although the selling of bonds
has attracted most attention. There is
no apparent reason why domestic buy
ers should furnish sustained prices or
an upward market for foreign Ii
quotation OF stocks and Il is of more
from "A Wall Street point NJ
view that there Is a very evident will
ingncss here to absorb stocks at con-
cessions. .t..s
Undiminishcd offerings of our bonds
from abroad were probably primarily
responsible for the sharper turn OF
strength witnessed in sterling exchange.
Despite London predictions of higher
discounts there was nothing in the Lon
don money market to affect sterling re-
mittance, but there vas an increased
demand for bills. which brought about
considerable strength in the afternoon.
Other forms Of exchange were firmer.
perhaps sympathetically. The receipt
Of sl.2j0.uO0 more gold from Canada
was announced, but Wall Street still
waited for facts about the arrangement
of loans here for British or other bel
iigercnt borrowers.
Weakness in the wheat market sug-
gested that the trade expected the Gov
eminent crop report this week to dis
credit somewhat the stories of agricul-
tural damage which have been SO rife
lately.