The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-19
FINANCIAL NEWS
AND COMMENT
Quiet Trading in the Stock
Market, With a Sag in
Prices.
MORE GOLD GETS HERE

There was no fresh news yesterday
TO provide Wall Street with Impulses
to move the stock market out or the
rut into which II has fallen lately.
Dealings were In moderate volume and
the general drift of prices was irregu-
larly downward. although no particular
significance as TO tendencies attached to
tho course OF quoted values Trading
was largely professional and there was
a mixture OF bullish and bearish effort
which on the whole evoked relatively
little response.
To many observers the market seemed
to have gone a little stale. but there
wds no voluntary pressure on the list
oven though various cautionary re-
straints seemed to be imposed on opera
tiuns Tor the rise. The close was at an
average of fractional decline. but the
market as a whole has held pretty much
on one level for a full week. This
seems to imply that at the moment Wall
Street Is perplcxed over the immediate
outcome OF various uncertainties, the
most important of which. as II relates
U the larger factors in the financial
situation. Is denoted by the compare
tive decentralization Of the foreign ex-
changes.
1t is manifest that some real market
must be found for bills against foreign
countries, lacking which credits must be
provided II the export trade opportunity
with which tho country Ia presented Is
to be realised. Unq~uestionably the foreign
exchange problem will be solved. or at
least a long step toward its solution will
be taken, when British finance bows TO
the Inevitable and meets the conditions
necessary to the fotaton Of Treasury
bills or other British securities here,
but the posture Of the international
money market might we'll hold specu-
lative activities in the stock market
temporarily in check.
Announcement that the city Of New
York would offer 81. 200. 900 Of ~ per
cent. obligations for sale AT the end Of
the month came as a surprise only in
respect to the rate OF interest. II was
thought that ~ per cent. was rather
high for the plethoric state of banking
funds, but the bids which the city OBJ
talns will test this opinion. Stock mar
ket spectators OF bear!sh proclivitles
used the city interest rate as an adverse
argument.
Also they descanted pessimlstically
about the possibility Of a Supreme Court
decision against tho International Har-
yester Company. about the status OF
Mexican affairs, about the reports OF
weather damage to crops n about our
doubtful relations with Germany. while
by no means neglecting the foreign ex-
change problem. 1t was noted, however.
that they were careful not TO OFFER much
stock for sale. as though they recognized
the Inherent strength OF the share list
n the potency Of tho factors which
suppor its position.
After an early relapse the foreign ex-
change market steadied and demand
sterling closed only a little down from
Thursday. although Italian and Russian
remittance reached new low levels
Another shipment OF $4,000. 900 gold was
received from Canada. making s45. OO0.-
900 on the present movement and a total
importation OF gold from all sources
amounting 10 about $4,000. 900 this
year. The receipts OF gold were wholly
accountable for estimates OF a cash gain,
ranging upward to $50. 1000. 900. by the
local banks this week.