The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-02
FINANCIAL NEWS
AND COMMENT
Sinking Of Armenian Tests
Market-Rubber Dividend
Passed.
RAILROAD EARNINGS UP

tcrday's Stock Exchange session that
the share list was not in a particularly
sensitive technical position. A fairly
the overnight Jews of the sinking OF the
steamship Armenian. with a loss OF
American lives. Neither this episode nor
the condition OF inertia In which Wall
Street has been lately, nor the holiday
prospect. with its uncertain contingent
Gives of recess occurrences. nor the per
sistent continuation OF British liquida.
ton of investment securities here
brought any particular pressure on
stocks. The market was irregular and
moro or les heavy most of the day,
but dieplayed underlying frmness. and
the dealings seemed to be almost wholly
professional.
Total transactions were In diminished
volume and the average price OF repre-
sentative issues, although showing a de.
clint at the close. still held on a level
at which stocks have ruled for almos,
a month. Some strength was displayed
~ tfNNi"i uVSNi AbNlohS, HOldDly aIIleTl-
can Can and Miami Copper. Their
were offsetting weak spots, but the sss-
sion as a whole did not reveal any
tendency and lacked significance except
In respect to what the market did not
90 undtr some provocation TO go into a
distinctly reactionary movement.
Expectations before the opening
were that the sinking Of the Armenian
would BIO reflected in a rather sha rp
decline As II turned out the early
selling for professional account was
not supported by any noticeable COM
mission house liquidation. and the list
rallied somewhat easily from the initial
depression. Recovery became more pro-
nounced in the forenoon. when official
advices were received that the Armenian
had been chartered to the British Adj
miralty, but 1t then became apparent
that the market had no more trend up
ward than II had a trend downward.
The afternoon dealings were more or
less confused.
During most OF the day professional
traders operated partly on forecasts OF
tie action OF the United States Rubber
directors respecting the dividend on the
common stock. which Ia not announced
until after the close OF the Stock EN-
change. United States Rubber rallied on
short covering. but a further test OF mar
ket position and sentiment Is furnished
by THE passing of the dividend. The
rate was raised to s per cent. two years
pany saves $780, 600 a year for capital
requirements. which, the directors urge.
Is the controlling consideration In their
suspension OF the dividend.
While the present conservatism IL un-
deniably laudable, the necessity for II
can hardly be OF such recent n sudden
origin that an official intimation could
not have been given two months ago
that the speculation which boosted the
price OF the shares then was dangerous.
The episode OF the rise and fall OF Rub
her lately Is likely to be added to the
list Of public grievances for which
whether Justly OF un1ustly tho Stock
Exchange Is made to suffer.
Much of the news OF the day was of
favorable bearing. This was particu-
larry true of some important statements
of railroad earnings FOR May. notably
that of the New York Central Lines.
which showed an increase of s1,472. 900
in gross. The Pennsylvania system
gained $4,000 gross. while the net earn
ings OF both systems increased heavily.
The upturn In gross earnings was dis
tinctly encouraging. Private crop ad-
vices were optimistic. but the most i'm
portant crop feature OF the day was the
Government return of cotton acreage
This revealed a reduction pretty close
TO the Is per cent. which had been
currently estimated. but while the total
area under cultivation is the smallest In
n decade It Is large enough with an ex-
cellent average OF condition to make a
fair sized yield.
There were no new developments in
international finance. The Bank OF
England made a very pool weekly re-
turn. but II was explained by the mid
ear requirements and Improvement Is
expected In the coming weeks. Sterling
exchange sold OF a little, but II was not
weak. although weakness continued to
characterize French and Italian remit
lance.