The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-20
PTNANCTALNEWS
AND COMMENT
Volume Of Business Is Small,
With Price Changes
insignificant.
FEW TRADERS PRESENT

The volume Of business in stocks yes
terday and the changes in prices were
tns,gnifcant. II was the same kind OF
q market that had been seen for a week
past, with the difference that there was
less OF Il. There was M news with n
direct bearing on the market and no IN
centiye to increase speculative commit
ments over the week end. Attendance
on the foor OF the exchange ana IN tns
commission houses was extremely light.
The latest reports from the agricul-
tural sections were to the erect that
Thursdays ornado was a local affair
sRd. that the damage done to the crops
was confined to a comparatively small
area III weekly trade journals told
Of continued, even II slow. improve
ments in all the principal lines. declar-
ing that nothing has occurred to check
this progress or to dim the outlook.
Activity In the stock market con
verged chiefly upon Baldwin Locomotive,
Distulers Securities and Central Leather.
Thess shares were in fact h whole
market. the dealings In them alone maxi
Ing up moro h one-third OF the total
turnover. There appeared to be nc espe-
c1a reason for these movements other
than the effect upon speculative senti-
mont Of tall of profitable business de-
rived from war orders reported to have
been received or In prospect. Specula-
ton 10 other quarters Of the list came
-. nsar an absolute ~stands;ill as It well
ccoid.
Tho speculative boom In the stock
market last week hung IRE and caused
much disappointment thereby to the
rank and hle In tho financial district
which has become accustomed to rapid
nrN. slapbans movements and has no
LONGER much patience with the slower
but. more normal. progress OF healthy
speculation. With the interruption to
the upward tendency came a sharp
diwinution In tho dealings. Neverthe-
less, the tone OF the market was still
excellent. The falling of in business
was not at the expense OF values except
in me case of several OF the specialties
which a recently been run up vio-
lently by pools and other speculative
arttHces. Prices as a whole withstood
thH influence and held their ground In
most impressive fashion. At the close
OF the week the technical situation was
improved by a liquidation OF weak bull
accounts as well as by the forming OF a
short interest OF some size.
The fact Is that the stock market, in
spite of dulness, gave no indication OF
any change in its essential character
ietics. There has been less OF that furi-
Gus speculative activity that was pres
ent, principally in the war stocks" pre-
vious to the L~usitania tragedy, and for
the moment considerations Of caution
sppear to be restraining any resump-
ton Of the upward movement. Never
theless. the strength OF the market
foundations does not appear to have
been materially lessened. Stocks are
still cheap and public confidence in tho
future Of the country is steadily grow
Ing. \ deliberate process OF accumu.
lation Is continually going on. this
showing itself in the manner in which
the floating supply is cleaned up after
each recession.
As to the influences toward a re
0raint Of speculative activity. the ex'
traordinary depreciation in sterling a
his ccntre took first place in the opin
iop OF many well informed persons. Tit
fall In rates to an Unprecedented lcve
provoked wide discussion of ways anI
means OF bringing back the exchange,
TO. normal conditions, Some fear of J..
compulsory liquidation of foreign owne,
securities was excited by certain phase
OF. this discussion, although there wa
nothing to show that such an exped.cu
is seriously thought Of. Tho negotiation
between this country and Germany hav,
taken OF n reassuring aspect. but r
lies not seem as IL the '%csseniug o
teps!on on this score mas been ~re1ccte,
in the prices Of stocks. ou the otht
hand, the collapse ~ tho Russian cam
raign and the present critical position
81. the Russian arms brought about H.
the smashing tactics OF the .Austro
German forces mieht well he the caus
Of hesitation OIL the part of specula
ton.