Evening star., 1915-06-06
BOOM IN MARKET
FAILS TO SURVIVE
Yesterdays Short Session
Witnessed Little of Fridays
Heavy Demand.
GENERAL BUSINESS TONE
IN THE COUNTRY GOOD
Large Orders for War Supplies and
General Buying Encouraging
to Mills.

NEW YORK, June 5.-Little or moth
ing remained today of the boom which
yesterday sent stocks in general to the
highest levels of recent weeks. The
effect of the United States Steel deci-
a time, Steel shares as we'll as the
others rejecting moderate pressure.
The little trading of today's short
session-about 100000 shares-consist-
ed largely Of an evening-up Of weekly
accounts. Opening prices showed a
number of declines, these being mostly
fractional. but later Steel common and
preferred. Canadian Pacific. Union Pa
cific and American Can receded a point
each. Canadian Pacific becoming weak
er as the session progressed.
Amalgamated Copper and Anaconda
Copper were among the few features
of strength. the former rising above its
high price Of the previous day. All the
motor issues made considerable gains,
presumably as a result of the enormous
stock dividend declared by one of the
better known companies Advances in
these stocks ranged from to II points,
Willys-Overland scoring the maximum
Pacific. Southern Pacific and American
Can manifested renewed heaviness,
closing at lowest prices.
London Market Favorable.
In the London market the Harrimans
and Steel registered fractional losses,
other issues in the international list
being higher on very light inquiry.
Some selling was reported for Amster-
dam, which may have represented Of
ferings for Germany.
Mercantile agencies in their weekly
reviews referred to the intrinsic sound
ness of underlying conditions, which
show further strengthening as result
Of the decree favoring the steel cor
poration.
Among the several railway state
ments submitted was that of Canadian
Pacific. showing a gross decrease for
May of $2,537,000. Norfolk and West
ern reported a net gain Of s165: 900
for April, and Wabash s125.000, while
Texas and Pacific lost $4,000.
Bonds were steady on a nominal de-
mand. Total sales tpar value) aggre
gated $4,000.
United States coupon As declined one
half per cent on call during the week.
Steel Decision Paramount.
The decree in favor of the United
States Steel Corporation in the govern
ment's dissolution suit evidently out
weighed considerations of world poll
tics and wars in stock market es-
timation. Dealings broke through the
restraint imposed by the dispute with
Germany into animation and buoyancy,
although prices reacted later and the
market again became dull. Neverthe-
less broad differences were drawn from
the steel decision, while the chances
of reversal on appeal were not lost
sight Of
Groundwork for recovery had been
laid before this decision by the tone
of confidence, due partly to greater
hope Of agreement with Germany, but
more to the conviction that the extra
ordinary strength of this country's
financial position would not be impair
ed in any event. Happenings in the
ton. Gold imports arrived in large
volume, with prospects of indefinite
continuance.
Demand for War Supplies.
War orders in great volume remain
to be paid for, having figured in the
huge trade balance of past months.
The cry for fresh supplies of munitions
voiced by Britain's leaders and the
Russian lack, revealed by their re-
verse in Galicia. emphasize the force of
this factor.
Release to New York of great sums
of gold by debtor nations, with mani
fold increase of credit facilities with
notation in this market of foreign gov
ernment securities for the purpose of
esta blishing much needed credits here.
Home demands on the money market
continue light and time loans, includ-
ing oyeryear accommodations. this
week fell to lowest rates since 1911.
Steel trade sentiment frightened dis
tinctly, confident views expressed by
leading authorities of early expansion
than mill sta afisficS Conner securIfiae