The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-04
FINANCIAL NEWS
AND COMMENT
Wall street Takes Less Scri-
Gus View Of Effect Of
Great Naval Battle.
MOTOR STOCKS LEAD

Judging frun the behavior %. security
discounted pr.t'v Wei on F"iday what
ever advorsc sentiment was apt to re-
suit from The Erit'Sh naval defeat'
While that uuexoected Development In
, the great war furnished TIE major part
of conversation ~ jhc financial district
yesterday, the latest adNices from Lon
don and from neutral European sources
served to lrrscn the sicnticance at
tachcd 10 'hc earlier reports or the
avail ba,t., and ended 10 make more
cautious these who might have been dis
posed to make bear capital out OF the
German victory.
Prices were somewhat Irregular at the
opening. but declines were for the most
part fractional As the session pro-
crossed prices gave evidences of stinen-
ing. The market was "A purely profes-
sional one, there being no enlargement
OF public interest. either on the buying
or on the selling side.
The chief interest IN the market was
centred in the pool activities IN the IN
ternational Mercantile Marine issues and
in the motor stocks. in he latter new
high records were the order OF the
day, both on the stock EXchanse and
IN the curb. In some circles the COM
ment IL heard that the bull market In
the motor stocks Is another attempt to
! ptimulat. public interest In the stock
market, hut many Of these motor stocks
are reaching irohibitiNc prices and the
upward movement In this class OF securi-
ties is beginning 10 hr viewed with In
creasing apprehension In conservative
circles.
Outside Of the motor stocks and ehe
Marine issues there was little feature to
IN. stock market. The rails. with the
exception uf Norfolk and Western. which
sold n, the new hish price of l3tis.
a gain Of ~ points over the previous
close. We're uuI.t and their turnover was
small. Stccl moved within the mar
row range of !, q point. The trading
in this stock was limited to 1890
shares
London prices were ou.v moderately
depressed oil 'hr news Of the British
defeat. but the selling movement there
was a limited one. The losses N the
Government issdcs we're limited to from
Y In ,cnsnis 20 SIS IN the a.. PEI
cent. war loan. This was interpreted
In local circles a. rcassuring and as
indicating that the British people. al
though shocked Toy thc blow which had
been dealt them In VIVA, they believed
10 he their most iululnerable spot, were.
nevertheless. resolved ii accept it as an
incident of the war rather than as n
serious blow to highlands control of
the seas.
The Auglo-French : per rent. bonds
were under prcssu"" at the opening Of
the market. declining 80 a5i., i be-
low the low point of Friday. The raj
He'd shn-tlN bpv,N.r In 49,, whore
they closed.
The Clearing House statement showed
q further decrease IN the surplus re-
serve. that tenn 10 the report OF tn.
actual cuud ION now being s;j.S5".340.
a decrease Of sa.l2i,Ulo from that Of The
previous week. This brings the re-
ductlon in the surplus reserve since
January | up to approximately $4,000.
300. The weeks decrease in the sur
plus was all the more noticeable In
view Of the fact that instead Of their
usual loan Increase there vas A shrink
age In ,his item Of S,. 80. u00. loarfs now
amounting tn 81 .a"3.O 600 .nO". The fall
ing off in IN" cash resources of the
Clearing House banks IL all the more
noticeable. however. because Of the re-
cent heayy gold Inspirations. The aver
age surplus is now Sj...i1. 200. which
compares with slSs.633,,i0 in 1915.
An additional gold shipment Of $500
900 was received Yesterday from Ottawa,
bringing the total imports in the presen,
movement up to S2s,jSi.0 600. The for
eign exchange market exhibited the Gus.
tomary Saturday du'ncss. Sterling ex-
change was frac.onally easier and
marks were a shade higher. Rates on
the other European centres Were prac-
tically unchanged. and there were NJ
fluctuations in the money market.