The sun., 1917-06-02
FINANCIAL NEWS
And COMMENT
4 Alarming I RumOrs Arising
From Closing Of the Port
start Early Selling.
MARKET FINISHES STRONG
Reports Of L. =. Ships Loss
Add to Wcakness-Fcel-
ing Still Bullish.

Notwithstanding the development OF
active selling pressure in the early ses-
son in Yesterdays stock market. specu-
lation presented no suggestion that the
tide had turned In favor of the advo-
Gates of lower prices and no Indication
that the substantial interests who in
recent days bad been encouraging ad-
vancing movements intended to change
their position. Sentiment again was
builish. but the early movement OF prices
exhibited u weakened technical position
while rejecting that although the general
&C ursc OF market values was to con-
tinue in the directiop of Improvement IL
was possible for operators for the de-
cline to make successful drives with the
assistance Of factors Of a some ewhat dis
turbing character.
At the opening prices were strong the
rise cncountering large volume OF profit
taking which in turn attracted profess
sional pressure. just at time when news
bulletins announced that three Ameri-
can sailing ships had been destroyed by
German submarines and that the port
of New York had been closed to outgoing
vessels Rushing to the conclusion the
port had been closed on the assumption
that the sinking of at least one OF the
American craft had been effected in
American waters. the professionals Is
pushed their advantage to the extent OF
sharp declines throughout the active list
United States Steel. for instance. with
the dividend OF. moving down more than
. points from the final Of the preceding
day.
So far as subsequently could be learned
the closing Of the port merely was in
cident to operations by the Government
possibly the strengthening of the mine
protection of the Narrows. No American
ship was sunk in our waters. and Will
the passing of the scare Of German sub
marines being on this side Of the At
! lantic the selling movement came I,
an end, with slow recovery following
until the last hour. when buying agar
became vigorous for both accounts.
A certain proportion of the heavy tota
of dealings represented settling trans
| actions by traders who had in mind leav
| ing the Street until after the speca
holiday on Tuesday next and usual enc
| OF the week evening OF contracts. Buy
| ing on the decline came from important
| houses. with large orders executed IL
United States Steel. which ended NOR,
than points up from its low. and II
American Smelling and Refining ant
other members Of the copper group.
In the greater number OF issues thu
closing was strong despite heavy realiz
ing sales. while in the majority Of houses
| the talk was along bullish lines. will
predictions freely made that in the alb
sence Of radically unfavorable develop
ments additional strengthening Of mar
ket quotations might be looked for II
| the immediate future. The Street ap
peafed to be in a mood that refused 4
I, entertain the possibility OF liquidatini
market for some time to come. A liQui
dating market and profit taking marke
incident to rising prices are differen
sorts OF markets.
| We had the liQuidating market Garlic
! in the year and later on we will Sc
another liquidating market, but II mus
be admitted by the most confirmed bea
that just now the cards seem to b
marked for the bulls. Nevertheless
may not be wise to neglect the advic
of the conservative houses that the YER
nature Of this market and the uncer
! tainties Of war demand that every oper
| ator have his lines well protected
| Weekly reports received yesterda
| from the commercial agencies were uni
formly favorable, and outside Of cotto
advices from the agricultural section o
the country were far more encouragin
| than those Of recent preceding weeks
The Government report on cotton wa
distinctly disappointing. showing a con
dition under the average for the last te
| years.
Call money was in good demand, wit
rates moving to the high point OF tn
year at An per cent, which. however
cannot be considered a dear money rat
or one to cause apprehension. The bank
| ing situation never was stronger.