The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-14
FINANCIAL NEWS
AND COMMENT
Response Of Wall Street Senti-
ment to Developments
in the War.
NEW RULING on STOCKS

| From no holiday recess IN the ,,etnory
OF the present active sensration has the
Wall Street community returned to IT'S
occupations or prescriptions In mood
OF 30 much depression as was manifest
Yesterday. This probably shows that
finance and business have not vet 'bc-
| come used to the war" az the current
saying goes. and there ia an Implication
here that In time sentiment will be less
affected by varying turns In the conflict,
but there can be no doubt that Il was thu
war news over tho week end which chiefly
Influenced tho Wall Street mind.
Germany's freshly successful prosecu-
tion of u vigorous offensive involving
much moro than the fall of Antwerp, to-
gether with the report OF a Boer rebel.
lion in South Africa, was hardly calcu-
lated to stimulate an optimistic feeling.
They ran counter to prevailing Views as
to where American interests lie in the
course OF the war. They also seemed to
suggest more strikingly tho probability Of
a protractcd conflict. but quite apart from
that they emphasized an argument when
has lee advanced lately with a good deal
OF reason.
Tns H. that most NJ tho schemes for
asresumpuon oc business along moro or
less normal lines, both in the money mar
ket and In trade and industry well az
IN securities, have depended on jtn as
sumption that the conditions of the war
had now been practically determined.
The point of the argument Is that too
much risk attaches to tho adoption OF
measures based on any such premises.
Tho situation lends increased interest TO
the forthcoming visA of Sir George Paish
governmental representative OF
British finance TO discuss financial and
business positions and presumably to
make and entertain proposals for reliey
Ing them OF pressure
Aside from tho war news and the con-
slderations inspired thereby tho days in
telligence consisted OF routine matters,
which did not alter very much the aspect
OF affairs. Permission was given for deal
lngs In guaranteed stocks both listed and
unlisted. at moderate concessions from
prices ruling at the end OF July but bar |
gains must receive official sanction, as in
the case Of the other dealings which have |
been allowed under Stock Exchange SUI |
p,rvlsion. That the slight removal of |
restrictions on business in securities de- !
notes a degree of progress is undeniable |
but we are still a long way from n state |
OF such market freedom as Is essential |
TO a stimulation OF enterprise.
There was talk of further shading |
in commercial paper quotations, and sat |
urdav's bank statement was certainly an !
Indication that the signs Of more comfort |
able domestic conditions in money observ- |
able In the past week or 30 were not mis- |
leading. The gold fund committee II RE
celving returns under the call for the |
payment OF the first instalmeut OF 20 !
per cent of the subscription to the pool |
and transfers OF gold 10 Canadl continue.
but sterling exchange was pers'stently |
Arm. Demand closed yesterday around |
4gsJs with cables about 4.97P,.
In foreign exchange circles Il IL con
coded that the recent tenor OF war news
has probably had ns much to do with the
strength of sterling bills as the size of our
debit balance and this notion received a
degree of confirmation from yesterday
London dispatches. which chronicled |
financial reflection Of the latest phases ~
the war. II IL possible that other con
firnation was furnished by the rallying
tendency Of German exchange.
Wheat corn and oats were steady, nut
new low prices were quoted Tor cotton
The cotton problem has begun IN he the
most urgent question engaging financial
and business as we'll az political atten-
ton. but Il IL worth noting that the cot
ton export movement on last weeks iig-
ures is now within reach OF about half the
customary outgo at this time OF year ana
IL no. far from third larger than the
hest previous movement Of tho season
General rnercha ndise exports, on tho New
York port return, are also holding up
,yaU