The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-03
FINANCIAL NEWS
AND COMMENT
Stocks Show Uncertainty, With
General Decline i'm Late
Dealings.
EXCHANGE Is STRONGER

That n season OF more or less doubt
fulness has been entered upon by the
Wall Street community was intlmated
by the action OF the stock market yes
terday. Trading was in fair volume.
but the share list made on the whole
a poor response to the developments OF
Wednesday and overnight which could
he regarded as encouraging. Unques-
t,onably tho changed attitude OF Ger
many in respect to It's submarine war
fare diminishes materially the interna-
tional political tension which the coun-
try has had to contend with. for what
ever reason Berlin recognizes Washing
toms demands and regardless OF what
ever diplomatic. purpose Is masked by
the new German policy. Also the sharp
ness OF the rally in sterling exchange.
which was carried further yesterday,
lessened somewhat the pressure OF the
international financial crisis. Neverthe-
less the stock market was heavy.
Throughout the day the share list was
characterized by an aspect OF unmis-
taxable uncertainty. There was early
strength led by lndustrials. particularly
in the war order group. There were re-
ports and rumors OF additional war con-
tracts circulated. but neither these nor
palpable operative effort famed the
flame of speculation or evoked an enthu-
siastic and broad reply. All day long
there was foreign selling and a supply
OF stocks apparently from good domestic
t.n1- .t. o -o.x.tz. -.
checked by tho aggressive bidding up OF
some specialties such as Cruclble Steel.
Colorado Fuel, New York Air Brake
and American Beet Sugar. but the mar
ket generally was apathetic in the early
afternoon.
III the last hour quoted values gave
way with the appearance of pressure
IN the international list which could
well he an effect OF the stimulus to
increase liquidation from abroad re-
sulting from the Generalization of the
foreign exchanges. on rings Of our
securities by foreign holders are alto
gethcr to be welcomed as a cjntribu-
ton toward the solution of the problems
of the international money market. but
all during the year Wall Street has
shown a disposition to absorb such
sales at concessions. Activity increased
on the late decline n with a few
special exceptions the market closed
at losses, some of them moderately sub
stantial, and all stocks materially be-
low the best.
Some part may ave been played In
Stock Exchange transactions by the
manifest undertakings which seem
to he making toward the in
auguration of peace processes abroad.
Recent happenings have conduced to
an output Of peace talk and
the speculative district naturally
took some cognizance OF all this. al
though observing no valid reason for
that the wal would soon show
signs OF coming to an early conclu-
sion. II goes without saying that 4
satisfactory peace would be no calam-
lily. but any hints In that direction al
ways suggest a revision of the calcu-
lations on which the Stock Exchange
has been acting.
II is more likely that the stock mar
ket was controlled by the constituencies
OF the position developed on the summer
rise to the all important difficulties Of
the money market. where international
Is financed. Sterling ex-
change displayed "A good deal of strength
ana eased strong at the top, around i.62.
Il recovery OF almost Z cents for the day.
and up fully IL cents from the bottom
OF the week, with other forms OF re-
mittance sympathetically firmer. Some
support from banking quarters was a fac
tor. but more Of a feature was shor,
covering for the account of bearish SELL
ers In the speculative campaign which
mas been going on In exchange lately.
Also the upturn in sterling reflected
belief that the approaching conference
with British and French hankers here
would lead to the provision of what the
National City Bank in its current cir
cular calls u stable basis on which
trade may go on" 1t still remains
true. however. that. as the bank adds,
tho task is mot simple or easy and
the difficulties Of the ~for,lgn exchange
situation are proportionate TO the i'm
portance or contriving a corrective for
them.