The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-14
FINANCIAL NEWS
AND COMMENT
Reaction in Stocks Comedies
With a Violent Break
in Wheat.
FOREIGN NEWS \ FACTOR

An interesting coincidence of market
movements yesterday was the reaction
in stocks together with the weakness
= cotton and q violent break in wheat.
accompanied by at least sympathetic
declines in corn and oats May wheat
sold down over eight cents bushel.
falling 10 $50 Cotton dropped
twelve points The stock market
showed substantial roceSsions through
out the list at tho close
II would be difficult to reconcile tho
simultaneous tendencies Of the different
markets by any obvious explanation
Ths stock market was comparatively a
small one and would probably have
risen Just as sharply on moderate
amount Of buying as II went on on
moderate selling The pressure on the
list, such a. II was seemed TO be gen
eral and have no particular origin
Offerings from abroad started II, but il
was not until the second hour that
quoted values displayed any pronounced
softness. As nearly as the comment
~ the day indicated anything the SEES
sion reflected some speculative reluc-
lance 10 carry j.. contracts over Sun
day on account particularly OF the
Germany respecting the treatment OF
neutral shipping in the war zone which
Germany has attempted to draw
around the tinted Kingdom.
The disturbiug possibilities OF tGe war
have been kept st-adfastly uppermost
In a good many financial circles and IL
must be expected that the various mar
kets will Ice affected from time to time
by International events \ curious con-
OF IN hHts
among German syWpathzers was that
all markets were unsettled yesterday by
apprehensions that Russia was pre-
pairing to sell out on her allies and
make a separate peace with Germany.
II has been tdyOrte theory OF pro-
fessional German Americans ever since
the war started that sooner or later the
Kaiser would he able to make terms
with the Car independently OF other
belligcrcuts and then be free TO devote
his entire attention to Great Britain
and France II has been difficult to
reconcile notions Of this kind with any
thing that has happened. and II has no
apparent piaus. bi,ity to-day
So far as the grain market il con-
cerned II seems more likely that public
spectators In wheat have Just discov-
cred that the larger operators have
liquidated their holdings in the excited
strength OF the lds' fortnight The stock
market OF the past week has displayed
signs that Western speculative interest
WAS turning IT, attention from grain to
corporate shares. Nevertheless the un-
certainties OF foreign developments are
O factor which must be admitted to all
market reckoninGs.
\ feature of the financial dav was
the lower quotation Of sterling exchange.
demand bills going practically to the
fli I'M l.t oil ttIfra
The Federal Reserve Board promulga-
ton of rulings Tor the entrance OF the
reserve banks into the dollar exchange
market was auot er item in the cata-
loguc OF favorable matters. OF which the
past week bad number The hank
statement showed a d op Of $4,000. 900
In surplus reserve as a result chiefly OF
the deposit Increase accompanying a
loan expansion OF not far from s2j.-
900 600
The sustained increase OF loans in tho
last few weeks is reflection OF tho
greater activity and betterment OF the
bond market both for old and new u.s..
sues. It's implication Is not, however
chat tn is such an abundance OF capt.
tai seeking Investment. but that mer-
chants iu bonds have been stocking up
wish securities through a resort TO tn.
ri NaH" 'nconmodation now
obtainahle from the banks
In the degree that yesterdays mar
kets manifested a response 10 considera-
fio0s .r.r.r"' Nv 'ha possibilities OF the
European war Wall Street had a re-
mlud,l OF something which 1t has been
perhaps Cy,rincl!ued 20 forget on the
other .nrd. IL Is uuquest!onable that
the matters which attracted most at
tent.on IN the past few days were OF
constructive import. The setback for
the Administration shipping bill was
OF favorable political omen. So also
was the Interstate Commerce Commits
sion's beneficial decision for the rail-
roads In the lntermountain rate case.
The United States Steel CORPORATE on 3
report OF $4,000 ton gain in forward
busin 81 in the last two months was
emphasized by trade statements about
increasing operations at the steel mills.
Foreign trade figures and the fall Of
foreign exchange testified to the grow
ing strength Of our international finan-
cial position and the Bank OF England
finally released some gold from It's
ottawa reserve for return to this city.
The high interest rate Of the new issue
OF New York Central bonds seemed 10
be Offset in Wall Street opinion by the
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