The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-21
FINANCIAL NEWS
AND COMMENT
Stocks Rally a Little After
Further General
Decline.
SOME STEEL SUPPORT

Selling stimulated by Fridays last
hour weakness continued in the stock
market during the first hour yesterday.
The pressure was not great, but IL was
general and seemed to represent some
apprehensive liquidation from miscel-
~laneous sources. mingled perhaps with
bearish effort.
Traders, nv wever. were disposed to
take advantage of the declines to cover
short commitments. even though the
Stock Exchange suspension until Tues
day morning contained more apparent
probability of unfavornble than of ia
vorable news. In view of the week
end and holiday adjournment the market
might have been more actively weaker
without exciting surprise. and the fact
that Il was not could be regarded as
some evidence of the technical strength
and fundamental soundness of the mar
ket position.
In the last hour indications of sup
port for United States Steel n of
a ready willingness ~ absorb specialties
Induced q general covering movement,
and the list enjoyed "A fair rally from
bottom figures. although the range Of
quoted values as a whole was car
rled down TO new low levels since the
January rise. Total transactions con-
stituted "A fair Volume of business. After
the close "A larger number az new mini
mum prices were announced han have
been fixed for some time. The most
important of these was o two point
reduction each for Baltimore and Ohio
and New Haven shares.
The bank statement showed no signifi-
1901. akaYnAa L|ANAfpn n<pka MA ftYn..l
rather weak again after the eccentric
rally on Friday and Thursday and de-
mand sterling closed under 4.Sl.
There was nothing In tho overnight
news to add to or alter the dominant
considerations OF the week. In the main
Wall Street simply gave continuing evil
dence that for he time being anyway
II had a war market TO deal with. one
which is responding closely to the oc-
currences and influences of the European
conflict with their corollaries In the
diplomatic controversies that are engag-
Ing Washington.
/: could not be said that as the week
ended anything was in sight to give a
satisfactory turn to sentiment or opinion
about the unpredictable possibilities of
international affairs. whether relating TO
the German or British attitudes toward
the points which Washington has been
making, to the situation in Mexico or
to the new questions presented in the
Far East. The one gratifying develop
ment of the Washington week was the
practical assurance that the shipping bill
was dead and that there would be no
extra session of Congress with its at
tendant dangers in the present time OF
International strain.
1t is not timidity, hut caution or pru-
dence which Wall Street has been re-
~fecting. and the same disposition toward
prudence is discernible in the field OF
general business. The feeling has spread
through the banking and business com
munity that temporarily the progress
of financial and commercial recover
cannot be wisely accelerated until the
European war is more clearly defined
In the new and more desperate phase
on which II has entered.
The collapse of the foreign exchanges
In the first half OF the week. which
placed a general world premium on the
American dollar, emphasized the con-
structive arguments which have been
operating for so much return Of con-
fdence in the ultiniate prospect for
volumes and values. At the same time
the chaotic condition into which the
foreign exchange market fell with the
decline in sterling ana other forms of
remittance combined with various mat
tiers to restrain business and financial
activities. In different directions signs
were furnished that and
finance were subjected 10 the tension OF
uncertainty as to how trade movements
and banking activities might be affected
by the near at hand events in the
war. The grain markets, by their dis
play of further weakness Yesterday.
merely advertised this state OF uncer-
tainty.