The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-24
FINANCIAL NEWS
AND COMMENT
Further Decline in the stock
Market on Increased
Dealings.
FOREIGN EXCHANGE WEAK

Over the rather prolonged Stock Ex-
change recess from Saturday noon there
was 10 such impressive accumulation Of
bad news as Wall Street had been in
clined to apprehend toward the end OF
last week. Such news as there was,
however, failed to change in any re-
spect the cautious and uneasy feeling
which the stock market has been reflect
ing lately. and considerations suggested
during he day seemed to foster a con-
tinuation OF tho moderate liquidating
movement which has been depressing
security prices This month.
The volume " dealings in stock was
on a scale of expansion over last weeks
trading. There was increased activity
In the bond department also and securi-
ties of all descriptions. both stocks and
bonds, showed general heaviness, with
some conspicuous weakness in a number
Of directions.
The stock market as a whole lent
itself to conclusions drawn from other
markets that the business community
was evinCing' "A sense of risk and un-
certainty on account of the aspects OF
the European war. which made for re-
action in volume and values. There was
great ulSOTuel III 1lrclpn eNCDdnEe, the
principal forms OF continental remit
lance breaking TO new low levels. with
German, French, Swiss and Italian bills
almost going begging at unprecedented
prices. Sterling exchange was much
s,eadier relatively. but II closed around
$50 for demand. of a cent for the day
and within a cent OF last weeks bottom
figure.
Presumably the foreign exchanges
responded TO doubt about financial posi-
tons abroad as well as TO the same
doubt which was influential in the
agricultural commodity markets. doubt.
that is, about the effect OF military
operations on ocean trade. The sus-
picion that cotton might be made on
traband was a factor in a net decline OF
8 TO % points for the staple. The gem
eral shipping situation was more than
anything responsible FOR the violent
weakness of wheat and other cereals.
The May wheat option closed az a loss
Of almost $ cents a hushel. with oats
and corn down > cents and more a
bushel.
Wall street was not particularly up
set by the episode OF the sinking OF an
American ship in the war zone, but
this Ike other matters. including tho
torpedoirg of a Norwegian bark and
Mr.. Tafts remarks on the critical ma
lure OF our shipping controversies, com
bined TO emphasize couusels OF prudence
on account Of the immediate hazards of
the new phase of the European conflict.
II happened also that the appointments
TO the new Federal Trade Commission
came along at a tim. when there was
sufficient sensitiveness to d~isappoint-
ments. Where business had been hop
ing for a competent set OF business
men TO take charge OF the sdministra-
ton Of the new business avs 1t received
The reward of What looked like a very
ultra political body.
Under the circumstances II might he
said of the share list that ii could have
been weaker without provoking aston
lshlnent. The average Of quoted
values was carried down to a new low
level since the elimination OF the Janu-
Any rise, but the downward movement
was orderly. Judging from a good deal
al the comment which could be heard
there may have been a persistent ex-
cess of short selling In proportion 10
real liquidation, but If that was the
case 1t is likely TO be demonstrated
ia a sharp rally. In the main the
market seemed to incline less because
OF Increasing selling pressure than be-
cause OF a decreasing willingness 10
buy except as concessions offered.