The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-09-01
FINANCE

NEW YORK. Aug. 31-The extra
ordinary problems involved in the for
eign exchange situation again served
as restraint upon stock market ac-
uyity today. With demand sterling,
when the stock exchange closed. al
the almost incredible rate OF 45611
and virtually all other foreign bills
railing TO greater discounts. 1t was
feared that the entire international
credit system might suffer severe dis
location and cause the cancellation OF
many contracts by European interests.
Further foreign selling OF our stocks
proceeded in light volume. but was
without noticeable effect In fact. IL
Is now realized that the extent of the
European obligations cannot be over
come short OF a credit. loan or other
form OF negotiation running into the
hundreds of millions OF dollars.
Stocks moved irregularly and at
times sluggishly. most OF the trading
occurring in the first hour. with more
moderate improvement toward the
close. Pools continued their activity
in certain specialties. but failed to
enlist outside support. Gains of a
point or two In some OF these issues
were offset by greater losses else
where in. the same group. Bethlehem
Steel. New York Airbrake and Stude-
baker displaying especial heaviness.
U. S. Steel held tenaciously to its
leadership. but was more susceptible
TO realizing sales and bear pressure.
Coppers eased at times on rumors Of
private price concessions for the met
al. Railroad shares were in better
demand, increased earnings contribu-
ting TO that end. but interest was main
ly In lowgrade issues like Erie's,
Rock Island and Chesapeake & Ohio.
New Haven at 67ss. gained Is.
Liquidation OF our bonds for foreign
account was again the feature OF the
bond list. causing general but nomi-
nal recessions. Total sales. (par
value) aggregated $3.575.0 900.
U. S. bonds we're unchanged on call.
Logan = Bryan's Closing stock Letter.
NEW YORK, AUS. 3l.-Prices were
irregularly changed. There was little
OF variety or interest in the news and
during the greater part Of the session
the tendency was not clearly defined
Discussions centered principally on the
kets. The recent decline in steriing has
not been attended By much other than
scattered foreign liquidation and Eu-
retain their current holdings OF Ameri.
can securities. The depreciation, how
ever. In continental exchanges has be-
come 80 marked 20 suggest that
something will shortly nave 10 be done
10 remedy the situation. else the Ann
erican export movement OF commodities
IL likely 70 be curtailed a. conse-
quence Of the burdens imposed upon for
eigners In connection with concluding
arrangements 20 pay Tor articles bought
mere ferhaps the arrival Of English
ana French hnancicra. which will oc-
cur shortly. may be followed by dennGta
action or kind that will tend 20 stabi-
ne the exchange market. az the way
tnihga are drifting now. American in
lerests viii suffer a. well a. foreign.
Lne stock market appears % be await
ING some new Incentive. and meanwhile
"a j. quite probable that apecLaltfcH op-
erauons Will again become the feature.
though m passing % may be said that
war order talk has lost some on H. DO
tency a. "a market influence.