The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-19
FINANCIAL NEWS
AND COMMENT
Downward Movement Of Shares
Chccked-Markct still
Waiting.
EXCHANGE r. CHAOTIC

There was no continuation yesterday
OF the declining movement In the stock
market. Rather there was an arrest OF
decline. but the market seemed clearly
to evince q waiting disposition. even
though II had lost some OF It's tone Of
apprehension. Concern might be dimin.
ished by the fact that nothing has as
yet happened abroad I provoke direct
disturbance here. but mis- does not
mean that Wall Street will readily
abandon q policy OF immediate caution
while the European Val Ia entering upon
a new and more desperate phase. Trad
ing In stocks sustained the average OF
his weeks volumes, but bonds were
less active. The result OF the days
dealings was very little net change In
prices throughout the share list. but
closing figures were at some rally from
the lowest.
On the whole tho market could III
described as remaining depressed, but
depression was not Increased. The move
ment OF quoted values was irregular.
N'S 'Ss pressure 10 SCH ana a
fair amouut OF short covering provided
support. The approach OF the prolonged
recess over the week end could hardly
fail to exert an influence. even though
no particular factor was operative. wall
Street calculations incline to prudence
during a rather protracted stock ma
suspension when there may be q largo
accumulation of important news In the
interval with the chances favoring de-
velopments OF an adverse character.
Possibly there was lass ~uneasine>s
over the present aspects OF Washing
tons diplomatic controversies respect.
Ing the treatment of neutral shipping.
The surface friendliness OF the German
note was encouraging even though there
was no abandonment OF the %nounc
Intention to wage a submarine warfare
against England which might have un-
happy -onsequences for non -hellIgerent
nations. The chief causes OF tension
now. however, are denoted by the new
stage OF the war Itself and the financial
community Is unwilling 10 indulge In
any reflection Of more constructive
factors while awaiting foreign events.
lntimations from Washington that the
Administration did not fancy an extra
session. even though It's shipping bin
should die in the Senate. were at leas,
negatively gratifying. Finance does no,
want Congress TO sit a day longer thar
II has 30 under the ontemporary cir.
cumstances OF international strain. Sc
far as regards the shipping bin its death
would be regarded as highly satisfac.
tory. but. like other Administration
measures which business judgment ha.
condemned. II has not been a direct In.
fiuence over quoted values
Cotton prices displayed strength IN
r~SHnOngn IN thu l.rua aVy,r, a..
day. which constituted one OF tho heav..
est movements OF the season. The fac,
that the new cotton futures law wen,
into encct made the cotton market ses-
sion particularly interesting. but the only
conclusion that could be- drawn was
that the trade refused TO borrow trouble
on account of the law. The measur,
itself is a thoroughly bad one, but its
effects may not appear for some time
The grain markets greeted the Wash,
ington official report on supplies OF
grain and other foodstufrs with con.
tempt. There was n violent secsaw OF
wheat prices, but a great Cove fol.
lowed a big break and tho export sale,
OF the day were very large.
The commodities markets generally dc
not reflect the wholly erratic and dis.
turbing dealings in foreign exchange
The international money market showeC
a sudden burst or strength. ana al
though IL was most disorderly. 1t held
a recovery of gig cents from Tuesday,
low level for demand sterling. The I'M.
settlement WAS strikingly like the chao'
Of the markets of last autumn. vher
the position of tho exchanges vas re
versed, and II showed that not only q
good deal of speculation was involved
in the dealings. but that varying view
were entertained OF the foreign eX'
change situation.
II Is n reasonable presumption tina
arrangements will be made TO extend I
sufficient supply OF credit abroad &
regulate the exchanges temporarily. bu
so much commotion could hardly signify
anything else than uncertainty in th'
export rad about the outcome or al
tho efforts TO establish wal zones an
blockades.