New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-22
MARKET NEWS
AND COMMENT
Sharp Decline in Entire
List as Tension with
Germany Grows.
ACTIVE ISSUES LOSE
FROM 3 TO 5 POINTS
More than a Million Shares Dealt
In-War Industrials Suffer
Heaviest Declines.

With the strain on our relations with
Germany rather increased than de-
creased overnight. through the omin-
nous absence of any new evidence TO
lessen the significance of the wantoa
submarine attack on the Arabic. the
stock market moved heavily downward
Yesterday. and on the largest proper
tionate trading of the week the most
active issues suffered losses OF from
to points. The dealings were on
the scale of a million anil a quarter
shares for a full fve-hour day. There
was no relief in the situation during
the market session. Apprehension Of
grave outcome of the latest German
atrocity was in fact aggravated by the
official statement from London that
the Arabic was without convoy at the
time she was attacked.
In the case of some issues the losses
were even greater than 5 points. In
that list fell American Cotton Oil.
Pressed Steel Car, New York AIT
Brake, General Motors and Bethlehem
Steel. the decline in the case OF the
last named running 10 II points on
sales of about 300 shares. The rail-
road shares were likewise weak,
though not to the same degree as the
industrial specialties. whose technical
position had suffered through immod-
crate professional operations for the
- 10. -
a good deal of liquidation for Euro
pean account. Union Pacific. Reading
and Southern Pacific lost in the neigh
borhood of , points each and the Hill
stocks a point. St. Paul. Baltimore &
Ohio. New York Central and Atchison
gave wav 70 the extent Of little over
a point. while Lehigh Valley was I'M
changed.
Around the middle of the session
there was a brief period Of dulness.
It was followed by new selling. whose
volume was constantly being in
creased. There was an attempt made
TO continue the bullish operations in
American Linseed Oil. which rose Ia
points 10 new high record for the year,
al l77s. but it was abandoned before
the end of the first hour. before tho
plain evidence Of a general liquidation.
Rock Island shares were also ad-
vanced IN the early dealings. and Ten
nessec Copper. which had been the
centre Of some active speculation dur
ing the week, made at first a success
ful effort 20 stem the tide. rising to
51i2, where 1t showed a gross gain OF
more than a point. In the end II
closed with loss OF 2is points
There was no news influence at
work in the market outside of the de-
velopments, or rather the expecta-
tons. arising out of the international
political situation. IL was frankly
recognized in Wall Street that the
United States is facing the greatest
crisis the European war has yet pre-
sented. and that until the uncertain
ties have been cleared away by definite
action there must be AT least suspen-
sion Of such speculation as has domi-
rated the markets recently. AT an
other time the extraordinary progress
of the German campaign in the east
crn theatre of war and the probability
that Bulgaria and perhaps other OF
the Balkan States will enter the great
conflict within few days at most,
would almost certainly have been spec
ulatve factors to reckon with. As it
is the gravity of our own position
overtops all other influences.
The bank statement showed. as had
been expected. large increase in
loans. the advance amounting 70 near
" S32 ,0000 900 Reserves at the same
time increa-cd. carrying the surplus
I'D to $l92, 5S7 $50. or S5.354 $50 above
last weeks figure. The increase IN re-
serve holdings has now become IA
miliar phenomenon. The surplus now
Is less than Sl0,000,0 900 below the rec
ord for the year reached in June,
though the crop moving period is fast
approaching. With such a showing i.
is evident that the continuance OF easy
money rates is practically assured.